Beautiful - I hadn't been aware of this terminology. I'm glad you set me straight.

billytheked

You’re talking about the difference between 

Those who want to understand what happened and avoid it happening again will follow your advice and look for the deeper reasons.

It’s completely reasonable to suggest that tariffs could be the proximate cause of the bubble bursting. It’s completely unreasonable to claim that they caused the bubble.

econ

There’s Only One Possible Cause of the Next Recession, And It Isn’t Tariffs

You’re talking about the difference between *proximate* and *ultimate* causes. 

Those who want to understand what happened and avoid it happening again will follow your advice and look for the deeper reasons. 

It’s completely reasonable to suggest that tariffs could be the proximate cause of the bubble bursting. It’s completely unreasonable to claim that they caused the bubble. 