Recession is the process of discovering previous excessive errors in the allocation of resources — allocations of resources not consistent with underlying preferences and resource availability.

萧条就是一个发现先前资源分配过程中过多错误的过程——资源的分配和潜在的偏好与资源的可获得性不适应。

youdao

But they have been slow to admit their own errors, not least delay and excessive austerity as the cure for excessive deficits.

ECONOMIST: Charlemagne