Talk:Recession
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I thought a recession was two consecutive quarters not “a couple of months” 2600:6C40:1900:5B78:8CD7:8FEF:FC7A:109B (talk) 17:39, 23 August 2022 (UTC)[reply]
It doesn't seem like the RFC outcome was ever implemented, so I've done so. By my reading the last stable version of the lead was this one, from July; there were a few edits after that that were comparatively minor, but overall if you look at the history it's clear that that version was stable for an extended period of time, with few edits for months and no really serious ones for years; in particular, this was the key contested addition, which was reverted immediately and then revert-warred back in. After that point people started editing the lead aggressively and it destabilized into multiple revert-wars, which continued unabated for months on end, so no version after that can reasonably be called stable. If people think that there are changes since then that were uncontroversial or had a clear consensus, we should probably demonstrate that on talk per the above RFC before re-implementing them. --Aquillion (talk) 18:38, 7 October 2022 (UTC)[reply]
Before starting this, I understand that the article states the 2 quarter definition, but I believe there should be a sentence in the lead describing the conventional and generally accepted of recession. As of March 23 20:00 UTC, the 2nd paragraph of the lead is
In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." The European Union has adopted a similar definition. In the United Kingdom, a recession is defined as negative economic growth for two consecutive quarters.
I propose this be changed to
In the United States, a recession is generally defined as "two consecutive quarters of negative real (inflation adjusted) GDP. " Other groups such as the NBER define it as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." The European Union has adopted a similar definition. In the United Kingdom, a recession is defined as negative economic growth for two consecutive quarters.
There is no official definition of a recession. There is a pseudo-official definition by the NBER and then there is the generally accepted technical definition used by economists and normal people alike since the 60's. I would also like to note that every time since 1948 when the US has had 2 consecutive quarters of negative growth, a recession has been called. So even though it is not an official NBER definition, it is commonly used in practice.
Here are some of my sources
Oxford languages per Google
If any admin wants to remove my post as off-topic per the page notice, Yes, I know the article already says the 2 quarters definition, I am proposing it be added to the lead. PalauanReich (talk) 13:23, 27 March 2023 (UTC)[reply]
is not a global definition and should be removed from its current position at the top of the lead soibangla (talk) 15:59, 15 August 2023 (UTC)[reply]
This article was the subject of a Wiki Education Foundation-supported course assignment, between 9 January 2024 and 12 April 2024. Further details are available on the course page. Student editor(s): Hachaudhari (article contribs).
— Assignment last updated by Hachaudhari (talk) 22:46, 4 April 2024 (UTC)[reply]