depression
*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
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Title: A Masterpiece of Craftsmanship: My Edging Mug Review As a dedicated coffee enthusiast, I've had the pleasure of indulging in countless brews from various vessels, but none have captivated me quite like my edging mug. Crafted with precision and attention to detail, this mug has become an indispensable part of my morning routine. Allow me to share my experience and why this mug stands out among the rest. First and foremost, the design of the edging mug is simply stunning. Its sleek, minimalist aesthetic adds a touch of elegance to any kitchen counter. The smooth, curved edges not only provide a comfortable grip but also enhance the overall visual appeal. It's the kind of mug that prompts compliments from guests and sparks conversation. Beyond its aesthetics, the functionality of the edging mug is truly impressive. The handle, while minimalist in design, is ergonomically shaped, allowing for a secure and comfortable hold. Whether I'm savoring a piping hot espresso or leisurely sipping on a frothy latte, I never have to worry about my grip slipping or the mug feeling cumbersome. One of the standout features of the edging mug is its thermal properties. Constructed from high-quality ceramic, it effectively retains heat, keeping my beverages at the perfect temperature for extended periods. Gone are the days of rushing through my morning cup of coffee for fear of it growing cold. With the edging mug, I can savor each sip at my own pace, knowing that it will stay delightfully warm until the very last drop. Moreover, the craftsmanship of the edging mug is evident in every detail. From its flawless glaze to its sturdy construction, it's clear that this mug was made with care and precision. It's microwave and dishwasher safe, making it incredibly convenient for everyday use. Despite frequent washes and regular use, it has maintained its pristine appearance without any signs of wear or fading. In conclusion, my experience with the edging mug has been nothing short of exceptional. Not only does it elevate my daily coffee ritual with its exquisite design and impeccable craftsmanship, but it also delivers on functionality and durability. If you're in search of the perfect mug to enhance your coffee experience, look no further than the edging mug. It's a true masterpiece that deserves a place in every coffee lover's collection. Truly a masterpiece from the hands of god himself.
BEST MUG EVER I DONT KNOW WHAT I WOULD DO WITHOUT THIS OUTSTANDINGLY AMAZING MUG THAT MY FRIEND GOT ME AS A "SPECIAL" CHRISTMAS PRESENT IF YOU KNOW HWAT I MEAN
Great idea. Nice mug and well proportioned
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