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Perhaps that suggests that we need to redefine what we mean by "Recession", which officially is two consecutive quarters of economic contractions. (Or as the Ro
by orijing 15y ago
Perhaps that suggests that we need to redefine what we mean by "Recession", which officially is two consecutive quarters of economic contractions. (Or as the Romers say, "When I say so")
Because the truth is, "recession" appears to mean very different things to ordinary people than to economists. Maybe we (economists) should refer to contractions as contractions, rather than recessions, and use the term recessions to refer to economic performance below some measure of potential production.
- sixtofour 15y ago"Perhaps that suggests that we need to redefine what we mean by "Recession", which officially is two consecutive quarters of economic contractions." For the 10%, or 20% (however it's counted), they are experiencing two or more quarters of economic contractions. The two economies of corporate profits and individual well being are disconnected.
- sixtofour 15y agoToo late to edit, left out a crucial word: For the 10%, or 20% (however it's counted) unemployed, ...