Eggheads around the world are arguing the toss about whether parts of the world could go into recession. Problem about recession is that there is no clear definition about what constitutes a recession. Some say that it is after two consecutive quarters of economic output. Some say it is when the US yield curve inverts. What if an economy does contract for two successive quarters but employment is still high? Is that still a recession? What if consumer spending remains strong even though the yield curve has inverted? Is that still a recession? Perhaps we are asking the wrong question. Maybe we should be asking why recessions or economic slowdowns even happen. Another question is whether recession is really such a bad thing. Recessions generally occur when the market recognises that capital has been misallocated. The realisation that capital has been misspent can happen when there is a scarcity of money....