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I feel it’s also ignorant to think it shouldn’t be defined by that experience. Our metrics have been misleading or we just need better ones and/or possibly a ne
by conductr 8mo ago
I feel it’s also ignorant to think it shouldn’t be defined by that experience. Our metrics have been misleading or we just need better ones and/or possibly a new word for how average joe talks about “recession”. A purely academic definition that has no basis in reality seems pointless to me.
- JumpCrisscross 8mo ago> it’s also ignorant to think it shouldn’t be defined by that experience If defined rigorously, sure. But the literature is replete with measureas of downturns. What more commonly comes up in online discussions is some dude with a vibe, which isn't particularly useful for talking about anything larger in scale than that one dude.
- s1artibartfast 8mo agopurely academic definistions have a tremendous number of purposes. Just as it would be silly to define a countries military equipment production capacity by public sentiment, the same is true for purely financial GDP. There are tons of metrics that can used to articulate how the economy feels for average joe. We have low consumer sentiment, lagging median income, GINI, opinion surveys, ect. Using the word "recession" adds gravitas by claiming something that isnt true.