> How would you define an economic boom? The way in which "booming economy" phrasing is used in conversation, one would imagine that it refers to growth in GDP

> How would you define an economic boom? The way in which "booming economy" phrasing is used in conversation, one would imagine that it refers to growth in GDP that has a multiplier effect in the local economy. In practice, it really just means spending is up now, but will deflate as soon as credit is harder to come by. A lot of vacations, cars and home improvements are funded by home equity loans, not actual disposable income.