(Bloomberg) -- BlackRock Inc. President Rob Kapito warned that inflation is having dramatic effects on the economy, with an entire generation now learning what it means to suffer from shortages.

“For the first time, this generation is going to go into a store and not be able to get what they want,” Kapito said at conference held in Austin by the Texas Independent Producers and Royalty Owners Association. “And we have a very entitled generation that has never had to sacrifice.”

The economy is reckoning with what he dubbed “scarcity inflation,” or the fallout from a shortage of workers, agricultural supplies and housing, and of oil in some regions. 

“I would put on your seat belts because this is something that we haven’t seen,” Kapito said.

Kapito co-founded New York-based BlackRock, which is now the world’s largest asset manager with about $10 trillion in client assets and investments across the global economy.

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