Sorry, Austrians: The Great Recession did not have a "cleansing" effect on American industry. http://www.nber.org/papers/w20427
@UpdatedPriors @Noahpinion "Our analysis... is restricted to the U.S. manufacturing sector." I guess I'm too Innovation Economy-centric :-)
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@UpdatedPriors@Noahpinion Is the underlying problem that the high capex in some industries makes the sunk cost fallacy too tempting?Thanks. Twitter will use this to make your timeline better. UndoUndo
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