From the course: Economics for Everyone: Understanding a Recession
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The number one rule for workers
From the course: Economics for Everyone: Understanding a Recession
The number one rule for workers
- The number one rule in a recession is just don't get fired. It's the most important thing you can do. You want to hold on to whatever job you have as long as possible. And this is because there is a little thing economists talk about called unemployment scarring. The longer you're unemployed, the longer it'll impact your earnings even long into the future. It actually sets your career trajectory to a lower level. So if you can avoid becoming unemployed, that will prevent unemployment scarring, it'll prevent long-term negative impacts of having ever been unemployed. But the longer you are unemployed, the longer that negative impact will be there, potentially for your entire career. One of the most important things you could do if you think you're about to lose your job is to try to be one of the first rats off the ship. You want to make sure that if you think layoffs are coming, you can try to jump to another lily…
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