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Nigde Travel on So economists started to describe economic downturns as merely depressions, using a word that seemed to offer more solace to those experiencing it. After a while, this word too began to seem, well, too depressing, causing economic commentators to finally stop using these psychological terms with negative connotations, and adopt the pleasingly neutral term, RECESSION. This is what is now most widely used as the descriptive term for a contraction, although some economists go even further, and try to put a positive spin on negative growth, by using such terms as rolling readjustment or growth correction, explains economist John Kenneth GALBRAITH. Marxists, on the other hand, still use the term crisis to describe a contraction. Not having any desire to make capitalism look good, they continue to use this term as an apt description of a shrinking economy. As for expansions, there have not been so many terms, perhaps because no one has ever seen the need to soften the blow of what is essentially a positive economic event. Variously referred to as a boom or a recovery, depending on the speed of economic growth, this phase of the business cycle is trumpeted as the success of an economy, something to be celebrated, rather than hushed-up or neutralized as is done for a contraction. Nigde Travel 2016.

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