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The Recession Dating Game

STANFORD – The optimism that emerged in the early stages of the recovery from the financial crisis and recession has given way to more sobering assessments of the short-, medium-, and long-run challenges facing the global economy and its constituent national parts.

In many countries, fears have even arisen of a prolonged period of slow and occasionally negative growth, persistent obstacles to reducing unemployment, and continued economic anxiety; or worse, of a Japanese-style “lost decade” with multiple recessions; or, even worse, of a depression, (which politicians and intellectuals have stoked in an attempt to justify continued massive government intervention in the economy for years to come).