Ones and Tooze Stagflation Nation?
Jul 29, 2022
Dive into the unsettling world of stagflation, where inflation meets stagnation, and ponder its implications for the global economy. Explore the recent U.S. GDP drop and what it means for America’s financial health. Then, shift gears to the thrilling realm of dinosaur fossils, where a raptor skeleton sold for a jaw-dropping $12.4 million. Consider the ethical dilemmas of fossil ownership and how celebrity collectors disrupt access for museums. It's a captivating mix of economics, history, and the potential for de-extinction!
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Stagflation Explained
- Stagflation is the unusual combination of slow economic growth and high inflation.
- It suggests that demand is absorbed by rising prices, not economic output.
Defining Recession
- There's no single authority that declares a recession, it's a matter of convention.
- In the US, the National Bureau of Economic Research (NBER) typically makes the call.
Recession Indicators
- Two consecutive quarters of negative GDP growth is the conventional recession definition.
- Other indicators like unemployment rates or sector-specific data can also be relevant.