The word “depression” has been popping up in the media very frequently in the context of the current economic downturn. But, there is no definition for a depression other than the old adage that, “A recession is when your neighbour loses his job. A depression is when you lose yours.”

Before the 1930s, it was common to refer to all economic downturns as depressions. The term “recession” came into use when politicians started to employ spin doctors to find less a threatening word that didn’t remind people of the unpleasantness of the 1930s.

Defining a Depression

In its December 30, 2008 issue The Economist reported on a comprehensive Internet search for the defining characteristics of a depression. What the editors came up with was that a depression is “a decline in real GDP that exceeds 10%, or one that lasts more than three years.”

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