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The Confucian scholar-official system began during the
Automatic Stabilizers
Economic policies and programs, like unemployment benefits, that automatically adjust to stabilize an economy during fluctuations.
Recession
A significant decline in economic activity spread across the economy, lasting more than a few months, usually visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
Automatic Stabilizers
Economic mechanisms, such as progressive taxation and welfare, that automatically adjust to counteract economic fluctuations without the need for explicit government intervention.
Unemployment Compensation
A government program that provides financial assistance to individuals who have lost their jobs through no fault of their own.
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