Economists say much of the world is facing an economic downturn. We've already seen layoffs at Yahoo! and other big companies, financial markets unstable, oil going through the roof, housing markets shifting.

Startup growth is often independent of economic cycles, especially when you enter a market. For example, Skype's growth depends on broadband growth and broadband growth looks promising in the US.

Skype is now large enough (it will collect a half-billion dollars a few pence at a time this year) that regional economic swings affect its customers.

Scary stuff.

So, Are Bad Times Good For Skype?

I'd say Yes.

And it's not just cost savings.

We change our behavior when we think about tough economies or personal financial risk. Some freeze and close down. Most pay attention and respond to the challenge.

In bad times we help our friends.

We need our friends.

Even our onlife friends.

Laid off by Yahoo!? Update your facebook account, your phone and email address books, your blog, your LinkedIn profile, your Skype buddy list. Refresh those connections with chats and blog comments and pokes and video messages.

In bad times we fly to social capital.

That's how we learn survival skills, discover new jobs, and earn social currency - reputation, debts of honor - that help us in the worst of the bad times.

"Joining and participating in one group cuts in half your odds of dying next year." -- Robert Putnam

Skype and other social media help.

Skype provides visibility into your social network. Skype could provide a lot more: sort/filter by last contact, sort/filter by how much/often/long you talk, reveal second-order relationships (clusters of friends who know each other).

Skype provides modes that fit the intimacy of each relationship. I'm a text chat friend to most, a voice chat friend to a few, and a video friend to my close friends and family.

Skype provides a history of each relationship. You can read your prior chats, see your phone logs, the better to continue conversations.  

Robert D. Putnam's Bowling Alone: The Collapse and Revival of American Community (2000) warned of a plummeting U.S. social capital.

• Every ten minutes of commuting reduces all forms of social capital by 10%
• Attending Club Meetings: 58% drop over the last 25 years
• Family dinners: 43% drop drop over the last 25 years
• Having friends over: 35% drop over the last 25 years

I think a lot of those impulses are showing up online. In blogs, social networks, wikis, and, of course, Skype.