Government lag When Ronald Reagan said in the 1980s that “government is the problem”, he was right in only one sense: that the specific policies that were designed to enable the full deployment of the mass production revolution were inadequate for dealing with its exhaustion and decline. In fact, government did not yet know – and indeed could not know – how to deal with the emerging information revolution. It was true, as Schumpeter would have said, that unfettered free markets were better suited for the period of experimentation with new Silicon Valley technologies; and open competition was more likely to persuade the old industry giants to modernize with computers and take-up the new organizational […]
In this second podcast, Professor Carlota Perez lists some of the things that need to be tackled in order to turn the huge uncertainties of the current technology revolution into a golden era of inclusive prosperity.
Professor Carlota Perez takes the long view of economics..the very long view. Her particular field of interest is long cycles stretching out 50 years or more, and often starting with the shock of big technology changes. She teaches at the London School of Economics, the University of Sussex, Tallinn University of Technology and University College London, and she has written a much-praised book: “Technological Revolutions and Financial Capital: the Dynamics of Bubbles and Golden Ages”. In this first podcast, she tells Peter Day about the economic cycle we are now in the middle of … and how it’s similar to (and different from) previous big cycles which are not really understood by business people, […]