Recession, Depression – what’s the diff?

21 03 2009

Krugman has done some calculations, and as any good economist has put those into a handy graph.  The graph represents the change in industrial production, measured in logs (multiply by 100 to get the percent change), from the previous peak in 1929-30 and 2007-9.

Change in industrial production from peaks

Change in industrial production from peaks

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