One of the great debates of economics which goes back to at least the great depression of the 1930s was whether you could understand what total demand and supply might be in an economy by adding up individual demand and supply curves. For example, we can all agree (can we?) that if the price of apples goes up, less apples will be demanded. So if everything we buy behaves like the demand for apples, well lo and behold, we can understand what drives total demand in the economy. Not so said Keynes eighty years ago and he therefore said that governments may need to step in if aggregate demand falls short despite falling prices.
I am going to spare you the modern debate on the aggregation issue in economic theory. At least right now, though I can assure that it is pretty interesting and goes to heart of explaining why no-one running our affairs had any idea that this financial crisis and great recession was coming or now has any idea about what to do about it.
Instead, just think how the aggregation dilemma applies to emotional states too.
We have enjoyed or not the Jubilee this last weekend and many of us are gearing up or maybe I should say, bracing ourselves for the Olympics. Well that is certainly the case if you live in East London as I do.
My simple point is that the collective response to both the Jubilee and the Olympics will be very different from the sum of all the individual responses. The media will drive some kind of aggregated national response or reaction – even if it is perverse as has been the crass BBC coverage of the Jubilee.
But might it be that for the many who will be much less involved and engaged in both the Olympics and the Jubilee find that they are either swept along or repelled or curiously engaged by the media circus surrounding both and then by their direct experiences of both via their TVs.
Can you aggregate it up from your own response.
Feelbetter Counselling East London
94 Malford Grove, London E18 2DQ
Direct Line: 0208 257 0429
Mobile: 07870 104651