This inaugural episode defines what recessions actually are and how economists identify them. Beyond the textbook definition of two consecutive quarters of negative GDP growth, the episode explores key economic indicators including unemployment rates, inflation, consumer confidence, and industrial production. It distinguishes between recessions, depressions, and economic slowdowns, explaining why these differences matter. The episode examines why recessions occur, from external shocks and monetary policy mistakes to asset bubbles and structural imbalances. Drawing on historical patterns showing recessions arrive roughly every six to ten years, it traces how our understanding of economic crises evolved from laissez-faire neglect to active government intervention, while questioning whether we remember these hard-won lessons.
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This content was created in partnership and with the help of Artificial Intelligence AI
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