The recession does not exist: individuals’ lived experience tells us little about macroeconomic phenomena such as booms and slumps. These are aggregate economic data, not direct sense data to any individuals.
An excellent piece by Chris Dillow on the inability of individuals to directly perceive macroeconomic phenomena. Yes - it's still clearing out my closet season, but hey - the recession's still here so I'll count this one as timely.
In more recent blogging, I like how Chris has something interesting to say, even when commenting on the most boring story in the world:
“Management“ functions rather like witchcraft. It’s a set of rituals which are wrongly supposed to have effects on the outside world.