What is a Recession
Lou Proyect posted posted an AP story to my pen-l list today about Depressions, which had this discussion of the origin of the term recession. I had not heard this before: Any comments?
Associated Press. 2009. “The D-Word: Will Recession Become Something Worse?” (2 March).
“Before the 1930s, any serious economic downturn was called a depression. The term “recession” didn’t come into common use until “depression” became burdened by memories of the 1930s, said Robert McElvaine, a history professor at Millsaps College in
Jackson, Miss. “When the economy collapsed again in 1937, they didn’t want to call that a new depression, and that’s when recession was first used,” he said.”