A crash is a crash, after all, not a landing. But the key to a landing is that it is required to ensure sustainability of an expansion. A soft landing is the preferred course to ensuring a healthy, sustainable expansion, if it can be executed. A reverse soft landing is the second-best option.
Otherwise, a hard landing may be unavoidable, despite the best efforts of policymakers. The upside of a hard landing is that it contributes to reversing imbalances and, afterwards, allows policymakers to aim once again at achieving a healthy, sustainable expansion, ultimately combining full employment, maximum sustainable growth, and price stability. It is useful to distinguish two broad classes of hard landings.