FEBRUARY 24, 2013
Broadly, a downturn in the economy where real (inflation adjusted) income shrinks. Depressions are commonly observed at the national level. Some major causes of depressions include misallocation of capital, increased uncertainty, and supply shocks.
Ben Powell - The Great Boom and Bust
Paul Cwik - Austrian Theory of the Business Cycle
Related Freeman Articles
Sorting it out.
AUGUST 11, 2010 by WILLIAM L. ANDERSON
All too often people confuse cause and effect.