Narayana Kocherlakota, Columnist

Why Worry So Much About Recessions?

The Fed should focus on whether the economy is fulfilling its potential.

June 5, 2019 at 1:57 PM UTC

Narayana Kocherlakota is a Bloomberg Opinion columnist. He is a professor of economics at the University of Rochester and was president of the Federal Reserve Bank of Minneapolis from 2009 to 2015.

There’s a better way to measure economic success.
Photographer: Ron Gerelli/Hulton Archive/Getty Images

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As of this month, the U.S. economy has been growing for 10 straight years, tying the record for the longest expansion ever. Many people, including journalists and policy makers, see this as a great achievement.

I see nothing to celebrate. On the contrary, I think they’re measuring success the wrong way.