So many people believe in the "cleansing" effects of recessions. Is there any theoretical or historical basis for this concept, or is it simply based on a belief that good times are immoral and that as people we must be repent?
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Replying to @AlanMCole @TheStalwart
another angle (not fully fleshed out): we can imagine that search costs scale at least linearly with the number of firms offering a service if we occasionally prune ~5% of firms, we create value for consumers
6:41 AM - 9 Aug 2019
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