2016-08-28 I say: "The Greater Depression", New York Times says: "The Great Recession"
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Starting 2009, after the banking melt-down of 2008, I called the period "The Greater Depression". Recently I notice that NYT has adopted "The Great Recession". From the technical perspective of Keynesian theory, I think that a decade long "Recession" is a misnomer...
Example:
At an elite gathering of the great and good at Aspen in 2007, shortly before the start of the Great Recession, those in attendance — haute bourgeois all, one assumes — were asked to forecast how the world would look in 2050. According to a reporter who was there, everyone predicted a grim future of “global warming, famine, unending terrorism, . . . a Mad Max movie, only without the style and thrills.”
===========================
Starting 2009, after the banking melt-down of 2008, I called the period "The Greater Depression". Recently I notice that NYT has adopted "The Great Recession". From the technical perspective of Keynesian theory, I think that a decade long "Recession" is a misnomer...
Example:
At an elite gathering of the great and good at Aspen in 2007, shortly before the start of the Great Recession, those in attendance — haute bourgeois all, one assumes — were asked to forecast how the world would look in 2050. According to a reporter who was there, everyone predicted a grim future of “global warming, famine, unending terrorism, . . . a Mad Max movie, only without the style and thrills.”
Steven B. Smith’s “Modernity and Its Discontents” is a survey of Western intellectual history from Machiavelli to Saul Bellow.
nytimes.com|By James Miller
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