Our needlessly precise definition of a recession is causing us needless trouble

Research output: Contribution to Newspaper/Magazine/BulletinArticle

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Abstract

Later today we’ll know what the bushfires and the coronavirus did to the economy in the three months to March: whether gross domestic product grew (as is usual) or whether it shrank (as is rare, and heralds a recession).

Gross domestic product (GDP) is an imperfect measure of everything that’s produced in the three months (and also everything that’s spent and earned).

Imperfect or not, it is measured the same way every time, which is why changes in it give us a good idea of changes in what we produce and earn.

Most likely it will tell us that what we produced and earned shrank.
Original languageEnglish
Pages1-4
Number of pages4
Specialist publicationThe Conversation
PublisherThe Conversation Media Group
Publication statusPublished - 3 Jun 2020

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