Implementation Cycles
构建一个人工经济，不同部门的企业在不同时间发明但同步创新以利用高总需求，导致多重周期均衡，且最盈利的均衡不一定最有效率。稳定政策有时能提高福利，但若需大繁荣覆盖创新固定成本，则可能阻碍技术进步。
The paper describes an artificial economy in which firms in different sectors make inventions at different times but innovate simultaneously to take advantage of high aggregate demand. In turn, high demand results from simultaneous innovation in many sectors. The economy exhibits multiple cyclical equilibria, with entrepreneurs' expectations determining which equilibrium obtains. These equilibria are Pareto ranked, and the most profitable equilibrium need not be the most efficient. While an informed stabilization policy can sometimes raise welfare, if large booms are necessary to cover fixed costs of innovation, stabilization policy can stop all technological progress.