A recession is a period of negative economic growth characterised by rising unemployment. In the short term, recessions can have various costs:* Loss of income
* Firms going bankrupt.
* Psychological and health problems of the unemployed
* Higher government borrowing (lower tax receipts and higher benefit spending)
But, what about the long term effects of recession?
* Is there just a sweeping away of inefficient firms enabling a rebounding of economic growth and higher productivity? - or
* Is there a permanent loss of output and a persistent loss of economic welfare, even when the recession is officially over?...
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