"Forty years was long enough to convince everyone that the new structure of the industry was permanent."

Great point about our temporal parochialism regarding the economy.

Institution deaths are 'real'

One apparently puzzling aspect of recessions or depressions if you listen to or read economists is that 'aggregate demand' falls so much more sharply than one would otherwise expect.
But what if the death of instiutions themselves, both large and small, are the real reason recessions and depressions are so asymmetric with respect to their corresponding booms?

Another great band name

The Irreverends