As noted earlier, technological change is far from the only factor affecting US labor markets in the last 15 years. For example, the deceleration of wage growth and changes in occupational patterns in the US labor market after 2000, and further after 2007, is surely associated to some extent with two types of macroeconomic events. First, there are the business cycle effects—the bursting of the “dot-com” bubble in 2000, and the collapse of the housing market and the ensuing financial crisis in 2007–2008—both of which curtailed investment and innovative activity.