Earlier this week, Fed chairman Ben Bernanke ominously declared that a “recession is possible.” The R-word is everywhere. Every time it is uttered, shudders of anxiety spread through the populace and a recession becomes a little more likely.
Economics is, at the most basic level, the study of mass human psychology in relation to resources. The whole mess that we are in has been brought on by emotional, sometimes irrational human reactions to events. Constant talk about a looming recession, especially to those who don’t understand what it is, only increases the likelihood of a recession. It is a self-fulfilling prophecy, a downward, self-perpetuating spiral of doomsaying.
So, should we ban all talk of recession? No, we should stop sensationalizing the subject to create fear or to increase viewership. Talk about recession should be done by those who know what they’re talking about and have no incentive to inflame the situation (this excludes most “journalists,” people selling books, and politicians).
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Marcus Varner is an expert on education and careers, having covered these topics since 2007 on ClassesandCareers.com. He enjoys reading, watching movies, writing, designing, and working on his sites, Content Gladiator.com and TopYoungAdultBooks.com. |
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The whole mess that we are in has been brought on by emotional, sometimes irrational human reactions to events.