depression Mug
*noun*; prolonged economic crisis characterized by drastic (i.e., >20%) decline in output, reduction in employment, and deflation. Other technical conditions include a liquidity trap and "permanent" (i.e., persisting in many sectors for several quarters) failure to reach equilibrium. Usually the word "depression" (when referring to economics) is used to refer to the Great Depression, although in fact there were eight incidents of a global depression between 1815 and 1922. These were --- 1815-21 --- 1832-33 --- 1837-44 --- 1854-57 --- 1867-68 --- 1876-79 --- 1893-96 --- 1920-22 In addition, there have been many localized depressions, panics (e.g., the 1907 Panic {USA}, followed by the Mexican Depression of 1908), and recessions. DIFFERENCE BETWEEN RECESSION & DEPRESSION The technical distinction between a recession and depression can vary, although economists usually agree on which is which. In Keynesian economics, a depression is defined by the existence of a flat liquidity-money (LM) curve (which means that interest rates have no influence on people's determination to hold their wealth as cash); and/or a nearly vertical investment-savings (IS) curve (which means interest rates have no influence on the willingness of entrepreneurs to expand/continue operations). In contrast, a recession is a much less drastic event. Interest rates still have influence on investment and liquidity, and there is no deflation. Conventional fiscal policy and monetary policy, combined and in moderate doses, can restore full employment. Neoclassical economics/New Classical economics defines a recession as a shift in people's income/leisure preferences as the result of a technology shock. The technology shock sharply reduces the returns to labor, so workers are paid less and many withdraw their labor from the market. In a depression, the technology shocks are compounded and cause a permanent change in the production function; large numbers of enterprise are no longer viable. More generally, a recession involves the downward phase of a routine business cycle; these typically occur every three-seven years. A depression represents a partial collapse of the industrial system, and a comprehensive collapse of the financial system.
The Urban Dictionary Mug
Customer Reviews
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War. War Never Changes. War, war never changes. In the year 1945, my great-great grandfather, serving in the army, wondered when he get to go home to his wife and the son he never see. He got his wish, when the U.S. ended WWII by dropping an atomic cloud on Hiroshima and Nagasaki. The world awaited Armageddon, instead, something miraculous happened. We began to use atomic energy as a nearly limitless source of power. People enjoyed luxury once thought in the realm of science fiction. Domestic robots, fusion powered cars, portable computers. Then, in the 21st century, people awoke from the American dream. Years of consumption led to the shortages of every major resource. The entire world unraveled. Peace became a distant memory. It is now the year 2077, and we stand on the brink of total war, and I am afraid, for myself, for my wife, for my infant son, because if my time in the army taught me one thing; is that war, war never changes.
Excellent satire - didn't see comments to that end, so find it hard to fathom if most readers, in turn, didn't laugh out loud, and say so. But apparently not.
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