суммировал это следующим образом: Ускорение корректировки появляющихся несоответствий в целом выгодно... Но более быстрый процесс подстройки поднимает некоторые флаги предупрежденияфлаги, кажется, находятся на более близком расстоянии друг с другом, чем это было в прошиых десятилетиях.

Это подразумевает, что растущая часть экономики может начать действовать подобно финансовому рьшку, со всеми вытекающими возможностями, подобными потетщиалу для пузырей и паники. Действительно, Кругман (Krugnran) утверждал, что находясь далеко от создания более устойчивой экономики, быстрые ответные реакции сегодняшних корпораций делают их инвестиции в оборудование и профаммное обеспечение уязвимым к самонаполняемому пессимизму, которьтй обычно бьш характерен только для инвестиций в бумажные активы, подобные акциям [250]. Типичное поведение состоит в том, что компатши резко перекраивают свои инвестиционные планы, не потому, что они уже испорчены, а потому что развивающейся климат опасений убедил менеджеров, что бьшо бы благоразумно бьтть благоразумным . И так как инвестиции одной компатши - это продажи другой компании, такое софащение может фиюдить к тем самым резким спадам, каких менеджеры и опасались [250]. Мы утвфждаем, что, аналогично, оптимистические взгляды на будущее могут постепенно фансформироваться в самонаполняемые пузыри, которые определяют сфатегии корпораций, их инвестиционные и кадровые цели. Если пузьфи раздуваются слишком сильно или слтшжом долго, они могут коллапсировать в фахи .

Таким образом, являясь далеко не событиями прошлого, спекулятивное и самозаполняющееся поведения пузьфя и антиттузьфя, возможно, собфаются занять всё большую и большую часть экономической и человеческой деятельности. Явления и лежащие в их основе механизмы, обсуждаемые в этой книге, могут, таким образом, относится ко всё большей и большей части человеческой деятельности. Понимайте их происхождение и будьте готовы к их малозаметным, по существенным предвестникам!

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