Digital SAT Reading and Writing Practice Question #504

Text 1 Economic historian Carlota Perez argues that technological revolutions follow a predictable life cycle. The cycle begins with an "installation phase" characterized by speculative financial bubbles and frantic infrastructure building. This is inevitably followed by a market crash, and ultimately transitions into a "deployment phase" where the technology is broadly integrated into society, generating widespread economic growth. Crucially, Perez views the initial speculative bubble not as a systemic failure, but as a necessary catalyst for mobilizing the massive capital required to fund foundational infrastructure. Text 2 While the financial mania of the dot-com era undoubtedly funded the laying of millions of miles of fiber-optic cable, modern economic analysts caution against romanticizing speculative bubbles. Recent data-driven analyses demonstrate that the vast majority of capital deployed during these frenzies is misallocated into redundant or doomed ventures. Consequently, this results in massive wealth destruction that severely delays, rather than accelerates, the broad societal benefits of the new technology. Based on the texts, how would the author of Text 2 most likely respond to Perez's characterization of speculative bubbles in Text 1?