Opportunities and Challenges in Overcoming the Economic Crisis

2.
 
Austerity Vs Crisis 
Nuriel Roubini said (www.roubini.com): "Stop austerity in the crisis!" 
We 
Dumitrescu, (2005), Ioana, (2008) (figure 1): 
Increasing austerity has the negative consequences striking decrease (
) in consumption 
Decrease in consumption leads to lower (
) sales 
Decreased sales induce lower (
) production 
In a loop of negative consequences, lower production results in increased ( ) austerity 
In Figure 1 we present the negative impact of austerity in the mechanism of the crisis. 
The main actions of a professional manager in times of crisis (and not only) are [7,8]: 
Prevent 
Optimize 
Repair 
Save 
In Figure 2 we present these 4 actions of a professional manager and correlations between them. 
Fig. 1. The negative impact of austerity in the mechanism of the crisis. 
 
( ) AUSTERITY 
( ) MARKET 
DEMAND 
 
( ) SALES 
 
( ) PRODUCTION

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Fig.2. The main actions of a professional manager in times of crisis (and beyond) 
These actions requires several management qualities of the manager. Key management of these qualities are: 
Competence 
Simplicity 
Tenacity 
Compasion 
Figure 3 presents the correlations between these four managerial skills. 
Fig. 3. The correlations between the management qualities 
PREVENT 
OPTIMIZ
E
 
REPAIR 
SAVE 
COMPETENCE 
SIMPLICIT
Y
 
COMPASION
 
 
TENACITY
 

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 Adrian Ioana et al. / Procedia Economics and Finance 6 ( 2013 ) 73 – 80