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News: USA showered by a watery comet ~11,000 years ago, ending the Golden Age of man in America
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How A Modern Depression Might Look

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Christina
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« on: March 30, 2009, 02:03:29 am »

How A Modern Depression Might Look



In the wake of the biggest financial shock since 1929, economists say the odds of a depression are less than 50-50 -- though still uncomfortably high. But even if a depression comes to pass, a 21st-century version would look very different from the one 80 years ago.

There is no consensus definition for "depression." Harvard University economist Robert Barro defines it as a decline in per-person economic output or consumption of more than 10%, and puts the odds of a depression at about 20%. Many economic historians say the line between recession and depression is crossed when unemployment rises above ...

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