Longer the Lockdown, the Longer the Econ. Contraction
This week’s second-quarter advance estimate of GDP showing the most severe projected contraction on record has led to speculation as to what exactly made the United States economy contract so much, and if this contraction was avoidable. The two obvious effects analysts would like to tease out are the relative impacts of voluntary and involuntary reductions in consumption and production, particularly in the service industry.
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