One reason why upturns follow downturns is that downturns tend to overshoot. People get panicky, they're afraid to stay the course, so they start selling. The other thing is that I think, as entrepreneurs keep on waiting to produce new things, that there's an accumulation of as-yet-unexploited new ideas that keeps mounting up.

Edmund Phelps

Edmund Phelps

Accumulate Afraid Course Entrepreneurs Follow Get I Think Ideas Keep Keeps Mounting New New Ideas New Things Other People Produce Reason Selling Start Stay Tend Thing Things Think Up Waiting Why

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