Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/65815
Year of Publication: 
2009
Series/Report no.: 
Cardiff Economics Working Papers No. E2009/10
Publisher: 
Cardiff University, Cardiff Business School, Cardiff
Abstract: 
Modern macroeconomic models have been widely criticised as relying too much on rationality and market efficiency. However, basically their predictions about this crisis are being borne out by events. Crashes are an integral part of an efficient market capitalism and are brought on by swings in the news about productivity growth; this time nearly two decades of strong computerbased productivity growth were brought to a crashing halt by raw material shortages. This presages a slow recovery until innovation in material use frees growth up again as it did in the 1990s after the shortages of the 1970s.
Document Type: 
Working Paper

Files in This Item:
File
Size
243.01 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.