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After September 11, 2001, there was much talk that the United States was going to go into a depression. There was, in fact, a downturn in the economy that was considered by many to be a recession. A depression did not occur. Why is another depression like the Great Depression of the 1930s not likely to occur? What laws, or groups in our economy, are responsible for keeping us out of a depression?

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Sonal Bahl
Sonal BahlLv10
28 Sep 2019

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Related questions

After September 11, 2001, there was much talk that the United States was going to go into a depression. There was, in fact, a downturn in the economy that was considered by many to be a recession. A depression did not occur.

Why is another depression like the Great Depression of the 1930s not likely to occur?

What laws, or groups in our economy, are responsible for keeping us out of a depression?

My response " I agree that the government should only be involved when it is absolutely needed or when there is more on a state's plate than they can handle. The thing that I keep in mind is that the states that make up the United States are free states and that matters concerning the states such as economic growth belong to the state. There are times such as recently the Great Recession and even further back in history, the Great Depression placed more on the states than they could handle. As a result, the government should have, just as it did, step in and do what they can do. Although recovery from the Great Recession is slow going it is still happening. As far as the Great Depression if it had not been for the government then we may still be trying to get over that."

Instructors question "I (we?) am unclear on your claim, "There are times such as recently the Great Recession and even further back in history, the Great Depression placed more on the states than they could handle." Just what were "the states" supposed to do that you believe they did not do or were incapable of doing to prevent the Great Recession? Also Calvin, the reference notation you listed did not have matching citations. Where then would you place them? "

Please help me with the response to the instructor's question.

The 2001 recession in the United States began in March 2001 and lasted until November 2001. In contrast to the typical business cycle in the United States, the recovery following the 2001 recession is viewed as a "jobless recovery."

(a) Briefly define the terms recession and recovery. Finally, why was the 2001 recovery in the United States viewed as a "jobless" recovery? Supplement your discussion with the data on employment and payrolls during the 2001 Recession and accompanying recovery.

(b) A number of economists have suggested that the nature of the business cycle in the United States may be changing. That is, "jobless recoveries" are not going to be unusual anymore -- the nature of the business cycle in the modern, technology-driven economy is different now than other times.

Using a rigorous model of production and labor market behavior, formally demonstrate how productivity could lead to a recovery that occurs without an increase in employment. In fact, it may also be associated with higher unemployment rates. Use detailed graphical analysis.

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