Brian Romanchuk — Comments On Turning Points And Recessions

Summary:
As the Canadian experience shows, deciding which episodes qualify as "recessions" can be debated. The safest course of action is to make it clear what definition you are using, and apply it consistently across regions. This is logic and critic thinking 101, and also fundamental to math application. While it is basic for thinking critically, it is key for doing science.This is a big problem for economics since economics is not regarded as a pure science but an applied science. Macroeconomics is considered a policy science. Ambiguity then becomes a hazard.Terms like "inflation" and "recession," which are defined arbitrarily in terms of data selection, are especially slippery since measurement differs by locale and definitions are often revised, making historical comparison tricky.Bond

Topics:
Mike Norman considers the following as important: critical thinking, definition, economic science, philosophy of science

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