Recession

A brilliant analysis of economic expansions and recessions over several centuries and countries - essential reading to understand today’s challenges – Mervyn King, former governor, Bank of England
It is rare that a work of economic history is truly revolutionary. Goodspeed’s Recession is such a book … This extraordinary tour de force confirms Goodspeed as one of the most brilliant economic minds of his generation. No economic downturn - including the Great Depression itself - will ever look quite the same again – Niall Ferguson, New York Times–bestselling author of THE ASCENT OF MONEY
A deeply researched, engaging, and insightful look at the history of recessions in the US and UK. Suitable for researchers, students, and business economics enthusiasts alike – Kenneth Rogoff, author of OUR DOLLAR, YOUR PROBLEM
Recession is a captivating sequence of stories about the disparate shocks - involving imposters, grasshoppers, and wars - that explain recessions. And it is also an important counter to two unhistorical stories, one about the cyclical regularity of recessions and the other about their origin in the moral failures of antecedent expansions – Emma Rothschild, author of ECONOMIC SENTIMENTS
Recession is a rigorous review, a very rewarding read, and a relevant recap of what we think we know (too much) and don’t know (a lot) about economic downturns by solely fixating on post-WWII data on the US. By extending the domain of analysis back hundreds of years and by expanding the span to include a parallel study of UK slumps, the author does the economics profession and the reader a valuable service. A must-read for practitioners, policymakers, and pundits – Richard Clarida, former vice chair, Board of Governors of the Federal Reserve System
With an artful blend of economic and historical analysis and extensive original data acquisition and translation, Goodspeed’s Recession is a must-read for all those interested in understanding recessions. Using data dating back to the 1700s in the US and UK, Goodspeed dispels simplistic narratives on the cause of recessions and shows that ‘each recession is unhappy in its own way.’ Recession will serve as a benchmark for much future research – Michael J. Boskin, professor of economics, Stanford University, and former chairman, President’s Council of Economic Advisers
What a wonderful, and wonderfully readable, book. It combines solid econometric analysis of a deep and wide range of historical data with beautiful writing and skillfully chosen anecdotes that are as entertaining as they are illuminating – Harold James, professor of history and international affairs, Princeton University
In this brilliant book, Goodspeed effectively demolishes the common belief that recessions must inevitably follow economic expansions. Based on a beautiful historical, data-rich narrative of two centuries of business fluctuations in the UK and US – Michael D. Bordo, distinguished professor emeritus, Rutgers University
Goodspeed has a rare talent for weaving riveting stories of colorful characters and events with incisive economic analysis. The result is a monumental economic history of recessions … This book is destined to become required reading for anyone studying business cycles or contemplating macroeconomic policy – Valerie Ramey, Chair of the Recession Dating Committee at The National Bureau of Economic Research
Wise, readable and at times surprisingly entertaining … If the Treasury still has a library (there was one in my day), Recession should be prominently on display – Sir Howard Davies, Literary Review
Revolutionary and stimulating – Martin Wolf, Financial Times ‘Best summer books of 2026’

Tyler Goodspeed is chief economist of ExxonMobil. Previously, he chaired the White House Council of Economic Advisers. With PhDs in economics and history from Cambridge and Harvard, he has held faculty appointments at Stanford and Oxford. The author of three previous books on economics, he lives in Spring, Texas.

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