Psychology of Recession
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That’s a bit of a pretentious heading – as if I’m qualified to comment on either psychology or economics…
However, as an amateur observer of the human condition, it does strike me that a significant component to our current economic quagmire is largely in our head. It seems that while we have transitioned over the years from an agricultural economy to a manufacturing economy to a service economy to an information economy – what we really are is an economy of confidence. When we lose that intangible, psychological element of our collective selves, we perceive ourselves to be in huge economic trouble. And, because we are an information-based economy, we have an amazing ability to measure, calculate, survey, report, broadcast and share our lack of confidence with the world.
Bottom Line: It probably isn’t as bad as it seems.
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3 Comments
April 28th, 2010 at 8:02 am
Our home business was really affected by the Economic recession, we have to cut jobs just to cover up our losses. fortunately, we have already recovered. :
July 16th, 2011 at 4:37 am
You’re right; we shouldn’t automatically and blindly trust the authorities to evaluate the state of the economy. I think there is always a tendency for it to be portrayed in terms of isolated events, and the bigger picture is often ignored. This only succeeds in creating unnecessary panic or complacency; there is never a middle ground if this approach is taken. Personally, I will only start to take the views of the authorities seriously if they adopt a more long term strategy to analyse the economy.
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