scholarly journals Austerity and the new age of population health?

2017 ◽  
Vol 46 (1) ◽  
pp. 38-41 ◽  
Author(s):  
Mark A. Green
Keyword(s):  
Population Health ◽  
Great Recession ◽  
Negative Impact ◽  
New Age ◽  
The State ◽  
Economic Downturn ◽  
The Great Recession ◽  
Slowing Down ◽  
The Great Depression ◽  
Political Determinants

The Great Recession of 2007–2008 saw the largest period of economic downturn since the Second World War or the Great Depression of the 1930s. Recessions, however, tend not to have a significant impact on population health. Rather it is how society and governments respond to a recession that has a larger impact on their populations. The dominant political response to the Great Recession was the introduction of austerity programmes aimed at reducing the size of the state. In this Commentary, I briefly review the state of evidence on the changes in population health during austerity. Although the negative impact of austerity on overall population health has been well documented across Europe, there remains a paucity of evidence on within-country differences in health. The slowing down of improvements in life expectancy, correlated to the level of austerity, raises uncomfortable questions as to whether we are beginning to transition from the era of consistently improving population health to a new age characterised by an instability in population health largely dictated by the social and political determinants of health.

The Great Depression and the Great Recession in Interwar Greece and Today: A comparison

2015 ◽  
Vol 66 (2) ◽  
Author(s):  
Sophia Lazaretou
Keyword(s):  
Great Recession ◽  
Empirical Studies ◽  
Economic Downturn ◽  
The Great Recession ◽  
The Past ◽  
Greek Crisis ◽  
The Great Depression ◽  
Terra Incognita ◽  
Cross Country ◽  
Nominal Anchor

AbstractThe past Greek crisis experience is more or less terra incognita. In all historical empirical studies Greece is systematically neglected or included only sporadically in their cross-country samples. In the national literature too there is little on this topic. In this paper we use the 1930s crisis as a useful testing ground to compare the two crises episodes, ‘then’ and ‘now’; to detect differences and similarities and discuss the policy facts with the ultimate aim to draw some ‘policy lessons’ from history. To the best of our knowledge, this is the first attempt to study the Greek crisis experience across the two historical episodes. Comparisons with the interwar period show that the recent economic downturn was faster, larger and more severe than during the early 1930s. More importantly, analysing the determinants of the two crises, we conclude that Greece’s problems arose from its inability to credibly adhere to a nominal anchor.

scholarly journals Navigating the Turbulent Economic Waters of the 2007 Great Recession and the Crash of the Housing Market

10.28945/3947 ◽  
2018 ◽  
Vol 2 ◽  
pp. 001-019
Keyword(s):  
Housing Market ◽  
Great Depression ◽  
Great Recession ◽  
Economic Downturn ◽  
Home Equity ◽  
Economic Activities ◽  
The Great Recession ◽  
The Great Depression ◽  
Economic Production ◽  
The U.S

What triggered the crash of the U.S. housing market? This analysis looks at the economic and industry forces that led to an economic downturn that put as many as half of all U.S. residential builders out of business. Since the Great Depression, the U.S. housing market has significantly influenced economic production and employment levels. Direct and indirect investments in the housing industry, along with the induced economic activities such as real estate transactions and construction as well as other factors, accounted for an estimated 15-20% of GDP during boom years (CBPP, 2012). The burst of the $8 trillion housing bubble in 2007 and the subsequent collapse of the financial markets in 2008 created massive disarray in homebuilding (Bivens, 2011). As many as 50% of homebuilders closed their doors, either voluntarily or through bankruptcy filings (Quint, 2015). Concurrently, from 2006 through 2012, the Great Recession resulted in the loss of over $7 trillion of home equity (Gould Ellen, 2012). Over 24 percent of home mortgages went “underwater” with balances exceeding home values (Carter & Gottschalck, n.d.). For some homeowners, the unfortunate thought of losing their homes through foreclosure and incurring disruption to family life became a reality. The stress from threats of the loss of a home, unemployment, and depletion of savings exacted a great toll on many. Not since the Great Depression has the U.S. economy faced forces so devastating to the housing market and personal wealth.

