Austerity and Great Depression

Shortcuts: Differences, Similarities, Jaccard Similarity Coefficient, References.

Difference between Austerity and Great Depression

Austerity vs. Great Depression

Austerity is a political-economic term referring to policies that aim to reduce government budget deficits through spending cuts, tax increases, or a combination of both. The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States.

Deficit spending

Deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit; the opposite of budget surplus.

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Financial crisis of 2007–2008

The financial crisis of 2007–2008, also known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s.

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Great Recession

The Great Recession was a period of general economic decline observed in world markets during the late 2000s and early 2010s.

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J. Bradford DeLong

James Bradford "Brad" DeLong (born June 24, 1960) is an economic historian who is professor of Economics at the University of California, Berkeley.

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John Maynard Keynes

John Maynard Keynes, 1st Baron Keynes (5 June 1883 – 21 April 1946), was a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.

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Keynesian economics

Keynesian economics (sometimes called Keynesianism) are the various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand (total demand in the economy).

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Lawrence Summers

Lawrence Henry Summers (born November 30, 1954) is an American economist, former Vice President of Development Economics and Chief Economist of the World Bank (1991–93),, Data & Research office, The World Bank, retrieved March 31, 2017, World Bank Live, The World Bank, retrieved March 31, 2017 Harvard Kennedy School, Harvard University, retrieved March 31, 2017 senior U.S. Treasury Department official throughout President Clinton's administration (ultimately Treasury Secretary, 1999–2001), U.S. Treasury Department, Last Updated: 11/20/2010, retrieved March 31, 2017 and former director of the National Economic Council for President Obama (2009–2010).

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Neoliberalism

Neoliberalism or neo-liberalism refers primarily to the 20th-century resurgence of 19th-century ideas associated with laissez-faire economic liberalism.

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Paul Krugman

Paul Robin Krugman (born February 28, 1953) is an American economist who is currently Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for The New York Times.

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The New York Times

The New York Times (sometimes abbreviated as The NYT or The Times) is an American newspaper based in New York City with worldwide influence and readership.

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