In a broader prospect, a nation’s economy is dependent upon the production and consumption of goods and services in that particular country. Thus, both the production and consumption are interlinked to each other, and they affect the economy of a country on the whole. When an economic recession sets in, it creates a disturbance in the proper balance between production and consumption.
Several economists have tried to explain and define economic recession based on their theories. One thing that is common in the all the definitions is the ‘decline’ – decline in GDP, employment, investment, and stock market, which leads to the breakdown of the economy. An economic recession is usually involved with falling prices (deflation), or otherwise rise in prices (inflation). This leads to an economy collapse.
Attributes of an economic recession:
An economic recession has several attributes which can concurrently occur. These include sharp decline in the employments, investments, and business profits.
A severe downfall in the GDP of a country, accounting to upto 10%, is referred to as an economic recession.
Predictors of an economic recession:
There are no exact and perfect predictors of an economic recession. However the economists have counted on the possible predictors to foretell the onset of an economic recession and warn investors, businessmen and common man regarding it. Here are some of the indicators:
In United States, an economic recession has often been proceeded by a considerable setback in the stock market. However, about 50% of cases demonstrated a decline in the stock market only after the recession had completely set in. Economists have come up with different types of models to predict and tell the effects of recession. However, none of the models are accurate. The best and possible predictors of recession are the effects it has on day today life – decline in stock market, price rise of gas, unemployment, layoffs, etc.
You might wonder is there a connection between economic recession and adult education. The answer is yes, they are related in several ways. Getting advanced education at times require a hefty amount, due to which many people tend to postpone in at times of recession. People, thus miss out on attending graduate schools due to the tough financial burden.
On the other hand, there is a section of people who often rethink their career options during the times of recession and get enrolled for adult education. This is mainly because of the increased rat of unemployment and layoffs during economic recession. It drives people to get additional degrees and training so as to broaden their career options, to grab the few opportunities available.
Another reason for this is the increased competition in the job market. This demands extra qualifications to be able to get the job. Thus, during economic recession, more people opt for pursuing adult education to be able to get better opportunities.
Different opportunities for adult education:
Fortunately, today there are several easy to receive adult education. It is not just related to formal classes and training offered in institutes. Distance educations/ correspondence courses are no more considered as a cheap propaganda. Instead, they are taken seriously and now there are many renowned institutions that offer distance learning opportunities to the students wanting to pursue adult education.
The adult education certificates are also valued by the employers and they consider such people as an asset to the company. Therefore, at a time when people are loosing jobs and companies are hiring less, it is important to add extra skills and certificates to your portfolio in order to get noticed.
There are several private institutions that offers weekend and night classes for working adults. This helps the elf motivated adults to pursue education along with jobs to stay secure at the times of an economic recession. Some of the renowned institutes offering adult education are Harvard and Columbia.
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