scholarly journals Schooling During the Great Recession: Patterns of School Spending and Student Achievement Using Population Data

AERA Open ◽  
2019 ◽  
Vol 5 (3) ◽  
pp. 233285841987743 ◽  
Author(s):  
Kenneth Shores ◽  
Matthew P. Steinberg
Keyword(s):  
Student Achievement ◽  
Great Recession ◽  
English Language ◽  
Population Data ◽  
The United States ◽  
Economic Downturn ◽  
The Great Recession ◽  
The Great Depression ◽  
Education Data ◽  
Using Data

The Great Recession was the most severe economic downturn in the United States since the Great Depression. Using data from the Stanford Education Data Archive (SEDA), we describe the patterns of math and English language arts (ELA) achievement for students attending schools in communities differentially affected by recession-induced employment shocks. Employing a difference-in-differences strategy that leverages both cross-county variation in the economic shock of the recession and within-county, cross-cohort variation in school-age years of exposure to the recession, we find that declines in student math and ELA achievement were greater for cohorts of students attending school during the Great Recession in communities most adversely affected by recession-induced employment shocks, relative to cohorts of students that entered school after the recession had officially ended. Moreover, declines in student achievement were larger in school districts serving more economically disadvantaged and minority students. We conclude by discussing potential policy responses.

scholarly journals The Great Recession’s Effect on Entrepreneurship

2011 ◽  
pp. 1-4
Author(s):  
Scott Shane
Keyword(s):  
United States ◽  
Gross Domestic Product ◽  
Great Depression ◽  
Unemployment Rate ◽  
Great Recession ◽  
The United States ◽  
Domestic Product ◽  
Economic Downturn ◽  
The Great Recession ◽  
The Great Depression

Between December 2007 and June 2009, the United States suffered its biggest economic downturn since the Great Depression. Dubbed the Great Recession, this economic contraction saw gross domestic product decline 4 percent and the unemployment rate more than double from 4.9 percent to 10.1 percent.

Financial Crises and the Public Discourse on Financial Elites

2018 ◽  
Author(s):  
Youssef Cassis ◽  
Giuseppe Telesca
Keyword(s):  
Great Depression ◽  
Great Recession ◽  
Public Discourse ◽  
Codes Of Conduct ◽  
The Public ◽  
The Great Recession ◽  
The Great Depression ◽  
Early Twenty ◽  
Before And After ◽  
Late Twentieth

Why were elite bankers and financiers demoted from ‘masters’ to ‘servants’ of society after the Great Depression, a crisis to which they contributed only marginally? Why do they seem to have got away with the recent crisis, in spite of their palpable responsibilities in triggering the Great Recession? This chapter provides an analysis of the differences between the bankers of the Great Depression and their colleagues of the late twentieth/early twenty-first century—regarding their position within, and attitude towards the firm, work culture, mental models, and codes of conduct—complemented with a scrutiny of the public discourse on bankers and financiers before and after the two crises. The authors argue that the (relative) mildness of the Great Recession, compared to the Great Depression, has contributed to preserve elite bankers’ and financiers’ status, income, wealth, and influence. Yet, the long-term consequences of their loss of reputational capital are difficult to assess.

scholarly journals Unemployment and spell duration during the Great Recession in the EU

2015 ◽  
Vol 36 (2) ◽  
pp. 216-235 ◽  
Author(s):  
Carlos Gradín ◽  
Olga Cantó ◽  
Coral del Río
Keyword(s):  
Great Recession ◽  
Negative Impact ◽  
Labour Force ◽  
Future Research ◽  
Cross Sectional ◽  
Content Type ◽  
The Great Recession ◽  
Unemployment Spells ◽  
Practical Implications ◽  
The Eu

