The economy we have taken for granted is not coming back

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Open this photo in gallery: From the left: Brazil's President Luiz Inacio Lula da Silva, China's President Xi Jinping, South African President Cyril Ramaphosa, Indian Prime Minister Narendra Modi and Russia's Foreign Minister Sergei Lavrov raise their arms at the BRICS Summit in Johannesburg, South Africa on Aug. 23, 2023.ALET PRETORIUS/The Canadian Press Jeff Rubin is the former chief economist and chief strategist at CIBC World Markets. His latest book is A Map of the New Normal: How Inflation, War, and Sanctions Will Change Your World Forever, from which this essay is adapted. In the early 1960s, only 4 per...