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This paper analyzes the timing, pace and efficiency of the on-going job reallocation that results from product and process innovation. There are strong reasons why an efficient economy ought to concentrate both job creation and destruction during cyclical downturns, when the opportunity cost of reallocation is lowest. Malfunctioning Labor markets can disrupt this synchronized pattern and decouple creation and destruction. Moreover, irrespective of whether workers are too strong or too weak,doi:10.2307/2946673 fatcat:ptvjd7jgsbft7accwcsr6uqh34