4 ms·
Slightly off topic. But what do you think of the "definition of recession"[1] debacle that is currently going on? Do you think this is similar to "changing the
by tootallgavin 4y ago
Slightly off topic.
But what do you think of the "definition of recession"[1] debacle that is currently going on? Do you think this is similar to "changing the definition of a vaccine" that you mentioned?
[1] https://www.google.com/search?q=definition+of+recession&source=lnms&tbm=nws https://www.google.com/search?q=definition+of+recession&sour...
- mikeyouse 4y agoI haven't followed it closely - but it does seem pretty similar. It's not like anything is 'triggered' when a recession is declared. And it's not like the economy is meaningfully better if you had quarterly growth of [-1%, -0.1%] vs. [-1.2%, 0.1%] -- even though by the two quarters rule, the first would be a recession and the second wouldn't. It looks like NBER's definition of how they declare recessions has remained consistent, so I'd defer to them: https://web.archive.org/web/20210103093754/https://www.nber.org/research/business-cycle-dating https://web.archive.org/web/20210103093754/https://www.nber....