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Living with ‘quasi-recession’
Friday, September 3rd, 2010
Sep 03 2010
When John Maynard Keynes talked of persistent underemployment, he did not mean that, following a big shock, economies stay frozen at one unchanging level of depressed activity. But he did think that, without external stimulus, recovery from the lowest point would be slow, uncertain, weak and liable to relapse… described as a “quasi-recession,” a better term than “double-dip recession.” It denotes an anemic recovery, with bursts of excitement punctuated by collapses. It is the situation we confront today.
Tags: economy, ideology, standard of living
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