ecb speech, 2006-05-22
In other words it seems that there is not only an 'opportunity cost' for being inflexible in a period of very rapid technological change - i.e not seizing the new opportunities offered by the acceleration of changes - but also a 'direct cost', coming perhaps - and there lies the conjecture - from the fact that under the stress of accelerating changes the economy becomes even more inflexible and hostile to technological progress than in more 'normal times'.
Sentiment: neutral
Topic: mp_economic_activity