We are familiar with business cycles – nothing to do with pedal cycles, but the tendency of economies to experience bursts of expansion followed by contractions.
Both benefited from strong increases in the purchasing power of their currencies over this period, whereas Mexico and Britain, which saw their currencies slide, experienced sharp contractions in their share of foreign sales.
Such elisions have the added advantage, where telephone messages are concerned, of being incomprehensible to anybody over about 25.For English-speaking users, the neatest contractions combine letters and numerals.
Monetary shifts were responsible for the trajectories of both contractions: the shift, for example, from decline to rapid recovery in 1933.
The high- and low-skill occupations to which employment is polarizing either do not experience contractions, or if they do, rebound soon after the turning point in aggregate output.
In the Prairie provinces and British Columbia, hockey players and skaters have witnessed even sharper contractions.
(Indeed, the latest release revises the previous two quarters' data for private non-residential investment to show sharper contractions than previously indicated. Overall GDP growth in the second quarter is also revised downwards, to -0.4% from -0.3% previously).
The latest GDP data offer some grounds for hope that the first- and second-quarter contractions in private non-residential investment an indicator of companies' confidence in the future were temporary.
The implosion in world trade has gutted export economies, leading to far sharper contractions than have been experienced in consuming nations.With virtually the whole of the explosion in trade in the 2000s now undone, some key questions are being asked.
It also triggers contractions during childbirth and bonding during breastfeeding.
The least harmful taxes were on firms' profits or on consumer spending.Examples of such "expansionary fiscal contractions" are much harder to replicate now.
