A tech shock doesn't mean the old status quo was inefficient.
E.g., conventional mail wasn't inefficient prior to email
A tech shock doesn't mean the old status quo was inefficient.
E.g., conventional mail wasn't inefficient prior to email
What?
You are missing the point. We're talking about "markets" not the specific "tech/substitutes." It could be any technology disruption. Such disruption doesn't mean the prior status quo IN THE MARKET was inefficient. The tech shock just resets equilibrium.
Further, your explanation is circular, and I propose it has to do with muddling terminology and concepts.
Here's one inconsistency. Either the markets didn't exist (You said they need to be "created."), or they did exist, but a pipeline connecting them was too expensive.
> Technology literally created additional markets
> it would have been possible to pipeline gas from AU to markets across the ocean, but it didn’t make economic sense