How history helps understand future recessions

Recessions are a part of our economic system. Still, we need to remember the past and the lessons it can provide whenever they happen.

The world navigated an economic blunder in 2022, and life became much more expensive. Let’s use New York City as an example. For decades, the Big Apple had an unwritten law called the Pizza Principle. A slice of pizza was the same price as a subway ticket. This changed in 2021. Pies, and everything else, became more expensive, and the increase didn’t slow down in 2022.