Boom, Bust, and the Next Industrial Revolution: A Review of Two Competing Visions
This review essay examines two books tackling technological stagnation and the path forward: *Boom: Bubbles and the End of Stagnation* and *The New Lunar Society: An Enlightenment Guide to the Next Industrial Revolution*. The former argues that 'good bubbles' can break stagnation and drive technological progress, but its framework for distinguishing between 'good' and 'bad' bubbles lacks rigor. The latter takes a historical approach, using the example of Britain's Lunar Society to emphasize process innovation, sustained maintenance, and the role of government in technological development, while criticizing over-reliance on 'core competencies' and 'specialization'. While offering contrasting perspectives, both books provide valuable insights into overcoming technological stagnation, highlighting the crucial role of government in fostering technological advancement.
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