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 classic literature ?
In both countries the salt-lakes occupy shallow depressions in the plains; in both the mud on the borders is black and fetid; beneath the crust of common salt, sulphate of soda or of magnesium occurs, imperfectly crystallized; and in both, the muddy sand is mixed with lentils of gypsum.
A man, I knew, can live through ages of mental depression in that time.
Have you forgotten what comes after the depression ?
Nothing in life seemed to him of much importance, and under the influence of the depression that possessed him he valued neither his liberty nor his resolution to punish his wife.
From exultation she had passed to the depths of depression which the imagination of her death aroused.
For a moment they scanned the little depression from behind sheltering bowlders, but when they had satisfied themselves that it was empty they advanced across it.
Was he in any way answerable for the depression of spirits to which she alluded?
An indescribable sense of depression and discomfort kept him waking through darkness and daylight alike.
It is not much of a gulch--a mere depression between two wooded ridges of inconsiderable height.
You will understand how he feels, in his present state of nervous depression, when I tell you that I should never have ventured on asking you to join him here, if your letter had not informed me that your visits to Dexter were at an end.
Happening to meet Shtcherbatsky, Kitty's cousin, in the railway train, Levin greatly astonished him by his depression.
Bar said, there was a certain point of mental strain beyond which no man could go; that the point varied with various textures of brain and peculiarities of constitution, as he had had occasion to notice in several of his learned brothers; but the point of endurance passed by a line's breadth, depression and dyspepsia ensued.

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