There’s nothing different between the two.  Economic realities have changed over the years due to sensitivities.  First it was a panic.   Then the panic was so severe they came up with a new name to describe it.  Depression sounded too scary, so they started using another name.  All three words describe the same thing.  Every single time the credit is expanded, a drop will follow.  If the expansion is severe, the drop will be severe.

The law is inescapable.  There’s nothing they can do about this.  They can try various schemes, but anything they try will make the bust worse.  The welfare of the people can only be improved if obstacles are not placed in the way.  Welfare can only increase by increasing production.  It’s impossible that it’ll increase by taking away from production.  It’s difficult to imagine people believe this until you think about the lifelong propaganda. 

According to the Keynesian paradigm, central banks can prevent the bust.  They think they can either print money to spur the economy, or raise taxes to sop up purchasing power.  This will be masked in equations and graphs, but that’s the gist.  This nonsense makes it appear there can be inflation or bust, but not at the same time.  However, printing money sops up purchasing power.  We should stop listening to Keynesians.

What is called “investment” is actually squandering of capital.  This is not at all the same as private investment.  A term like this will be used to make it sound nice.  Keynesians think this will spur the economy.  This just creates malinvestment that must be liquidated during the bust.  Anytime Keynesians call for “investment,” they’re calling for the bust to be worse.  They can’t get around the truth.

Various terms are used, but that doesn’t make the bust any easier.  The Keynesians might say the economy is moving sideways.  When people catch on to the truth, they’ll use another name.  Panic, recession, and depression are the same.  What they come up with next is the same.  They’re all cover for the liquidation of bad investments.  Be prepared to see through the nonsense thrown at you, and point out the emperor has no clothes.

References

Ludwig von Mises; Planning for Freedom

Murray Rothbard; Man, Economy, and State