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Do these terms posses any objective meaning?

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fantasus View Drop Down
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    Posted: 06 Sep 2012 at 23:29
My question is wether the following terms are more about what we expect than about objective meaning:
Economic boom/bust, "high growth"/ "low growth", "crisis", "recession" "depression". Just an idea it is more about what we get used to, and therefore expect, than about anything else. How much growth is "high" vs. "low"? Is not that subjective? If the production of a country - or the world, or a branch has grown at a certain rate and then suddenly the growth rate is far less we will probably say there is a "crisis" - something wrong. But if it goes on for decades, will it perhaps be seen as the normal.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote gcle2003 Quote  Post ReplyReply Direct Link To This Post Posted: 07 Sep 2012 at 01:16
What's subjective is not usually the classification of growth as 'high' or 'low', both terms meaning with respect to the average, but the assessment of either high or low being good or bad, desirable or undesirable. Similarly the choice of what items to include in the assessment of growth is a subjective one. If you are measuring inflation, do you include property prices? Taxation? If GDP growth is associated with increasing income differences, is that good or bad?

PS 'High' and 'low' are relative terms, but that's not the same as being subjective.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote fantasus Quote  Post ReplyReply Direct Link To This Post Posted: 07 Sep 2012 at 06:47
Originally posted by gcle2003 gcle2003 wrote:

What's subjective is not usually the classification of growth as 'high' or 'low', both terms meaning with respect to the average, but the assessment of either high or low being good or bad, desirable or undesirable. Similarly the choice of what items to include in the assessment of growth is a subjective one. If you are measuring inflation, do you include property prices? Taxation? If GDP growth is associated with increasing income differences, is that good or bad?

PS 'High' and 'low' are relative terms, but that's not the same as being subjective.
But any "average" can as I see it only be determined for a certain period, and the limit of that period seems to be arbitrary. If we are able to determine any average for a period, say a century, then growth rates go down, then in the long run of course average growth decline - and there may be zero or negative avdrasge growth.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Styrbiorn Quote  Post ReplyReply Direct Link To This Post Posted: 07 Sep 2012 at 08:07
Originally posted by fantasus fantasus wrote:

Originally posted by gcle2003 gcle2003 wrote:

What's subjective is not usually the classification of growth as 'high' or 'low', both terms meaning with respect to the average, but the assessment of either high or low being good or bad, desirable or undesirable. Similarly the choice of what items to include in the assessment of growth is a subjective one. If you are measuring inflation, do you include property prices? Taxation? If GDP growth is associated with increasing income differences, is that good or bad?

PS 'High' and 'low' are relative terms, but that's not the same as being subjective.
But any "average" can as I see it only be determined for a certain period, and the limit of that period seems to be arbitrary. If we are able to determine any average for a period, say a century, then growth rates go down, then in the long run of course average growth decline - and there may be zero or negative avdrasge growth.

You don't make much sense here. It's the average of the (usually annually) growth rate, not growth rate of an average. Taking a longer period over which to calculate the average will give you a more fair number, but it won't necessarily decline*.

* With some reservations, of course: the period for the average can not be made too long, since it's nonsensical to compare growth today with growth in e.g. 17th century.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote fantasus Quote  Post ReplyReply Direct Link To This Post Posted: 07 Sep 2012 at 10:13
Originally posted by Styrbiorn Styrbiorn wrote:

It's the average of the (usually annually) growth rate, not growth rate of an average.
Yes - measured in percent for a number of years, say 1900 to 2000 where 1900 has "index 100"
Originally posted by Styrbiorn Styrbiorn wrote:


* With some reservations, of course: the period for the average can not be made too long, since it's nonsensical to compare growth today with growth in e.g. 17th century.
It is those  "reservations - of course" that makes me ask. If the 17.th. century is seen as "of course irrellevant" exactly when does things change, and comparisons become "of course relevant"?
Is there some objective  criteria? I admit I can hardly see them.
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