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 ?
This is the first study to examine depression symptom trajectories in a sample of older youths from the foster care system, a population at risk for mental health problems and poor functional outcomes in general and proposed to be at special risk for reactive depression.
A jury returned an open verdict after his estranged wife, Alison told how he had been diagnosed with reactive depression and had taken 15 overdoses.
Reactive and endogenous depression: Reactive depression is caused by the person's response to external events while endogenous depression has no obvious external cause.
This reactive depression is a psychological response to stress that results from the new disability.
For people experiencing its endogenous form, recurrences often appear with minimal environmental nudges, while people with reactive depression slide back into melancholy in response to highly stressful events.
Glenn and Rosenthal (1985) report that a reactive depression is most common in the months or even years following head injury.

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