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Should We Classify GDP Recessions and Jobs Recessions Separately?

2 pointsby bengebreabout 15 years ago

2 comments

btillyabout 15 years ago
The job numbers can readily be understood as the combination of GDP with an accelerating long-term trend towards concentrating economic production in a small portion of the population, and wealth in an even smaller portion. When you combine trends the job numbers are going to look significantly worse than GDP.
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bengebreabout 15 years ago
In short: Do we need a modified definition of recession if our current definition doesn't address the nature of recent recessions?