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I don't care how many references you have claiming that a recession defined only by statistical data points, you're wrong. A coherent definition of a recession
by joe_the_user 6y ago
I don't care how many references you have claiming that a recession defined only by statistical data points, you're wrong. A coherent definition of a recession involves the stipulation that it is an endogenous crisis. Exogenous effects showing the same data points still can't be the same.
- treyfitty 6y agoUhhh that’s a completely different argument. A recession is a recession. Economists, bankers, and policy makers all but unanimously agree that a recession is defined by the NBER. A recession need not be an endogenous crisis. I don’t know where that’s coming from, but there have been plenty of exogenous induced recessions. 9/11 being one of them. (I know you don’t like references, so I’ll leave that up to you)
- ethn 6y agoThere’s nothing less scientific than defining some phenomenon as some authority’s whimsical arbitration. It’s a deeply mistaken view that all economic analysis is incontrovertibly decided by some coterie, and that somehow that is the unspoken agreement. When there is exogenous disruption, the Fed is responsible and capable of preventing a then endogenous recession. For instance, this is the first time the money stock has been raised proportionally to the extent as the money velocity has dropped—-a correct measure as described by the monetarists.