BOOK · [049]
Technological Revolutions and Financial Capital
Economic History
Perez identifies a recurrent two-phase pattern in major technology waves: an installation period of speculative excess followed by a deployment period of productive adoption. Balaji uses the framework to explain why crypto markets follow a predictable boom-bust-build cycle and why the demoralized phase is when the real builders emerge.
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Balaji Srinivasan
Balaji recommends it to explain the recurring boom-bust-build cycle in crypto and why periods of demoralization produce the most durable companies.