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Beyond the Usual Economics

In: Consequences of Economic Downturn

Author

Listed:
  • Martha A. Starr

Abstract

The economic downturn of 2007–09 inflicted considerable economic hardship on the U.S. population.1 Following years of extraordinary increases in home prices in many metropolitan areas, housing prices started falling in 2006, and home construction ground to a halt. As mortgage delinquencies and defaults rose, the balance sheets of financial institutions deteriorated, with full-scale financial crisis erupting in fall 2008. This confluence of factors propelled the U.S. economy into the longest downturn since the Great Depression, with unemployment reaching double digits for the first time in 25 years (see Figure 1.1). Almost all socioeconomic indicators show evidence of painful deterioration. The ranks of the unemployed swelled by almost 8 million between December 2007 and October 2009, with an additional 4.6 million people shifting involuntarily into part-time jobs. Nationally, about 1 in every 135 homes was in foreclosure in the third quarter of 2009, with hard-hit states such as Arizona, California, Florida, and Nevada registering rates on the order of 1 per 52–4 homes. An additional 2.6 million persons fell below the poverty line between 2007 and 2008, while the number covered by private health insurance fell by 1 million.2

Suggested Citation

  • Martha A. Starr, 2011. "Beyond the Usual Economics," Perspectives from Social Economics, in: Martha A. Starr (ed.), Consequences of Economic Downturn, chapter 0, pages 1-21, Palgrave Macmillan.
    • Handle: RePEc:pal:pfschp:978-0-230-11835-5_1
    DOI: 10.1057/9780230118355_1
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    Citations

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    Cited by:

    1. Taş, Emcet O. & Reimão, Maira Emy & Orlando, Maria Beatriz, 2014. "Gender, Ethnicity, and Cumulative Disadvantage in Education Outcomes," World Development, Elsevier, vol. 64(C), pages 538-553.
    2. Martha Starr, 2012. "Contributions of Economists to the Housing-Price Bubble," Journal of Economic Issues, Taylor & Francis Journals, vol. 46(1), pages 143-172.
    3. Ebru Kongar & Mark Price, 2017. "Gender, Socioeconomic Status, and Time Use of Married and Cohabiting Parents during the Great Recession," Economics Working Paper Archive wp_888, Levy Economics Institute.
    4. Tas, Emcet O. & Reimao, Maira Emy & Orlando, Maria Beatriz, 2013. "Gender, ethnicity and cumulative disadvantage in education : evidence from Latin American and African censuses," Policy Research Working Paper Series 6734, The World Bank.
    5. Martha Starr, 2014. "Gender, added-worker effects, and the 2007–2009 recession: Looking within the household," Review of Economics of the Household, Springer, vol. 12(2), pages 209-235, June.
    6. Wilfred Dolfsma & Deborah Figart & Robert McMaster & Martha Starr, 2012. "Promoting Research on Intersections of Economics, Ethics, and Social Values: Editorial," Review of Social Economy, Taylor & Francis Journals, vol. 70(2), pages 155-163, June.
    7. Neil Reid & Michael C. Carroll & Xinyue Ye, 2013. "The Great Recession of 2007-2009," Economic Development Quarterly, , vol. 27(2), pages 87-89, May.
    8. Brigitte Young, 2013. "Gender, debt and the housing/financial crisis," Chapters, in: Deborah M. Figart & Tonia L. Warnecke (ed.), Handbook of Research on Gender and Economic Life, chapter 23, pages 378-390, Edward Elgar Publishing.

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