Do Technology Shocks Cause Boom-Bust Cycles?
· mises.org
For a while, some economists tried to claim that business cycles are the result of significant changes in technology. The Austrians have a better explanation.
Some economists, such as Finn Kydland and Edward C. Prescott (KP)—the 2004 Nobel Laureates in economics—believe that a major cause behind economic boom-bust...