Thursday, September 24, 2009

Stiglitz, Sen, and the End of Recession

by: Michael Mandel

Most forecasters expect third quarter real GDP growth to be positive, perhaps as much as 3%. This will be widely hailed as a sign that the nasty recession of 2008-2009 has come to an end. Indeed, the Fed’s statement today that “economic activity has picked up” seems to fuel the belief that the recovery has started.