Chapter 26 Business Cycle Theory: It’s Wrong and Slow
Business cycles are dead. Well, if not dead inexorably changed. If new companies can grow more quickly than they could a decade ago, if technology continues to get adopted more quickly, if information can be found and shared at speeds not even thought of a few years ago, and if trade in goods and securities happens much faster, then why would business cycles still follow the same pace as they did decades ago? It is logical that if the pace of everything else has increased so has the business cycle, and it needs to get measured differently. Business cycles still can happen but, like everything else in business, they just start and finish much faster.
The traditional framework of the business ...
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