Main stream economists seem to have the following descriptions of recessions/depressions.
Recession is marked by a decrease in a country’s Gross Domestic Product (GDP) over more than one quarter of a year. The GDP decrease is measured as less than a 10% decrease.
A depression is measured as a decrease in the GDP of 10% or higher in a given year.
If GDP is not an accurate economic indicator (which most of us agree that it is not) how does AE distinguish between a recession or a depression?