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Term Definition

Decrease in the cost of living and the value of assets (see CPI above)


Starts when you lose your job. There is no universally accepted definition of this term, but generally, a depression is a very severe, prolonged economic downturn brought on by the collapse of the banking/credit system, accompanied by decreased asset values (see “Deflation”). For a really good discussion of the difference between a depression and a recession (and detailed definitions of both terms) see Difference between recession and depression article in Economist.com. Depression is also a clinical diagnosis made by psychiatrists and psychologists, which is on the rise as a result of the economic recession (or depression) and is providing a stimulus to the pharmaceutical industry.

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