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Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages

If you’ve read the very excellent Technical Revolutions and Financial Capital, you know that new technologies spawn over-investment, and that over-investment leads to a lot of losers, but it lays the groundwork for the golden age of the technology to actually arrive. There is a lull between these time periods, and that is where we are with AI at the moment.

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