A recession is two quarters of negative GDP growth. NOT.
Definition: A recession is a market failure, which causes a persistent and substantial increase in unwanted idleness. Following a recession is a recovery during which idleness returns to normal levels.
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© 2009 Springer-Verlag Berlin Heidelberg
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Leamer, E.E. (2009). Unwanted Idleness: Recessions and Recoveries. In: Macroeconomic Patterns and Stories. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-46389-4_7
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DOI: https://doi.org/10.1007/978-3-540-46389-4_7
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