Often, we are made to believe that an economic boom is a good thing for all. After all, when there is an economic boom, the economy creates more jobs, people’s spending power goes up… and all the other good things. The truth, however, is that an economic boom (just like any other thing) has its advantages and its disadvantages. If we take poor people, for example, we come to discover that there is at least one way in which an economic boom can be disadvantageous to them.
In order to understand the way in which an economic boom can be disadvantageous to the poor, you have to appreciate that when there is an economic boom, the result is usually more money circulating in the economy. And when there is more money circulating in the economy, inflation tends to go up: as more money competes for the same limited products that are available in the market. And this is where the economic boom can be disadvantageous to the poor: given that the resultant inflation ends up eroding the purchasing power of the little money they happen to have. In this context, when we make reference to the poor, we are talking of the truly poor folks: not the sorts of folks who can afford getting remote IT support through sites like logmein123.com: that is, folks who go to the Logmein login page with an objective of receiving IT support remotely. Neither does that include affluent folks who have the sorts of businesses whose operations are so vast that they have to rely on Oracle databases. Rather, we are talking about truly poor people: the sorts of folks who live on a paycheck to paycheck basis.
Having managed to come up with a new vacuum cleaner design, the next challenge for you to deal with will be that of getting a patent for the design.
Before you can embark on the process of getting a patent for the new vacuum cleaner design, you need to be sure that it is indeed a new design: something so you unique that it can actually be patented. It won’t make sense for you to just take one of the popular vacuum cleaner designs on a website like http://www.bestvacuumcleanersonthemarket.com/, modify it a bit, and then start running around looking for a patent. If you are to get a patent, you need to have actually come up with something that is truly new.
Before you embark on the process of getting a patent for the new vacuum cleaner, you need to have enough money for the (patenting) process. Getting a patent, by itself, doesn’t cost much money. But the fees you may need to pay the lawyers and other professionals who help you with the process may be quite hefty.
It helps too, to ensure that you are prepared to take advantage of the commercial protection that the patent will offer you, before seeking to patent the new vacuum cleaner design. You may have come up with the design for the best vacuum cleaners for cars but if you have no way of commercializing them, then the patent won’t be of much help to you.
To get further help in the process of seeking a patent, you may need to talk to people who have actually go through the process before. You can, for instance, talk with the professors in a top research university, such as Stanford University — especially professors who hold patents. Or you can talk with people in industry – like, say, the folks in the R&D department of a top company like General Motors for advice on this topic.
Several signs indicate that an economic boom is taking shape.
The first sign which indicates that an economic boom is taking shape is increase in employment opportunities. A sluggish economy doesn’t create employment opportunities. But a booming economy creates employment opportunities: given the fact that a boom creates demand for goods and services (as we shall see shortly). Now given the fact that the goods and services have to be produced by workers, it follows that a boom gives rise to employment opportunities. Indeed, publications like The Economist are able to identify which economies are booming and which economies are sluggish just by keeping track of the employment figures.
The second sign which indicates that an economic boom is taking shape is inflation. A booming economy translates into more money finding its way into circulation. So you have more money competing for the same products (goods and services), which ultimately leads to inflation. Conversely, a key indicator of a sluggish economy is deflation.
The third sign which indicates that an economic boom is taking shape is taking shape is increase in demand for products (goods and services). The explanation for this is in the fact that an economic boom translates into people having more money in their pockets. More money in people’s pockets in turn translates into people desiring to buy stuff they’d always wanted, but which they had been unable to buy before when the economy was sluggish.