There's opportunity in this recession

A Schumpeterian view of closing businesses.

by Stephen Jones

The business pages do not make for easy reading. 

This week John Lewis and Boots added their name to the rapidly-growing list of firms making job cuts, including Rolls Royce, Pret a Manger, easyJet and Jaguar Land Rover. 

COVID-19 is a tidal wave. Many businesses that were already treading water will sink, and the job losses will be tragic. Looking to the horizon and the gloomy predictions of a long recession, it would be easy for the survivors to batten down the hatches, cut investment and focus only on keeping the business afloat for the next five years. 

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