Published February 11, 2016
American Governance
In common usage a recession is a moderate decline, and a depression a severe and lengthy decline, in total economic activity. There is no simple or commonly accepted definition of the difference, however, and both the causes and appropriate cures of recessions and depressions remain hotly disputed.
Click here (PDF) to access the rest of EPPC Lehrman Fellow in Economics John Mueller’s article “Recession and Depression” from American Governance (2016).
