Buzz Words that are annoying

[rdawson808]

Originally Posted by gnatty8

And I hate to break this to you, but that is actually a commonly held misbelief about the technical definition of recession. See here: http://en.wikipedia.org/wiki/Recession

Well, technically anytime output decreases it is a recession. However, you need at least 2 quarters to assure that it is sustained. That is, we worry about it if it's more than one quarter.

And the point is that no matter if it's one quarter or two, if you want to talk about just output or output and income, etc., it is measurable. It is not debatable. It's a yes or no question.

And the former economics professor in my weeps that Wikipedia was your first source for a definition.

From the San Fran Fed
A significant decline in general economic activity extending over a period of time.

From the Economist magazine.
Broadly speaking, a period of slow or negative economic GROWTH, usually accompanied by rising UNEMPLOYMENT. Economists have two more precise definitions of a recession. The first, which can be hard to prove, is when an economy is growing at less than its long-term trend rate of growth and has spare CAPACITY. The second is two consecutive quarters of falling GDP.

Finally, from McConnell and Brue's Economics (16th ed., McGraw-Hill)
...a period of decline in total ouput, income, employment, and trade. This downturn, which lasts 6 months or more, is marked by...

b

 

[gnatty8]

Here is your original post:

As long as we're on this topic, I'd like to ***** about the news people debating whether or not we're experiencing a recession. It has a very strict definition. Either we hit 2+ quarters of declining GDP or we don't. Now, it might not be a terribly relevant measure of most poeple's economic life, but you cannot say we are in a recession if we're not. Just say the economy sucks. Or better yet, use statistics like unemployment etc. to show why the term "recession" doesn't mean much to the every day person.

I have bolded the portion I believe is incorrect. You can have a recession without 2 consecutive quarters of contraction, and it does not have a very strict definition. That is the common misconception of the press referred to in the wiki. In the passage above, you are arguing that recession is strictly defined as 2+ quarters of declining GDP. That argument is incorrect. Yes, a recession can be characterized by this, but not necessarily and not always. In other words, 2 quarters of contraction is a sufficient, but not necessary condition, of identifying a recession. The NBER, which is widely regarded as the pre-eminent source of information on U.S. recessions, states this in their FAQ section:

Q: The financial press often states the definition of a recession as two consecutive quarters of decline in real GDP. How does that relate to the NBER's recession dating procedure?

A: Most of the recessions identified by our procedures do consist of two or more quarters of declining real GDP, but not all of them. The most recent recession in our chronology was in 2001. According to data as of July 2008, the 2001 recession involved declines in the first and third quarters of 2001 but not in two consecutive quarters. Our procedure differs from the two-quarter rule in a number of ways. First, we consider the depth as well as the duration of the decline in economic activity. Recall that our definition includes the phrase, "a significant decline in economic activity." Second, we use a broader array of indicators than just real GDP. One reason for this is that the GDP data are subject to considerable revision. Third, we use monthly indicators to arrive at a monthly chronology.

 

[DarkPinstripeSuits&OTCs]

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[itsstillmatt]

Stakeholders

 

[Go Surface]

This thread got really long.

 

[gnatty8]

Originally Posted by GoSurface

This thread got really long.

There are a lot of annoying buzz words in life..

Each day I attempt visioning a world in which buzzwords play no part..

 

[Connemara]

Anything that comes out of a consultant's mouth,

 

[Duveen]

Originally Posted by Connemara

Anything that comes out of a consultant's mouth,

Have you worked a day in corporate America? Where do you get this from?

Consultants are unquestionably repeat offenders in this area, but you really don't have standing to be jaded on this issue just yet.

Give it a few years...

 

[TheGreek]

1.democrat
2.obama
3.pelosi

and simply, any other democrats name

 

[gnatty8]

Engage, as in, we need to engage marketing for this thing to fly..

You engage the enemy in battle numbnuts..

 

[Geruvah]

"Based on the fact that..."

I hear this one girl say it all the time during her presentation and it irks me.

 

[MrGimpy]

"From the get-go" negatively impacts me.

 

[gdl203]

iGent

 

[Flieger]

rollcall. I have been hearing that a lot lately. apparently it means 'hours of meaningless banter over the phone conducted by attention whores"

 

[MrGimpy]

Not a buzzword per se (that must have pissed a few people off), but needlessly adorning perfectly capable words is...um...needless.

The latest Canadian Dept. of Finance Economic Statement includes a section entitled "Forward Agenda".