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A severe (GDP down by 10%) or prolonged (three or four years) recession is referred to as an economic depression, although some argue that their causes and cures can be different. [22] As an informal shorthand, economists sometimes refer to different recession shapes, such as V-shaped, U-shaped, L-shaped and W-shaped recessions. [23]
A recession is briefly defined as a period of declining economic activity spread across the economy (according to NBER). Under the first definition, each depression will always coincide with a recession, since the difference between a depression and a recession is the severity of the fall in economic activity.
The Depression of 1920–1921 was a sharp deflationary recession in the United States, United Kingdom and other countries, beginning 14 months after the end of World War I. It lasted from January 1920 to July 1921. [1] The extent of the deflation was not only large, but large relative to the accompanying decline in real product.
The recession caused by the coronavirus is an example of a shock to the economic system. Recession vs. Depression There is no true economic marker that differentiates a recession from a depression.
Recession Period. Start. End. Total Time Elapsed. The Great Depression–Late ’20s and Early ’30s. August 1929. March 1933. 3 years, 7 months. The Great Recession–aka The 2008 Financial Crisis
Economists first named a period of time the Great Depression in 1893. In 1933 they changed their minds. Throughout modern economic history, the business cycle has experienced an abnormally severe ...
ISBN. 978-0393337808. The Return of Depression Economics and the Crisis of 2008 is a non-fiction book by American economist and Nobel Prize winner Paul Krugman, written in response to growing socio-political discourse on the return of economic conditions similar to The Great Depression. [1] The book was first published in 1999 and later updated ...
The recession of 1937–1938 was an economic downturn that occurred during the Great Depression in the United States . By the spring of 1937, production, profits, and wages had regained their early 1929 levels. Unemployment remained high, but it was substantially lower than the 25% rate seen in 1933. The American economy took a sharp downturn ...