[nickbauman]

Eh, there are Nobel laureates who work down the hall from each other who cannot agree on the definition of basic macroeconomic concepts such as what constitutes a "bubble" or whether "market failure" is even a valid concept to begin with.

[princeb]

that's because these are ambiguous layman descriptions of the state of the economy.

[nickbauman]

Yet serious economists openly argue about the term.

http://www.newyorker.com/magazine/2010/01/11/after-the-blowu...