'It’s all about maintaining resiliency': Triad economics professors offer insight into supply chain challenges

DEFINITELY LEARNED A LOT TODAY. THE GAS STATION IS ONE OF THOSE PLACES WHERE YOU’VE LIKELY NOTICED THAT YOU’RE SPENDING A LITTLE BIT MORE MONEY. SO WHAT CAN YOU DO ABOUT IT AS THESE PRICES STAY HIGH WE WERE ABLE TO ASK LOCAL EXRTPES. FROM GAS TO GROCERIES PRICES ARE HIGH RIGHT NOW AND THOSE PRICES AREEING B CLOSELY WATCHED BY EXPERTS EXPERTS LIKE ELON UNIVERSITY ECONOMICS PROFESSOR. BRANDON SHERIDAN. YEAH, VERY INTEREST. TRADE FLOWS AND HOW THAT IMPACTS AN ECONOMIES GROWTH PROCESS. SHERIDAN SAYS THE PANDEMIC AND THE CURNTRE ECONOMY HAVE CAPTURED THE ATTENTION OF EVERYDAY FAMILIES TOOAM FILIES TASKED WITH REWORKING BUDGET SAVING FOR BIG PURCHASESND A MANAGING THEIR FINANCES WEEK TO WEEK. YEAH. I THINK A LOT OF PEOPLE ARE SEEING INTERESTING IT IS LATELY. WITH YOU KWNO A SMALL RIPPLE IN THAT CURRENT CAN CAUSE A BIG TITLE WAVE. OF CALAMYIT IF WE’RE NOT CAREFUL, SO, HOW CAN YOU BE MORE CAREFUL SHERIDAN RECOMMENDS HOLDING OFF ON THOSE BIG PURCHASES IF YOU CAN HOWEVER KEWA FOREST SCHOOL OF BUSINESS PROFESSOR HARESH. KERNANI SAYS THAT PRICES ARE GOIN TGO BE HIGHER FOR THE FORESEEABLE FUTURE. I THINK WHAT WE ARE AS CONSUMERS IS TO HAVE A BIT MORE PATIENCE AND TO HOLD OFF ANY UNNECESSARY PURCHASES BECSEAU THINGS ARE ALL ALREADY AT ELEVATED LEVEL DAN FOR MORE NORMALCY BUT IN A YEAR O S GURNANI HAS STUDIED SUPPLY CHAIN UPS AND DOWNS FOR YEARS, BUT SAYS DUE TO THE PANDEMIC MORE PEOPLE ARE PAYGIN CSELOR ATTENTION THE MESSAGE THAT THE LAST 18 MONTHS HAS TAUGHT US IS HOW TO MANAGE SUPPLY CHAINS REQUIRES A DIFFERENT APPROACH. IT’S NO LONGER MINIMIZING OUR COST. IT’S ALL ABOUT MAINTAINING RESILIENCY, BUT LIKE WE’VE HEARD BEFORE PAY ATTENTION DON’T PANIC THAT DOESN’T MEAN THAT IT’S IT HAS TO BE REALLY SCARY. IT DOESN’T MEAN THAT WE NEED TO, YO KUNOW, START PANICKING OR ANYTHING LIKE THAT AT ALL. I THINK IT’S SOMETHING THAT WE NEED TO MONITOR CLOSELY OVER THE NEXT, YOU KNOW FEW MONTHS AND IF WE DON’T SEE PRICES COME BACK DOWN OVER THE NEXT FEW MONTHS, THEN THE FED WILL PROBABLY START CONSIDERING OTHER OTHER. SO, IS THERE A POSITIVE HERE? WELL THE PROFESSORS THAT WE CONNECTED WITH GAVE ME TO SO THE FIRST ONES I THE PANDEMIC HAS REALLY GENERATED SOME INTEREST FROM EVERYDAY PEOPLE AUTBO WHAT THE SUPPLY CHAIN IS ABOUT. HOW DOES IT WORK? THEY SAY THAT THAT’S A GOOD THING THAT INCREASE IN CURIOSITY ABOUT HOW THINGS WORK. THE SECOND THING THAT THEY THINK IS A GOOD THING IS THAT IT’S ASKED ECONOMISTS TO REALLY RETHKIN HOW WE DO THINGS AND

