I worked in a retail lumber yard in the mid-1970s and learned to be very patient with crochety old pharts who complained that "a 2x4 used to be a full 2"x4" dagnabbit..." Am now a somewhat crochety old phart myself, and was surprised to find that 1.5" x 2.5" actual (2"x3" nominal) is considered adequate for some studs. Source: https://www.homedepot.com/p/2-in-x-3-in-x-96-in-Select-White...
Am pleased to see that effective hacking has a long history:
> Dimension was fitted into place by the carpenter, more often than not with his hatchet.