Kling, Recalculation and the Great Depression

I generally like the Recalculation story by Kling.

I think Incompleteness does provide a context to fit his story in detail. By incompleteness I mean that the economy is deliberately imprecise because of the cost of precision. It is very expensive to track all the possible mis-allocations, or find all the profit opportunities. Hence, over time, the economy has adapted to a boom bust cycle as the least cost alternative.

Second comment I have is the details of the Great Depression. Kling comments:

"The amount of economic realignment caused by the internal combustion engine ultimately was huge. "

Then goes on to comment:

"A source of the current Recalculation is the Internet. "

He is close, but I wish he would have commented on the advent of broadcast based commercial markets in the late 20s. Like the Internet, broadcast radio changed the utility of freight transportation so greatly, so suddenly, with much more efficient advertising.