Berkeley CSUA MOTD:Entry 22585
Berkeley CSUA MOTD
2019/04/22 [General] UID:1000 Activity:popular

2001/9/22 [Finance, Politics] UID:22585 Activity:low
9/21    What is the formal definition of a recession and depression?
        >dict depression
       2: a long-term economic state characterized by unemployment and
          low prices and low levels of trade and investment
        >dict recession
       n 1: the state of the economy declines; a widespread decline in
            the GDP and employment and trade lasting from six months
            to a year
        >conclusion: depression = long term, recession = short term
        \_ A recession, at one time, was just that--a shrinking economy
           (not just decreasing economic growth) which often went hand
           in hand with a panic.  Herbert Hoover coined the term "depression"
           to try and reassure people during the prolonged effects of the 1929
           crash (it's just a little depression is all, or something to that
           nature)--it was probably taken ironically, and worked its way
           into common usage.  -John
2019/04/22 [General] UID:1000 Activity:popular

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