Question

Economist Joseph Schumpeter argues that people are often lulled into an unproductively comfortable state when there is continuous employment. His conclusion was that recessions were good because they force people to be creative and entrepreneurial. His term for this was “creative destruction”. Do you agree with his premise and/or conclusion?

Answer 1

Anss.
Employment is something that is needed for basic necessities of people, for survival of life they have created for themselves.
To a larger extent i completely disagree with the statement, Recession to the magintude of 2008 recession is unacceptable to any country, No country deserves such hardships. We are lazy sometimes and we are almost graded continiously by various instruments of organization, certainly laziness was not rewarded even in good economic times,
Right now after the recession there is very less activity in the economy, for example there were 1.8 million new housing units in 2007 that were constructed, now we construct little over half a million, so such slump can cause wide spread devastation to everyone in the industry.
You might need some kind of economic shock to get serious about your work, but you surely wouldnt want to take a decade long economic downtrend. Useful life of adult is just over 30 years, if 10 years is gone in recession it would be quite depressing.