From gas to groceries, prices are high right now. According to experts, inflation is at some of the highest levels it has been in decades, driving up prices on a wide range of products.Assistant Professor of Economics at Elon University Brandon Sheridan studies trade flows and how it impacts an economy’s growth. He said experts are closely watching what is happening with the supply chain, inflation and the economy as the pandemic continues, but said everyday families are paying close attention, too.“I think a lot of people are seeing how interesting it is lately with the supply chain issues that we’ve seen because most people don’t understand how interconnected the world is,” Sheridan said. Sheridan recommended families hold off on big purchases, for now, if they’re able to. The other option, he said, is to accept prices on those products will likely be higher. According to professor of Operations & Supply Chain Management at Wake Forest University Haresh Gurnani, prices will be high for some time. He said what we are seeing now is the culmination of demand outpacing supply, with people ready to spend money but factories and other infrastructures not being able quite yet to meet the need due to the pressures they were under during the height of COVID-19.“I think what we need to probably look for as consumers is to have a bit more patience and hold off any unnecessary purchases because things are at an elevated level and hope for more normalcy within a year or so,” Gurnani said.Gurnani has studied supply chain ups and downs for years, but says, due to the pandemic, more people are paying closer attention. He said when things are working as they should, the public doesn’t tend to notice. It’s when things start to go awry that people start to wonder how to make better decisions“What the last 18 months have taught us is how to manage supply chain requires a different approach. It’s no longer minimizing our cost. It’s all about maintaining resiliency,” Gurnani said.But like we’ve heard, pay attention but don’t panic.“It doesn’t mean it has to be really scary. It doesn’t mean that need to start panicking,” Sheridan said. “I think it’s something that we need to monitor closely over the next few months and if we don’t see prices come back down over the next few months then the fed will likely consider other actions.”

From gas to groceries, prices are high right now. According to experts, inflation is at some of the highest levels it has been in decades, driving up prices on a wide range of products.

Assistant Professor of Economics at Elon University Brandon Sheridan studies trade flows and how it impacts an economy’s growth. He said experts are closely watching what is happening with the supply chain, inflation and the economy as the pandemic continues, but said everyday families are paying close attention, too.

“I think a lot of people are seeing how interesting it is lately with the supply chain issues that we’ve seen because most people don’t understand how interconnected the world is,” Sheridan said.

Sheridan recommended families hold off on big purchases, for now, if they’re able to. The other option, he said, is to accept prices on those products will likely be higher.

According to professor of Operations & Supply Chain Management at Wake Forest University Haresh Gurnani, prices will be high for some time. He said what we are seeing now is the culmination of demand outpacing supply, with people ready to spend money but factories and other infrastructures not being able quite yet to meet the need due to the pressures they were under during the height of COVID-19.

“I think what we need to probably look for as consumers is to have a bit more patience and hold off any unnecessary purchases because things are at an elevated level and hope for more normalcy within a year or so,” Gurnani said.

Gurnani has studied supply chain ups and downs for years, but says, due to the pandemic, more people are paying closer attention. He said when things are working as they should, the public doesn’t tend to notice. It’s when things start to go awry that people start to wonder how to make better decisions

“What the last 18 months have taught us is how to manage supply chain requires a different approach. It’s no longer minimizing our cost. It’s all about maintaining resiliency,” Gurnani said.

But like we’ve heard, pay attention but don’t panic.

“It doesn’t mean it has to be really scary. It doesn’t mean that need to start panicking,” Sheridan said. “I think it’s something that we need to monitor closely over the next few months and if we don’t see prices come back down over the next few months then the fed will likely consider other actions.”

'It’s all about maintaining resiliency': Triad economics professors offer insight into supply chain challenges

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