One of my more unconventional beliefs is that Australia and its lack of recessions might be the future of the developed world. We're used to talking about "the business cycle" as though recessions are a cyclical phenomenon, but what if they're not? theatlantic.com/ideas/archiv…
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Is Australia's lack of recessions the result of the definition of recession referring to decline in GDP rather than GDP/capita, combined with Australia's higher population growth rate (mostly from immigration)? How would it compare if we were looking at declines in GDP/capita?
Jun 27, 2019 · 6:15 PM UTC
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