Semiconductor chips replaced the tubes and dials that powered the machines of the past, enabling today’s efficient, lightweight and cheap electronics. The semiconductor shortage is affecting consumers’ ability to buy cars, smartphones, and virtually all electronics — and there may be little immediate relief in sight. It’s likely, too, that the Covid-19 pandemic will continue to inflict pain on the global supply chain into 2023. John Rutledge, a Reagan-era economist, warns that the Covid variants will continue to close ports and negatively affect the supply chain. Last month, port closures crippled China’s Ningbo-Zhoushan port, the third busiest in the world. Worker shortages, along with a lack of supplies and materials, have had a widespread global impact. But what’s hurting production now may be bullish for the market and the medium- to longer-term prognosis for the economic recovery. Although the global recovery is proceeding in waves, Rutledge feels that growth is going to be a net positive.