The Reason That Recession Dates Matter

Asked to define a recession, you can give the mechanical answer. It is 2 or more adjacent quarters of a real GDP decline. So, if Q1 GDP grows by 3%, Q2 by 2% and then Q3 by 1%, is that a recession? (I…

Tall and Short Populations

Princeton economist Angus Deaton estimates that it will take 500 years for Indian women to reach the height of English women. In The Great Escape, Dr. Deaton explains that a population could be short …

A GDP Omission

What to include in the GDP? When Nobel Laureate Simon Kuznets developed the concept of the GDP during the 1930s, he had to decide which goods and services would count. He knew the GDP had to measure t…

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