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Economic Activity Question1 #65945

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UK economic problems »UK economic problemsUK 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

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Government Spending »Government SpendingGovernment Spending☜☜FFB597

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Taxation »TaxationTaxation☜☜FFB597

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Economic ActivityEconomic Activity☜☜FFB597

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Balance Multiplier »Balance MultiplierBalance Multiplier☜If Govt simultaneously raises taxes and spending, economy is stimulated, and unemployment is reduced☜FFB597

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Balance of Trade - Imports vs Exports »Balance of Trade - Imports vs ExportsBalance 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

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Business cycle »Business cycleBusiness 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

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Demand »DemandDemand☜May be conventional market place consumerism, or govt. initiated, e.g. Green New Deal (initiative to conserve energy and produce renewable energy) ☜FFB597

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Ecological factors ("Externalities") »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

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Ideology »IdeologyIdeology☜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

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Inflation »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

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Entrée par: Richard Lawson
NodeID: #65945
Node type: Issue
Date d'entrée (GMT): 6/13/2010 3:52:00 PM
Date de la dernière modification (Heure GMT): 6/13/2010 5:05:00 PM
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