Despite several successive geopolitical, health, and financial shocks, the average global inflation rate has fallen from 12% per year in 1982 to 3% today.

This evolution was made possible by the collapse of costs in several sectors.

The rapid and massive emergence of AI (and intelligent robotics), with its disinflationary impact in the short and medium term, is likely to complete the transformation of work and consumption structures in Western countries—turning them into an hourglass that is extremely narrow and very elongated in the middle.

• French