Here's the True Definition of a Recession — It's Not About GDP

[rangerrebew]

Here's the True Definition of a Recession — It's Not About GDP

 
07/19/2017Frank Shostak

According to the National Bureau of Economic Research (NBER), the institution that dates the peaks and troughs of the business cycles,

    A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. A recession begins just after the economy reaches a peak of activity and ends as the economy reaches its trough.1

https://mises.org/blog/heres-true-definition-recession-%E2%80%94-its-not-about-gdp

[jmyrlefuller]

Boom-bust cycles have long existed before central banking and before we went to flexible money supplies. Even on the gold standard, panics (what they used to call these sorts of things) were even more frequent than they are today.

[Joe Wooten]

Boom-bust cycles have long existed before central banking and before we went to flexible money supplies. Even on the gold standard, panics (what they used to call these sorts of things) were even more frequent than they are today.

Yes, and the busts used to be a lot shorter before the government stepped in to "fix" things.