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Wednesday, April 21, 2010
List and comparison of recessions
I know it's not "scholarly" but this is a blog and I'm in charge so I get to make the rules (we all should have learned how much I enjoy power in the monopoly game.) This wikipedia entry provides a list and a basic summary of each recession including duration and severity. I find it very interesting and informative to be able to see all of the recessions lined up. I hadn't understood how severe the current recession was until I saw this article. The other interesting thing about this article is that it claims the recession "ended" in July 2009. I doubt that that date will hold up through hindsight, however, it is interesting to think that we are past the worst of it and the current problems are problems of recovery, and not recession. Are you as surprised as me at some of these numbers?
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The monopoly game was a great insight into how people crave power and neglect rules that do not apply to them...I'm glad you carried the spirit over to the blog for this week.
ReplyDeleteThis is actually a very interesting wiki. I was surprised at how large our unemployment is compared to previous recession years; however, I was not very surprised by the duration. "This time is different" defined recessions as generally lasting approx. a year with the exception of cases in which deep restructuring was necessary. Therefore, I am not surprised that this is no longer considered a recession, because restructuring, bailouts, etc. have already begun to take place.
This is a pretty interesting timeline It is pretty crazy to see how long some of the depressions lasted in the 1800's some as long as 6 years. It was also interesting to look at the unemployment rates for these recessions and depressions comparing the 35% unemployment rate of the great depression to recent financial crisis really puts the magnitude of the great depression in perspective.
ReplyDeleteThis timeline shows just how bad the Great Depression really was. This is something that should always be in the back of the decision makers minds that they never want to have a Great Depression or even another financial crises like this one again. It does horrible things to the economy and the morale of the entire country.
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