TIL- The idea of how much you can afford to buy with your income is called “real income.” And if real income falls, that’s called a recession.
ultranaut @ ultranaut @lemmy.world Posts 3Comments 703Joined 2 yr. ago
ultranaut @ ultranaut @lemmy.world
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That isn't really the definition though. Real income can fall in a recession but it's not necessarily a recession just because incomes fell. Real income can increase or decrease both during a recession and not during a recession. It's a lot more complicated than "when your income declines there is a recession".