Economic stability is a recession - NISHIO Hirokazu's Scrapbox (Auto-translated from Japanese)

Economic stability is a recession

[Joseph Schumpeter

When entrepreneurs implement innovations, the economy is disturbed, but the growing imbalance is the process of a boom. On the other hand, a recession was considered to be a process in which the entire economy responds by following the leading firms that have obtained monopoly profits in the new situation brought about by the innovation, and the economy gradually balances out due to credit contraction (repayment to banks).

In other words, "When the economy stabilizes without change, it is a recession.

from Maintaining the status quo is a step backward

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