Posted On: 07/23/2016 11:01:06 AM
Post# of 51857
In economics, the words recession and depression are used to refer to economic downturns. One could say that while a recession refers to the economy "falling down," a depression is a matter of "not being able to get up."
Depression
Definition No official definition.
A severe recession with a 10% decline in GDP is usually called a depression.
Frequency Infrequent (approximately once in a generation). 3 notable depressions - Great Depression in 1930s, Long Depression from 1870s-1890s, panic of 1837.
Recession: An economic contraction when GDP declines for two consecutive quarters is usually called a recession.
Frequency Infrequent (approximately once in a generation). 3 notable depressions - Great Depression in 1930s, Long Depression from 1870s-1890s, panic of 1837. Frequent. The National Bureau of Economic Research has identified 10 recessions.
(See list of recessions in the United States.)
Depression
Definition No official definition.
A severe recession with a 10% decline in GDP is usually called a depression.
Frequency Infrequent (approximately once in a generation). 3 notable depressions - Great Depression in 1930s, Long Depression from 1870s-1890s, panic of 1837.
Recession: An economic contraction when GDP declines for two consecutive quarters is usually called a recession.
Frequency Infrequent (approximately once in a generation). 3 notable depressions - Great Depression in 1930s, Long Depression from 1870s-1890s, panic of 1837. Frequent. The National Bureau of Economic Research has identified 10 recessions.
(See list of recessions in the United States.)
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