Register for an account

X

Enter your name and email address below.

Your email address is used to log in and will not be shared or sold. Read our privacy policy.

X

Website access code

Enter your access code into the form field below.

If you are a Zinio, Nook, Kindle, Apple, or Google Play subscriber, you can enter your website access code to gain subscriber access. Your website access code is located in the upper right corner of the Table of Contents page of your digital edition.

The Sciences

The business cycle, then and now

Gene ExpressionBy Razib KhanJanuary 31, 2010 3:31 AM

Newsletter

Sign up for our email newsletter for the latest science news

Two interesting graphs from Calculated Risk. The first shows that the changes in GDP seem during the last recessive are on a par with those of the early 1980s and before (though we don't know if we're in a U or V shaped recession yet, though the odds are probably more U than V right now). But the second shows that in terms of employment we may be in uncharted territory, the worst of both worlds in terms of the jobless recoveries of the shallow recessions of the 1990s and early 2000s as well as the deep declines in employment of earlier recessions. I've been hearing about the soon-to-come structural realignments in the economy resulting in a higher basal rate of unemployment for nearly 20 years. Economists will of course scoff at this sort of fatalism, pointing out such prognostications have always been falsified in the past. We'll see....

RealGDPDeclinesQ4-1.jpeg
EmploymentRecessionsDec.png

    2 Free Articles Left

    Want it all? Get unlimited access when you subscribe.

    Subscribe

    Already a subscriber? Register or Log In

    Want unlimited access?

    Subscribe today and save 70%

    Subscribe

    Already a subscriber? Register or Log In