I really liked this piece. The framing of recessionary conditions in real terms (i.e. standard of living changes) rather than in terms of GDP, which feels obvious now that I type it out but has eluded me as I watched and read orthodox economists talking about it for the past year and change, was super helpful. As a fellow enjoyer of a good analogy, I can't believe how well the dress thing tracks with this line of thinking. The only thing I'd ask for going forward is a list of sources to do some further reading -- in particular from this piece I'm interested in where you got the EPI graphs about productivity and unit-price growth. Keep up the good work though, looking forward to reading more.
I really liked this piece. The framing of recessionary conditions in real terms (i.e. standard of living changes) rather than in terms of GDP, which feels obvious now that I type it out but has eluded me as I watched and read orthodox economists talking about it for the past year and change, was super helpful. As a fellow enjoyer of a good analogy, I can't believe how well the dress thing tracks with this line of thinking. The only thing I'd ask for going forward is a list of sources to do some further reading -- in particular from this piece I'm interested in where you got the EPI graphs about productivity and unit-price growth. Keep up the good work though, looking forward to reading more.