I took a screen shot of the following headline.

Then I took a screenshot of the following Image.

Homeless people set up tarps and tents in downtown Los Angeles in May 2016. (Brian van der Brug/Los Angeles Times/TNS)

Mainstream economics is concerned with the first image. Fantasy Free Economics focuses on the second image.

Mainstream economics is a statistical exercise. At what point are we in a recession? Is it when statistical numbers say yes…. or, do we believe what we see with our eyes?

So, are we in a recession? How do we decide?

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