"There's been no need to change any of our philosophy yet," Murphy says.
But he says he is cautious.
"I'm thinking that if it continues much longer, people might hesitate before buying the more expensive items," he says.
He suggests that for Square shop owners-as opposed to the Internet businesses that are being hardest hit-it is just too soon to tell.
"Everybody's watching it carefully, but I don't think the majority are doing anything differently," he says.
And according to economics professor David I. Laibson, it is unlikely that the current stock market downturn would have any discernible effect yet on the small businesses in the Square.
The stock market is down 10 percent, Laibson says. He calculates that this corresponds to four-tenths of one percent drop in economic activity.
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