Two days back, the headlines screamed the latest statement of our Hon’able Finance Minister, Mr P Chidambaram that “India does not face recession.” While the statement may have done its bit to boost the morale of the paranoid and the distressed, it also became the topic of lunch time discussion.
A colleague made a neat comparsion of the difference of wordlwide and Indian economic scenario and the consequent impact: The American frog, lay in a tub of water, and was slowly burnt alive, because the temperature steadily increased over a period of time. The Indian frog, apparently, had the fright of a lifetime by being ducked into a tub of steaming water, but could jump out just in time to save its skin.
This comparsion is based on the Boiling Frog Syndrome, which is used in many areas of study, including environmental hazards.
Here is Edelman’s account of the Boiling Frog Syndrome: “If you throw a frog into a pot of boiling water, he’ll jump out. But if you place a frog into a pot of lukewarm water and slowly turn up the heat, it will boil to death. And so it is with inflation. We’ve grown accustomed to inflation over the past 25 years, but that doesn’t mean we don’t continue to be hurt by its effect.”
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Barath Says:
November 27th, 2008 at 15:10“We’ve grown accustomed to inflation over the past 25 years” Quite true didi, remembered my Grandmom telling this ,, Gold was once Thirty rupees …
I suppose In a way we’ve become immune to it!! don’t you think it’s always one man’s mass accumulation of wealth that leads to this inflation…