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What is Understanding Business Cycles and Recessions about?

The document discusses business cycles and economic recessions and depressions. It provides definitions of recessions and depressions, comparing the current recession which began in 2007 to previous downturns like the Great Depression of the 1930s. The recession is characterized by declining GDP and rising unemployment from 2007-2009. While severe, the data suggests the current recession may not meet the definitions used to classify past events as depressions, like the 16% GDP decline and 65 month duration

Author

madhavithakur

Language

EN