Quote:
Originally Posted by Banjo
What you are referring to would be known as a recession. It's not the same thing.
|
We all know that the great depression has central place in twentieth century economic history. In its shadow, all other depressions are insignificant. Whether assessed by the relative shortfall of production from trend, by the duration of slack production, or by the product-depth times duration-of these two measures, the Great Depression is an order of magnitude larger than other depressions, it is off the scale. All other depressions and recessions are from an aggregate perspective (although not from the perspective of those left unemployed or bankrupt) little more than ripples on the tide of ongoing economic growth. The Great Depression cast the survival of the economic system, and the political order, into serious doubt.
I know that somewhat the great depression have always falls on hards time which is a nightmare. I guess it started in the early 1920's or way before that time. It is helpful to group the explanations for why Depression-era unemployment was so high and lasted so long along two axes: there are two candidates to take the blame for the persistence of unemployment during the Depression: the government, and the market.
__________________
GarnetTigerMom
"The rain may be falling hard outside,
But your smile makes it all alright.
I'm so glad that you're my friend.
I know our friendship will never end."
-- Robert Alan