Technological Revolutions and Financial Capital
Technological Revolutions and Financial Capital presents a novel interpretation of the good and bad times in the economy, taking a long-term perspective and linking technology and finance in an original and convincing way.
Stats for nerds
11recommend
22mentions
16people
2013–2026years
55% recommend45% neutral
Mentions per year
What Hacker News says
* https://twitter.com/rubyscanlon/status/1958891869489836076#mIs AI a bubble? Probably. Does that make it meaningless? Not at all. Carlota Perez’s Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages (2003) is strikingly prescient--and worth revisiting [thread]Perez goes back to the technology of canals:
* https://en.wikipedia.org/wiki/Technological_Revolutions_and_...
People getting excited for something (perceived as) new is part of the human character.
- Yes well bubbles are a core part of the innovation process (new tech being useful doesn't imply a lack of bubbles), see e.g."Technological Revolutions and Financial Capital" by Carlota Perez https://en.wikipedia.org/wiki/Technological_Revolutions_and_...
- Two good books that intersect technology, hype, and economics/finance are Technological Revolutions and Financial Capital by Perez (going back to the 1700s):
* https://en.wikipedia.org/wiki/Technological_Revolutions_and_...
And The Rise and Fall of American Growth by Gordon:
* https://en.wikipedia.org/wiki/The_Rise_and_Fall_of_American_...
Most actually innovation (in the US?) occurred from about 1920-1950,† with mainstream acceptance from 1950-1980, with very little newness (leading to economic/productivity growth) occurring post 1980s: the main exception of course being computers and the Internet, but that seems to have maxed out in the '00s.
† The (first?) Industrial Revolution is discussed, as well as early scientific discoveries that led to later engineering development that turned into usable products.
- For the same reasons why canal companies got so big, or railways got so big, or steel companies got so big, or oil companies got so big: they had/have in-demand goods and services that solved problems people were/are having.
See perhaps Technological Revolutions and Financial Capital by Perez:
* https://en.wikipedia.org/wiki/Technological_Revolutions_and_...
* https://www.e-elgar.com/shop/usd/technological-revolutions-a...
* https://www.pwlcapital.com/investing-technological-revolutio... (via)
A 2021 summary:
> What was especially remarkable about Carlota Perez’s Technological Revolutions and Financial Capital was its timing: 2002 was the middle of the cold winter that followed the Dotcom Bubble, and here was Perez arguing that the IT revolution and the Internet were not in fact dead ideas, but in the middle of a natural transition to a new Golden Age.
* https://stratechery.com/2021/the-death-and-birth-of-technolo...
> Perez’ theory describes the path a technological revolution, like the Industrial Revolution, takes and the social, economic and institutional changes that go along with it. The jury is still out on the theory, and there are plenty of reasons to doubt it. But if it successfully predicts what happens over the next ten years it will have in good part proved its power.
* http://reactionwheel.net/2015/10/the-deployment-age.html
A list of the top ten companies in the S&P 500 going back a few decades:
* https://awealthofcommonsense.com/2017/07/the-biggest-stocks/
* https://www.finhacker.cz/top-20-sp-500-companies-by-market-c...
Sector breakdown:
* https://www.qad.com/blog/2019/10/sp-500-companies-over-time
- If you're interested in the history of Innovation, there is another great reference to add to your list:
Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages, by Carlota Perez
This is a bedside book for any Venture Capitalist interested in the various phases a major innovation goes through. Investment bubbles being one of these phases.
- Ok well i'll recommend a few books that are more science and less popsci to start...but there are so many sub-genres underneath each that the list could go on.
System-based econ books tend to be more complex/science than behavioral. I've recommended a couple favorites: technological revolutions & financial capital by carlota perez (a personal favorite), innovator's dilemma (touches on and tests fundamental econ principles), etc.
Behavioral econ has typically skewed more pop sci but a few good ones that are a bit more academically rigorous are: thinking fast and slow, most of hymen minskey's books, irrational exuberance, on grand strategy, most books on game theory, etc.
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