Recession is well understood, but depression has no single definition
As one nation after the other slips into recession, dark memories of the Great Depression of 1929 are coming back. One wonders whether this free-fall will only end in a ‘mother-of-all’ depression. But then, what is a depression? Someone said recession is when your neighbour loses his job and depression is when you lose yours. Plausible, but there are more serious descriptions for those willing to consider them.
All Fall Down
Investopedia defines depression as “a severe and prolonged recession characterised by inefficient economic productivity, high unemployment and falling price levels.”