I agree that a recession is a correction to a boom. The best situation is to avoid the boom since it brings on inflation and inevitably a bust. Using fiscal and monetary policy to control the expansion softens the economic contraction leading to steady growth. This is how it should work, but often political policies work in the opposite direction of economic polices.About the only good thing about a recession is that it cures inflation. Recessions cause a lot of hardships for those that are least equipped to bear it. From a more global view, a boom and bust economy is inefficient. Both capital and resources are wasted. The best scenario is a steadily growing economy with low inflation and full employment, a major goal of economy policy.Is recession always a bad thing ?
But the aswer to my questions lies in you response with regard to boom and bust.
A recession is a correction to a boom.
Many people I know who could not afford houses before....now can. My buying power is up in many areas.
I agree that it causes hardships on those least likely to deal with them.