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A good recession

By James Crabtree  

recessions are good for you

Recessions are good for you

Nobel laureate economist Paul Samuelson once joked that “the stockmarket has forcast nine out of the last five recessions.” But what if some of this gloominess was, instead, eager anticipation? David Goodhart asks a similar question this month: might the UK’s coming recession do us some good? Recessions are a relatively simple phenomenon, occuring when people decide not to spend money. Economists, like Samuelson, argue that such slumps have their good points, for instance by helping to weed out less competetive…

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