Archive for the ‘Economy’ Category

My Camera Editorial Advisory Board comment published on Jan. 31, 2009, in response to the Camera’s question: The Great Depression shaped attitudes and behaviors for an entire generation. How do you think the current recession will shape the next generation?

My mother said more times than I can count, “At least we survived.” Not having experienced the Great Depression, I cannot fully understand. She was just 5 years old when the stock market crashed. Her father worked for $1 a day. Then when a drought hit when she was still young, she herded the family’s milk cows to keep up their cream production to bring in a little cash. She spent many hours miles away from anyone. This experience greatly impacted her life.

The next generation’s experiences during today’s recession will impact their lives as well.

Jacob, a 6-year-old boy I know, recently wanted to buy a Super Yo-Yo because he saw a demonstration of them at his school. He begged his parents for one. They said, “No.” Then, the boy came up with an idea to sell gumballs on his school bus. His price was $1 each! Why that price? Because he needed $6 to buy the yo-yo. His mother tried to urge him to charge something more reasonable like 10 cents, but he declined. His reasoning was that it would take him “forever” to get the $6 that way.

Jacob and his peers have a lot to learn about supply and demand, pricing, and product and service shortages. The impact on their attitudes will be determined in a large part by how much they suffer, how long it lasts and what their parents and society say and do.

Source: Daily Camera

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