Depression

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Depression

Period when excess aggregate supply overwhelms aggregate demand, resulting in falling prices, unemployment problems, and economic contraction.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

depression

see BUSINESS CYCLE.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Students need to understand how this economic downturn connects to their evaluation of whether or not the New Deal was solving the problems of the Great Depression. And, again, another critical element is missing--a discussion of the role of World War II in ending the Great Depression.
Using Temple's career in the 1930s as a vehicle, Kasson provides an analysis of the role and "circulation of a new emotional currency" during the Great Depression (3).
There is a moving photo included of a young child, with the caption: "This girl's parents were striking for better wages in California." Highly recommend this book to students looking to learn more about the Great Depression through examining primary documents, reading quotes, and trying out some activities people did during these times.--Ellen Frank.
The characters, many of whom are children, give voice to the harsh daily realities of the Great Depression that dig deeper than financial disaster, such as the brother and sister in "The Dog That Wasn't a Dog" who "woke up every morning and She was gone," and who fight for independence and self-sufficiency in the face of their childhood vulnerability.
More than eighty years after the start of the Great Depression, when politicians have called for similar programs to quell the current mortgage crisis, this accessible account of the HOLC holds invaluable lessons for our own time.
In their seminal work, Buchanan and Wagner argue that Keynesian economics eliminated the old-time fiscal religion that had existed prior to the Great Depression. The old time fiscal religion was represented by a correspondence between prudence in personal finance and public finance.
Few doubt, however, that Britain is on the verge of the worst economic crisis since the Great Depression and, as in the 1930s, Wales is likely to feel the full force of the downturn.
The good news is that Curtis, Ebel, and Greene all forward fascinating research and energetic sophistication in rethinking religion in the Great Depression. In a delightful discovery highlighting the fruits of broad research, Curtis explains how the depression often uplifted "Pentecostal theology and missionary practice," even if the uplift could not always be sustained.
The Great Depression was a global phenomenon and a watershed in all modern countries, and China was not an exception.
A third problem with the conventional Keynesian interpretation is that the balanced-budget approach during the Great Depression did actually work.
He had famously remarked to Milton Friedman on the occasion of his 90th birthday: "Regarding the Great Depression. You're right, we did it.
The Economics of the Great Depression: A Twenty-First Century Look Back at the Economics of the Interwar Years by Randal E.