RECESSION DEMYSTIFIED
The whole world is engulfed in a cacophony of recession. Every capitalist country is worried about it and every communist country too is. Emergency measures are being hurriedly explored. Newer packages are being doled out by the hour. Tax structures are being refurbished. India too is taking precautionary measures. Many people have tried to comprehend this quagmire from an economist’s perspective. Well known sociologists and economists are unanimous in their pronouncement that in précis, recession means greatly diminished purchasing power of the individual. Strangely, they are unable to convincingly define” the common man”, “recession’s effect on him” and “his purchasing power”. Even men of wisdom refrain from speaking about effects on the common man and digress the discussion towards sensex, export-import deficit, demand-supply anomaly, up-down inflation, growth rate etc., The real worldwide effect seen post recession is that petroleum products’ prices crashed to a fourth within a few...