Abstract
Economists still take sides on the question: Is the U.S. economy in a depression? Some say "Yes"; some say "No"; others hedge. Answers to the question depend, in the first instance, on definitions. They also depend on the interpretation of current facts and trends. On one point all agree: the economy is no longer expanding. Some facts are plain enough: the volume of unemployment, idle machines, the increase in welfare payments, decline in profits.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.
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