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Economic Activity
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UK economic problems
UK economic problems☜UK GDP (2010) £1410 bn. National debt £850 bn, 60% of GDP. (Context: Japans debt is 194% of GDP, Italy is 100% of GDP). £107 bn is due to banks bailout 2009. Annual borrowing is 12% of GDP. 1/6th of borrowing is to service the National Debt.☜F1CEB7
⌃
Government Spending
Government Spending☜☜FFB597
⌃
Taxation
Taxation☜☜FFB597
■
Economic Activity
Economic Activity☜☜FFB597
↳
Balance Multiplier
Balance Multiplier☜If Govt simultaneously raises taxes and spending, economy is stimulated, and unemployment is reduced☜FFB597
↳
Balance of Trade - Imports vs Exports
Balance of Trade - Imports vs Exports☜UK Current Account Balance (CAB) is not good compared to other countries. However, our Capital account is in surplus. Devaluation of sterling would help our CAB. ☜FFB597
↳
Business cycle
Business cycle☜Various cycles operate, to some extent inevitable, but wise government action must moderate market factors which lead to extreme boom and bust, such as the Credit Crunch in 2009. Governments should save during active times and be prepared to support the economy in times of recession. ☜FFB597
↳
Demand
Demand☜May be conventional market place consumerism, or govt. initiated, e.g. Green New Deal (initiative to conserve energy and produce renewable energy) ☜FFB597
↳
Ecological factors ("Externalities")
Ecological factors ("Externalities")☜Market based economics wrongly ignores ecological resources and services as non-costed externalities. These realities will impact heavily on economics in coming years. ☜FFB597
↳
Ideology
Ideology☜Assessment of the amount of public spending is ideologically driven. Neo-liberals seek to minimise the public sector, and full-on socialists seek to maximise it. Ideologues need to be counterbalanced by economic realism. A balance between public and private is reasonable.☜FFB597
↳
Inflation
Inflation ☜Policy must try to match the amount of money in the economy with real activity. Excessive amounts of money compared to the amount of goods and services leads to inflation. ☜FFB597
□
Tax avoidance
Tax avoidance☜Wealthy individuals and corporations can avoid taxation through various means. Closing these loopholes could address the budget deficit substantially. ☜FFB597
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Graph of this discussion
Graph of this discussion☜Click this to see the whole debate, excluding comments, in graphical form☜dcdcdc
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Richard Lawson
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Entry date (GMT):
6/13/2010 3:52:00 PM
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6/13/2010 5:05:00 PM
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