Search results
Results from the WOW.Com Content Network
The term was reportedly coined by Claudia Goldin and Robert Margo [1] in a 1992 paper, [2] and is a takeoff on the Great Depression, an event during which the Great Compression started. Share of pre-tax household income received by the top 1%, top 0.1%, and top 0.01%, between 1917 and 2005 [3] [4]
Comparisons between the Great Recession and the Great Depression explores the experiences in the United States and the United Kingdom.. On April 17, 2009, head of the IMF Dominique Strauss-Kahn said that there was a chance that certain countries may not implement the proper policies to avoid feedback mechanisms that could eventually turn the recession into a depression.
In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP had fallen 5.1% by the second quarter of 2009) and the unemployment rate reached 24.9% (the highest since was the 10.8% rate reached during the 1981–1982 recession).
The Great Depression: An Inquiry into the Causes, Course, and Consequences of the Worldwide Depression of the Nineteen-Thirties, as Seen by Contemporaries and in Light of History (1986) Garraty, John A. Unemployment in History (1978) Garside, William R. Capitalism in Crisis: International Responses to the Great Depression (1993) Haberler ...
The term "The Great Depression" is most frequently attributed to British economist Lionel Robbins, whose 1934 book The Great Depression is credited with formalizing the phrase, [230] though Hoover is widely credited with popularizing the term, [230] [231] informally referring to the downturn as a depression, with such uses as "Economic ...
This shift in thinking was shaped by the Great Depression and manifested in policies designed to counter the volatility of free markets. [11] One motivation for the development of policies designed to mitigate the volatility of capitalist free markets was a desire to avoid repeating the economic failures of the early 1930s, which have been ...
Keynesian economics developed during and after the Great Depression from the ideas presented by Keynes in his 1936 book, The General Theory of Employment, Interest and Money. [5] Keynes' approach was a stark contrast to the aggregate supply -focused classical economics that preceded his book.
A 2004 econometric study by Harold L. Cole and Lee E. Ohanian concluded that the "New Deal labor and industrial policies did not lift the economy out of the Depression as President Roosevelt and his economic planners had hoped", but that the "New Deal policies are an important contributing factor to the persistence of the Great Depression".