Purpose – The purpose of this paper is to analyze the different dynamic characteristics of unemployment in a selected group of European Union countries during the current Great Recession, which had unequal consequences on employment depending on the country considered. Design/methodology/approach – The paper follows Shorrocks’s proposal of a duration-sensitive measure of unemployment, and uses cross-sectional data reported by Eurostat coming from European Labour Force Surveys. Findings – The results add some evidence on the relevance of incorporating spells’ duration in measuring unemployment, finding remarkable differences in unemployment patterns in time among European countries. Research limitations/implications – In this paper unemployment is analyzed for all the labor force. Future research should investigate patterns across specific groups such as young people, women, immigrants or the low skilled. Practical implications – It is generally accepted that the negative impact of unemployment on individual welfare can be very different depending on its duration. However, conventional statistics on unemployment do not adequately capture to what extent the recession is not only increasing the incidence of unemployment but also its severity in terms of duration in time of ongoing unemployment spells. The paper shows an easy and practical way to do it in order to improve the understanding of the unemployment phenomenon, using information usually reported by statistical offices. Originality/value – First, the paper provides a tool for dynamic analysis of unemployment based on reported cross-sectional data. Second, the paper demonstrates the empirical relevance of considering spells’ duration when assessing differences in unemployment across countries or in unemployment trends. This is usually neglected or only partially addressed by most conventional measures of unemployment.

scholarly journals War 2008 das neue 1929? Richtige und falsche Vergleiche zwischen der Großen Depression der 1930er Jahre und der Großen Rezession von 2008

2012 ◽  
Vol 13 (Supplement) ◽  
pp. 36-57 ◽  
Author(s):  
Albrecht Ritschl
Keyword(s):  
Great Depression ◽  
Great Recession ◽  
Global Financial Crisis ◽  
The Political ◽  
Final Phase ◽  
Main Hypothesis ◽  
The Great Recession ◽  
The Great Depression ◽  
Political Response ◽  
Fast Spreading

AbstractThe Great Recession of 2008 hit the international economy harder than any other peacetime recession since the Great Contraction after 1929. Soon enough, analogies with the Great Depression were presented, and conclusions were drawn regarding the political response to the slump. This paper is an attempt to sort out real and false analogies and to present conclusions for policy. Its main hypothesis is that the Great Recession resembles the final phase of the Great Contraction between 1931 and 1933, characterized by a fast spreading global financial crisis and the breakdown of the international Gold Standard. The same is also true of the political responses to the banking problems occurring in both crises. The analogy seems less robust for the initial phase of the Great Depression after 1929. The monetary policy response to the Great Recession largely seems to be informed by the monetary interpretation of the Great Depression, but less so by the lessons from the interwar financial crises. As in the Great Depression, policy appears to be on a learning curve, moving away from a mostly monetary response toward mitigating counterpart risk and minimizing interbank contagion.

scholarly journals Social origins and the decision to leave university during the Great recession: the role of the field of study

2020 ◽  
Author(s):  
Loris Vergolini ◽  
Eleonora Vlach
Keyword(s):  
University Students ◽  
Economic Crisis ◽  
Great Recession ◽  
Social Inequalities ◽  
Drop Out ◽  
Economic Downturn ◽  
Long Term Effects ◽  
Field Of Study ◽  
The Great Recession ◽  
Drop Out Rate

The recent economic downturn has had profound influences on contemporary European societies. This paper analyzes how the Great Recession affected the drop-out rate among university students in Italy, and whether their chosen field of study moderated its effect. To examine the potential long-term effects of this economic downturn on social inequality, we also explore whether students from less-advantaged families who enrolled in prestigious fields were those pushed out from university in disproportionally high numbers. We investigate the interacting influence of the economic crisis, social inequalities and field of study on drop-out rate using data from the Istat “Survey on the educational and occupational paths of high school graduates” in two cohorts of university students (one who attended university prior to and one during the Great Recession). Results obtained from propensity score matching show that the economic crisis had a negative effect on university participation, which was however less strong for Medicine students. Students from lower socio-economic backgrounds in the most remunerative fields of study (those leading to liberal professions), tended to leave university more often than their well-off peers.

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