From the course: Economics for Everyone: Understanding a Recession
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Industries most recession proof
From the course: Economics for Everyone: Understanding a Recession
Industries most recession proof
- In a recession, everyone wants a job that's recession-proof. And they're looking for recession-proof industries. There are four really good examples of what recession-proof industries look like. Healthcare is recession-proof because if people need health care, they need health care. People get sick during good times, and bad times. And if you work as a doctor or nurse or at a hospital, it's not typical that you see layoffs in a downturn, and employment is pretty stable. Technology is another really good recession-proof industry. And this has a lot to do with some basic economic theories. And one of them it's called the Solow Growth model is that there's only three things that contribute to economic growth, capital, which is money, labor, which is people and technology. Growth is always a function of those three things. And in a downturn, companies want to spend less money or they have less access to money, and they often…
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