However, I donot know if the query that creates the view is executed
everytime I select something from the view. Because if that is the case,
then I think my queries will again be slow. But if that is the way views
work, then what would be the point in creating them ..

Views are more for when you have a query which keeps coming a zillion time in your application like :

SELECT p.*, pd.* FROM products p, products_names pd WHERE AND pd.language=...

        You create a view like :

CREATE VIEW products_with_name AS SELECT p.*, pd.* FROM products p, products_names pd WHERE

        And then you :

SELECT * FROM products_with_name WHERE id=... AND language=...

It saves a lot of headache and typing over and over again the same thing, and you can tell your ORM library to use them, too.

But for your application, they're useless, You should create a "materialized view"... which is just a table and update it from a CRON job. You can still use a view to fill your table, and as a way to hold your query, so the cron job doesn't have to issue real queries, just filling tables from views :

CREATE VIEW cached_stuff_view AS ...

And once in while :

DROP TABLE cached_stuff;
CREATE TABLE cached_stuff AS SELECT * FROM cached_stuff_view;
CREATE INDEX ... ON cached_stuff( ... )
ANALYZE cached_stuff;

Or :
TRUNCATE cached_stuff;
INSERT INTO cached_stuff SELECT * FROM cached_stuff_view;
ANALYZE cached_stuff;

If you update your entire table it's faster to just junk it or truncate it then recreate it, but maybe you'd prefer TRUNCATE which saves you from having to re-create of indexes... but it'll be faster if you drop the indexes and re-create them afterwards anyway instead of them being updated for each row inserted. So I'd say DROP TABLE.

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