Agricultural Economics Department

 

Date of this Version

6-11-2008

Comments

Published in Cornhusker Economics, 6-11-08. Produced by the Cooperative Extension, Institute of Agriculture and Natural Resources, Department of Agricultural Economics, University of Nebraska – Lincoln. http://www.agecon.unl.edu/Cornhuskereconomics.html

Abstract

In recent days, the media has been full of economic news—much of it unsettling and hard to even comprehend:

• Gasoline hits a historic $4.00 per gallon for the first time in the U.S.
• Angry protests gather in developing nations over surging food prices.
• Expected world food production shortfalls mount as weather factors cut into production levels.
• From locally to globally, extreme weather events (a reflection of global climatic change) are occurring with increasing frequency—and with them, severe economic disruption.
• Unemployment levels rise as the U.S. economy slows.
• Consumer confidence falls to a 16-year low.
• The value of the dollar continues to erode relative to the Euro and other world currencies.

As I observe people’s reactions, I’m reminded of the stages (or aspects) of grieving that virtually all of us experience at the tragedy or death of a loved one. Often included in the grieving stages are the following, which I believe may have some relevance to how we are reacting to these economic times at both the individual (micro) and societal (macro) levels.