search query: @freeterm DEPRESSION / total: 4
reference: 3 / 4
| Author: | Prescott, E. C. |
| Title: | Prosperity and depression |
| Journal: | American Economic Review
2002 : MAY, VOL. 92:2, p. 1-15 |
| Index terms: | EUROPE JAPAN USA |
| Freeterms: | DEPRESSION PROSPERITY |
| Language: | eng |
| Abstract: | Prosperity and depression are relative concepts. Today both France and Japan are depressed relative to the United States; equivalently, the United States is prosperous relative to these countries. The author says these countries are depressed relative to the United States because their output per working-age person is 30 per cent less than the U.S. level. An interesting question is: why are these countries depressed? This article is concerned primarily with big international differences among relatively rich industrial countries and changes in these differences over time. |
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