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The US has been in recession 9 of the last 10 years. This is not true as recession is defined by the NBER. If the author means to imply that we should change
by djoldman 14y ago
The US has been in recession 9 of the last 10 years.
This is not true as recession is defined by the NBER. If the author means to imply that we should change our definition of recession: I don't believe he produces a convincing argument that (US GDP) / (World GDP) is more indicative of a protracted economic slump than our current definition. When this ratio is declining for a particular nation, it simply means that the worlds economy is becoming relatively larger.
- drewrv 14y ago(US GDP) / (World GDP) is only interesting if the world economy is a zero sum game, which it isn't. I for one am happy that people in developing nations are doing better.