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Essay / Research Paper Abstract
This 3 page paper looks at the present recession. Recession is discussed in general. Economic theories are included. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: RT13_SA852rec.rtf
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Unformatted sample text from the term paper:
is as follows: " The standard newspaper definition of a recession is a decline in the Gross Domestic Product (GDP) for two or more consecutive quarters" (Moffatt, 2009). While that
appears succinct, the dictionary definition is not one that economists usually support (Moffatt, 2009). In fact there is much argument in regard to just what a recession is, and there
is no consensus on what causes it either. Keynesians believe that government can intervene and help avoid recession, while other types of economists believe that recessions are inevitable. Milton
Friedman for example claimed that the national economy grows at what he called a "natural rate" and that no matter what government did, it had no influence (Crawford, 1995).
Friedman based his ideas on the law of supply and demand where the supply of money was the determining factor (Crawford, 1995). If the money supply would lag behind the
long-run rate of growth, the result would be a recession (Crawford, 1995). At the other end, if it were to expand quickly, inflation would occur (Crawford, 1995).
Today, many claim that a recession is in progress. The Fed has been tweaking the economy by lowering interest rates, which seems to help to an extent. Many look at
the Great Depression and see it as a model for what is happening now. Will the nation reach that place again? Even if the recession is short-lived, it pays to
look at the Great Depression because the current situation mimics that. What caused the Great Depression, and might that be a cause of the present one? The jury is still
out on the cause of the 1929 depression and there are many theories. Some say that monetary policy created the fiasco (Garrison, 2003). They also claim that it was a
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