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DURING RECESSION GREED
DIES FRUGALITY SURVIVES
By Siddharth
Distancing. An economic downturn is
a contraction of the business cycle as
a result of shrink in spending power
of people throughout the Country.
This would disrupt the value of the
Currency and citizens' Financial
status.
Even the renowned economists like
Bastiat Frederic and dr. Paul Anthony
encouraged Frugality in the course of
Economic decline, but owing to the
whimsical notions, we created what is
Quotedby the passionate called greed even in the desperate
Economist Richard K. circumstances in society. Downturn
Vedder in the opening verse of Economy is not the right time for
of his breathtaking book ‘Out buying a new car or a house other
of Work’ emphasizing the than to be cautious. It puts everyone
need for Frugality during the in jeopardy where one can barely get a
course of Recession. ...... job or high wages, high chances of
Pulling through an Economy losing jobs, high interest rates and
Slump is merely based on the even getting into unpayable debts.
uncertain social norm ‘only
rich can do it'. But a common
man being conservative could It is not unlike that the world has
contradict the phrase. Folks never gone through an economic
can sustain the Economy downfall till now. The 20th century
downturn by going through nations had encountered an
Frugal life. impetuous decline in Global GDP
rate by about –29% which culminated
in the situation as ‘the economic
Contemporarily, the entire world is depression’ which lasted for about 48
going through Covid-19 Pandemic months (1929 to 1935). The entire
which persuaded most nations to opt U.S stock market has collapsed which
for temporary Recession (or) Social increased unemployment all over the
word, Lockdown to advance Social country. Peak global unemployment
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