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 ?
In what real ways did the character of the Great Depression deepen the American penchant to create new religions and reshape old ones?
In the Great Depression, one of the big surprises was the devastating abruptness with which markets turned on the US.
Temin also makes the argument that it is tradition, not objective analysis, which has blamed bankers instead of politicians in previous research on the causes and prolongation of the Great Depression.
The country did not actually fully recover from the Great Depression until the mid-1950s, she said.
Huey Long, Father Coughlin & the Great Depression
Fed chair Ben Bernanke knows that the Fed helped cause the Great Depression.
He has a pretty strong conviction that inflation is a lot less of a danger than deflation and the greatest sin during the Great Depression was that the Fed didn't inflate soon enough.
In this social history of 1930s Australia, Potts ventures beyond the usual doom and gloom narrative of the Great Depression.
Personal savings--funds left over after expenses, excluding stocks, home equity, and other holdings that are less accessible than cash--are at lows not seen since the Great Depression," reported the November 1 Atlanta Journal-Constitution.
I Hid It Under The Sheets: Growing Up With Radio is Gerald Eskenazi's personal account and recollection of radio's broad impact on his generation and explains how and why it became such a major factor in shaping American and Americans during the years of the Great Depression, World War II, and the first decade of what was called the Cold War when the United States and the Soviet Union had the power to exterminate the human race in a nuclear holocaust.
Defending robber barons is just one of DiLorenzo's attacks on conventional wisdom, such as the belief that Franklin Delano Roosevelt's New Deal economic program brought the United States out of the Great Depression during the 1930s.
During the Great Depression many Poles moved from factory towns to agriculture.