Depression

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Depression

Period when excess aggregate supply overwhelms aggregate demand, resulting in falling prices, unemployment problems, and economic contraction.

Depression

A particularly long and/or deep recession. While there is no technical definition of a depression, conventionally it is defined as a period featuring severe declines in productivity and investment and particularly high unemployment. During the Great Depression, for example, GDP in the United States dropped 12% between 1929 and 1930 and a further 16% the following year. Likewise, unemployment rose to more than 25% nationwide and higher in some places.

Depression.

A depression is a severe and prolonged downturn in the economy. Prices fall, reducing purchasing power. There tends to be high unemployment, lower productivity, shrinking wages, and general economic pessimism.

Since the Great Depression following the stock market crash of 1929, the governments and central banks of industrialized countries have carefully monitored their economies. They adjust their economic policies to try to prevent another financial crisis of this magnitude.

depression

see BUSINESS CYCLE.

depression

a phase of the BUSINESS CYCLE characterized by a severe decline (slump) in the level of economic activity (ACTUAL GROSS NATIONAL PRODUCT). Real output and INVESTMENT are at very low levels and there is a high rate of UNEMPLOYMENT. A depression is caused mainly by a fall in AGGREGATE DEMAND and can be reversed provided that the authorities evoke expansionary FISCAL POLICY and MONETARY POLICY. See DEFLATIONARY GAP, DEMAND MANAGEMENT.
References in periodicals archive ?
The term depression is often used to describe the temporary sadness, loneliness or "blues" that almost everyone feels from time to time.
Although depression has long been a diagnosis made for adults, it has become increasingly prevalent in the youth of today.
These findings could mean that there are endogenous depressions that, once started, just keep perking along without significant environmental stress," holds Myrna M.
Through research in animals and humans, we will learn even more about mental disorders such as depression, manic-depressive illness, schizophrenia, panic disorder, and obsessive-compulsive disorder.
The research presented was conducted at the Depression Clinical and Research Program at Massachusetts General Hospital and Harvard Medical School.
That same combination is sometimes used in unipolar depressions that do not respond to antidepressant medications alone.
Kripke of the University of California, San Diego, bright light benefited 25 male veterans hospitalized for severe, nonseasonal depression.
Furthermore, the data showed olanzapine combined with fluoxetine (olanzapine/fluoxetine combination or OFC) demonstrated a rapid, robust antidepressant effect and further improvement in the symptoms of bipolar depression.
Talking with a trained therapist can also be effective in treating certain depressions, particularly those that are less severe.
For eight years, psychiatrists have studied small groups of people suffering from depressions that recur in either winter or summer.

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