Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2023 International Conference on Management Research and Economic Development
Series Vol. 23 , 13 September 2023
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Access | Article
An Analysis of the Economic Scars of the Great Recession in the United States Through the Lens of Confidence
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Abstract
The Great Recession, which started in 2007, was considered one of the severest economic downturns that ever transpired, causing massive unemployment and panic. Intriguingly, economic growth remained significantly lower than the pre-recession level in the US. This article intends to research the relationship between confidence and US economic growth. Through this study, the author intends to use the qualitative research method to analyze existing data and explore the factors that deteriorated the confidence of the Americans and how these factors continued to influence the economic growth of America in the phase of recovery. The result is, in short, the collapse of the financial market, soaring unemployment, and the accumulation of debts, which spread anxiety in the US economy, made individuals lose their confidence over a long period, and caused a sluggish economic recovery years after the end of this recession.
Keywords
the Great Recession, confidence, banking, unemployment, Ricardo Equivalence
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 2023 International Conference on Management Research and Economic Development
- ISBN (Print)
- 978-1-915371-89-8
- ISBN (Online)
- 978-1-915371-90-4
- Published Date
- 13 September 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/23/20230345
- Copyright
- 13 September 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited