Wednesday, October 31, 2012

Some call it innovation

From Macroeconomics, Mankiw, fourth edition, 2000:

In part because of deregulation of banks and other financial institutions, and in part because of improved computer technology, the past decade has seen rapid financial innovation.

So, rapid financial innovation in the 1990s.

But then Robert Schenk refers to

a period of rapid financial change... the late 1970s and early 1980s

So rapid financial change spans three decades at least.

And we know that the first decade of the 2000s ended with some rapid financial changes, too. I call that one the result.

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