Stability is Depression - NISHIO Hirokazu's Scrapbox (Auto-translated from Japanese)

Stability is Depression

[Joseph Schumpeter

When an entrepreneur implements an innovation, the economy is disturbed, but the expansion of the imbalance is the process of a boom. On the other hand, a recession was considered to be a process in which the economy as a whole responds by following the lead firms that have obtained monopoly profits in the new situation brought about by the innovation, and the economy as a whole gradually becomes balanced through credit contraction (repayment to banks).

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

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