> the entire modern tech industry would not exist without ZIRP
The problem with zero interest rate is that it doesn't incentivize better ideas. Why would you work to increase productivity if capital has no cost?
The period 2016-2021 was one where interest rates were the lowest, sometimes even negative, and you saw companies hiring endlessly, and acquiring competitors with no intention of doing anything their their products.
It is very hard to compete on talent and good ideas in such an environment when your all competitors are burning through loaned and venture capital (which itself is also largely loaned at some point).
The problem with zero interest rate is that it doesn't incentivize better ideas. Why would you work to increase productivity if capital has no cost?
The period 2016-2021 was one where interest rates were the lowest, sometimes even negative, and you saw companies hiring endlessly, and acquiring competitors with no intention of doing anything their their products.
It is very hard to compete on talent and good ideas in such an environment when your all competitors are burning through loaned and venture capital (which itself is also largely loaned at some point).