Re:Bank Run at Silicon Valley Bank
by oa335 on Thursday March 09, 2023 @08:57PM
(#35089515)
What part of that crude or reductionist?
Technological progress being the sole driver of growth is the dominant view in macroeconomics. Even the paper you link attests to that.
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It's reductionist because "technological progress" is too broad a stroke. "Productivity" is not directly observable or measured, right?
Access to inexpensive capital is a key driver of technological progress.
Robust capital markets allow for more efficient allocation of savings into business ventures, driving productivity forward