4 ms·
I took a number of undergrad econ classes from 2012-2014, and every course and every textbook defined a recession as two quarters of negative growth. I gotta wo
by 7speter 4y ago
I took a number of undergrad econ classes from 2012-2014, and every course and every textbook defined a recession as two quarters of negative growth. I gotta wonder myself, what gives?
- Ekaros 4y agoPolitics... I wonder if in 5 years this period will be called recession... Probably it will.
- _23sd 4y agoMy undergrad econ class used Mankiw's Macroeconomics, which did not use the two quarters definition, just "a period of declining real incomes and rising unemployment" less severe than a depression and referred to NBER as "The official arbiter of when recessions begin and end". So maybe there is some variation.
- lowkey 4y agoBill Clinton defined a recession as two consecutive quarters of negative growth [1]. I suppose the definition of a recession is determined by which party is in office? I don't mean to be snarky, but it is clear that the sudden change in definition is political. [1] https://twitter.com/HowardMortman/status/1552767281981231104?s=20&t=YwkWhNsYcbycnVBASgRtEA https://twitter.com/HowardMortman/status/1552767281981231104...
- Macha 4y agoIs Bill Clinton not of the party which is being accused of standing to benefit from current situation not being classified as a recession?
- lowkey 4y agoMy point exactly. Rules for thee but not for me. Or, "A recession is defined as two consecutive periods of negative GDP growth, except when a Democrat is in power, beginning effective 2022."