economy

A recession is a significant, broad decline in economic activity lasting more than a few months. Here is how it is defined, measured and what causes one.

A subsidy is government support that lowers a price or props up an income. The economics are contested; the politics of withdrawing one are consistently brutal.

Nominal GDP measures output at today's prices. Real GDP strips inflation out. Confusing the two makes an economy look like it is growing when it may not be.