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Most economists believe gdp growth represents increasing prosperity. They think a depression is merely a recession, with negative gdp growth, that lasts longer and goes more deeply than normal. A recession is a pause during a period of growth. A depression marks the end of the period of growth…giving the economy a chance to make adjustments so that a new period of growth may begin. Gdp growth alone is a fraud. The gross number just doesn’t tell you anything worth knowing. It doesn’t really matter how fast an economy is growing. What counts is how fast it is growing per person…and whether that ‘growth’ is real or phony. Growth is not the same as prosperity…
