In recent years, Edward J. Nell has persuasively argued that economic growth should be studied as a process of qualitative transformations in technology, organization of production, social institutions, and the structure and pattern of consumption. As part of this overall project he has also argued that the nature of the business cycle and macroeconomic adjustment has been transformed as the craft-based economy gave way to the mass-production system at the turn of the twentieth century. In Nell’s view, during this process, the nature of macroeconomic adjustment, and with it the very nature of economic volatility, changed as well.