Mises Daily
Author:
Clifford F. Thies
Online Publish Date:
Recession is the falling-down part. Depression is staying down. Normally, the recuperative powers of a market-oriented economy are sufficient that the falling-down part is immediately followed by a rising-back-up part. But, that’s not happening now, and that didn’t happen during the 1930s. Richard A. Posner, writing in the New Republic , says that