Great Depression Vs. The Recession Essay

Great Depression Vs. The Recession Essay-53
So how can we tell the difference between a recession and a depression?A good rule of thumb for determining the difference between a recession and a depression is to look at the changes in GNP.

So how can we tell the difference between a recession and a depression?

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The difference between the two terms is not very well understood for one simple reason: There is not a universally agreed upon definition.

If you ask 100 different economists to define the terms recession and depression, you would get at least 100 different answers.

That said, the following discussion summarizes both terms and explains the differences between them in a way that almost all economists could agree with.

This definition is unpopular with most economists for two main reasons.

They wanted more, not less, from Washington in the way of services and protection from the private market.

Incredibly, despite their much deeper recession, Americans were more optimistic than we are today. Between the Great Depression and the Great Recession, the United States underwent dramatic technological changes.The term recession was developed in this period to differentiate periods like the 1930s from smaller economic declines that occurred in 19.This leads to the simple definition of a depression as a recession that lasts longer and has a larger decline in business activity.The Business Cycle Dating Committee at the National Bureau of Economic Research (NBER) provides a better way to find out if there is a recession is taking place.This committee determines the amount of business activity in the economy by looking at things like employment, industrial production, real income and wholesale-retail sales.By this definition, the average recession lasts about a year.Before the Great Depression of the 1930s, any downturn in economic activity was referred to as a depression.Countries such as Finland and Indonesia have suffered depressions in recent memory using this definition. They're unhappy with their economic prospects, convinced the country is headed in the wrong direction, upset with the federal government, and equally annoyed at Congress. After the worst economic downturn since the Depression, who wouldn't be this gloomy? According to a trove of early Gallup surveys compiled by the Roper Center, Americans in the 1930s were not nearly as down on government as we are today.By this yardstick, the last depression in the United States was from May 1937 to June 1938, where real GDP declined by 18.2 percent.If we use this method then the Great Depression of the 1930s can be seen as two separate events: an incredibly severe depression lasting from August 1929 to March 1933 where real GDP declined by almost 33 percent, a period of recovery, then another less severe depression of 1937-38.

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