The recession – How it is good for the world?
I might be whacked down by scores of people if they know I have written this article. But, as I watch the events unfold over the last few years due to the economic downturn, rather than looking at the bad things of the event, I am forced to look at how it has benefited people in general. Now, this at no time means any condescending feelings towards people, but as you read this, you will find the recession has done its bit in modeling a good society as such.
1. Layoffs – Agreed people have been laid off, but there is a light at the end of the tunnel here. Most of you would agree that getting paid for doing precious little for the company would never be professionally rewarding. Even if you were laid off for reasons uncontrollable by you, this forms the best platform for you to start something on your own.
2. Entrepreneurial decisions – Recession bought out the best and the creative minds using their resources effectively. Last week itself, I had heard of how a group of laid off software engineers in Florida had started a mobile vegetable market.
3. Services at the right cost – With little to no money available, people started respecting the availability of money. Suddenly, you could find the most spendthrift people talking of saving money. This could thus be the ideal platform for a lot of people who never saved a single dime all their life.
4. No unnecessary purchases – With savings at a premium, visits to shopping malls have become less frequent, with instances of window shopping seen on the rise. Individually, this has worked well for a lot of people who earlier, used to spend thousands of bucks shopping.
5. UK Recession for example brought to fore the fact that some kind of government support is essential for any financial firm to stand firmly.
6. Inflation brought with it the fact that people started looking to buy cheaper goods. Expensive items were discarded and over a period of time, you could find business owners either reducing the prices of the products or looking for cheaper alternatives.
Whether the economic stimulus packages announced by governments has been able to bring about deflation is yet to be proven, but the fact that the recession has opened people’s eyes to a lot of money-saving and productivity enhancing measures means the recession has generally been beneficial.
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