Long expansions occurred during the 1990s and 2000s as a result of widespread commercial adoption of computers and smart phones. This argument would be made by the concept of the Real Business Cycle.
The concept of the Real Business Cycle
Real business cycle theory is the most contemporary version of the traditional concept of economic fluctuations. It is assumed that the rate of technological change is subject to huge random fluctuations. Individuals rationally adjust their labor supply and consumption levels in response to these swings.
Real business cycle theory is unable to explain economic swings in a way that is empirically credible.
Fundamental flaws include both its dependence on significant technological disruptions as the main cause of economic volatility and its reliance on the intertemporal substitution of leisure to account for shifts in employment. Real business cycle theory is also potentially harmful to the degree that it trivializes the societal cost of observable variations.
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