Resolving Supply-Side Crisis: Pivoting Whole-of-Government Reform at Today’s Crisis with Shared Priorities on the Premise of Supply-Side Economics A. Command forward-looking leadership in response to challenge at crisis situation: • Perfect storm at the unprecedented crisis as characterized by the United Nations Global Assembly is no less than a fact-based reflection of the global emergency situation, exacerbated by drastic constraints to foods and several other necessary supplies, underlined by socio-economic consequences as a result of weakening fundamentals of supply-side economics across the globe (see Resolution GA/12421 of the United Nations General Assembly in 2022); • Rapidly deteriorating crisis dynamics substantially affects public sentiment with broader implications to shared confidence in the global economy, indeed as witnessed by responses of the United States Federal Reserve System and the European Central Bank with forward-looking expectation to establish price equilibrium within the corresponding jurisdiction at today’s critical transition; B. Win gravity of shared governance priorities at causes of the exacerbating crisis: • Diagnostic view of the situation at hand however unveils a complex web of interdependent causes and causalities, primarily from the aggravating supply-side economics, such as delay and disruption in the logistic systems therefore deterioration across value chains (implications of cascading costs and delays) but also with vast consequences to industrial and manufacturing process that relies on predictable deliveries of parts and integrated components in the web of global trade and development systems (see the analysis of the global trade system, also with focus on Original Equipment Manufacturers in references); • Root cause analysis on a macro level further identifies inflation drivers (i.e., primarily food and energy, see more at IMF⁴) that in turn lays the fundamental for strategy and governance decision-making complex, considering choices of priority-setting criteria required to prevent spillovers to other related sectors in the economy (e.g. transport-dependent sectors generally vulnerable to diesel price inflation), especially in forward-looking improvement of supply-side price elasticities in overall (e.g. via innovation or multi-sourcing strategy in Exhibit); C. Lead the crisis transition with collective conscience of stronger sustainable impact: • Forward-looking sustainability outlook after all plays a sense-making role over the long run, especially guided by sustainability and climate ambition in fulfillment of SDG and INDC commitment in transitioning the crisis situation to a sustainable/resilient future as an integral part of the long-term development framework that appeals to and makes sense of constructive leadership power of the good governance to an achievement of the whole-of-nation narrative.

1. Bangkok, Thailand / Page 1 (2) Edition: June 20, 2022
Resolving Supply-Side Crisis
Pivoting Whole-of-Government Reform at Today’s Crisis with Shared
Priorities on the Premise of Supply-Side Economics
Siripong Treetasanatavorn
Sloan Fellow, Massachusetts Institute of Technology
Supply-Side Challenge and Implications to Crisis Governance:
A. Command forward-looking leadership in response to challenge at crisis situation:
• Perfect storm at the unprecedented crisis as characterized by the United
Nations Global Assembly is no less than a fact-based reflection of the global
emergency situation, exacerbated by drastic constraints to foods and several
other necessary supplies, underlined by socio-economic consequences as a
result of weakening fundamentals of supply-side economics across the globe
(see Resolution GA/12421 of the United Nations General Assembly in 2022¹);
• Rapidly deteriorating crisis dynamics substantially affects public sentiment
with broader implications to shared confidence in the global economy, indeed
as witnessed by responses of the United States Federal Reserve System and
the European Central Bank with forward-looking expectation to establish price
equilibrium within the corresponding jurisdiction at today’s critical transition;²
B. Win gravity of shared governance priorities at causes of the exacerbating crisis:
• Diagnostic view of the situation at hand however unveils a complex web of
interdependent causes and causalities, primarily from the aggravating supply-
side economics, such as delay and disruption in the logistic systems therefore
deterioration across value chains (implications of cascading costs and delays)
but also with vast consequences to industrial and manufacturing process that
relies on predictable deliveries of parts and integrated components in the web
of global trade and development systems (see the analysis of the global trade
system, also with focus on Original Equipment Manufacturers in references³);
• Root cause analysis on a macro level further identifies inflation drivers (i.e.,
primarily food and energy, see more at IMF⁴) that in turn lays the fundamental
for strategy and governance decision-making complex, considering choices of
priority-setting criteria required to prevent spillovers to other related sectors in
the economy (e.g. transport-dependent sectors generally vulnerable to diesel
price inflation), especially in forward-looking improvement of supply-side price
elasticities in overall (e.g. via innovation or multi-sourcing strategy in Exhibit4
).

2. S. Treetasanatavorn. Resolving Supply-Side Crisis
Edition: June 20, 2022 Bangkok, Thailand / Page 2 (2)
Exhibit: Driving factor conditions of the supply-side elasticity on a macro level with
broader implications to governance of sustainability impact (Source Investopedia⁴)
C. Lead the crisis transition with collective conscience of stronger sustainable impact:
• Forward-looking sustainability outlook after all plays a sense-making role
over the long run, especially guided by sustainability and climate ambition in
fulfillment of SDG and INDC commitment in transitioning the crisis situation to
a sustainable/resilient future as an integral part of the long-term development
framework that appeals to and makes sense of constructive leadership power
of the good governance to an achievement of the whole-of-nation narrative.⁵
References (in appearance order):
1. See UN General Assembly resolution GA/12421(2022) on global food crisis:
https://www.un.org/press/en/2022/ga12421.doc.htm
2. See latest decision from the Fed Reserve (2022) in response to ongoing challenge:
https://www.federalreserve.gov/newsevents/pressreleases/monetary20220615a.htm;
also from the European Central Bank (2022):
https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220609~122666c272.en.h
tml
3. See latest UNCTAD report on Global Trade Update (2022):
https://unctad.org/system/files/official-document/ditcinf2022d1_en.pdf; also
discussion of the supply-side challenges at today's crisis transition from McKinsey &
Company (2022): https://www.mckinsey.com/industries/travel-logistics-and-
infrastructure/our-insights/overcoming-global-supply-chain-challenges
4. See IMF’s discussion (2022) on inflation drivers and implications of value-chain
integration at: https://www.imf.org/en/Publications/WEO/Issues/2022/04/19/world-
economic-outlook-april-2022; see also to the fundamentals of price elasticity as
shown in the Exhibit with source from Investopedia (2021):
https://www.investopedia.com/ask/answers/040315/what-factors-influence-change-
supply-elasticity.asp
5. See forward-looking recommendation in the long run from the World Investment
Report (2022): https://unctad.org/webflyer/world-investment-report-2022