Rather than a more complex, wealthier economy having greater dampening effects on the volatility of cycles, it may well be the case that an economy with a greater division of labor and specialization, and therefore more heterogeneous human and physical capital will actually suffer larger booms and longer and deeper busts from the same bout of inflation than would simpler economies.
Steve Horwitz tries to explain why the US recession continues to have such a prolonged impact on employment. The conversation he cites with Roger Garrison highlights a very important aspect of the "recovery", an area that "Austrian" explanations seem to be getting more and more relevant.
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