The Boundless Fatuity Informing the Simple-Minded Word ‘Recession’

In his brilliant 2014 book Creativity, Inc., Pixar founder Ed Catmull observed that “people need to be wrong as fast as they can.” In ten words Catmull exposed the mind-numbing stupidity of “recession” and policy measures meant to “fight” recession.

Economies are individuals, and individuals are most advantaged when they realize their errors as quickly as possible. In Pixar’s case, what economists imagine to be “recessions” born of not enough government spending (Keynes) or a stage of the “business cycle” (Austrian School) are just day-to-day discoveries of mistakes that are best corrected right away. Catmull notes that all of Pixar’s movies “suck” at first. Yes, run to your mistakes. The recession is the recovery.