Yeah, they used to be far more common before the advent of modern central banking policy in the 1970s and 1980s, even though you’d actually expect the opposite to happen, all else being equal, because of the way recessions are defined. By only looking at GDP growth, it ignores population growth.
On the other hand, GDP, even on a per capita basis, has become increasingly less useful for defining recessions since productive capacity isn’t really what is lacking in any modern developed economy.
Yeah, they used to be far more common before the advent of modern central banking policy in the 1970s and 1980s, even though you’d actually expect the opposite to happen, all else being equal, because of the way recessions are defined. By only looking at GDP growth, it ignores population growth.
On the other hand, GDP, even on a per capita basis, has become increasingly less useful for defining recessions since productive capacity isn’t really what is lacking in any modern developed economy.