This is a review of economics and its relationships with other social sciences and subjects, such as philosophy, politics, maths, physics, anthropology, psychology and sociology. Also, to what extent does economics benefit from expanding into other subjects? What is economics? Economics a social science that studies the production, consumption and distribution of goods and services. …
The negative multiplier effect occurs when an initial withdrawal of spending from the economy leads to knock-on effects and a bigger final fall in real GDP. For example, if the government cut spending by £10bn, this would cause a fall in aggregate demand of £10bn. However, the effect may be greater than the £10bn. If …
Since Jan 2017, US borrowing has increased – with over $2.7 trillion added to the US national debt. Whilst fears over debt are often over-blown, there is little long-term benefit or justification for these high levels of borrowing. The past few years represent a missed opportunity to reduce debt as % of GDP and/or invest …
Supply and demand illustrate the working of a market and the interaction between suppliers and consumers. Supply and demand curves determine the price and quantity of goods and services. Any changes in supply and demand will have an effect on the equilibrium price and quantity of the good sold. It will also affect the incentives …
Obesity has significantly increased in recent decades. It is seen as a serious public health issue as higher rates of obesity are associated with lower life expectancy and a rise in health issues, such as diabetes, heart disease, stroke and others. Countries across the world have tried different strategies to reduce poverty. This is an …
The highest rates of obesity in the world are found in the small pacific islands, Nauru, Cook Islands with close to 60% of the adult population meeting definition of obesity as measured by the BMI (body mass index) Excluding these small pacific islands (with very small population) the greatest levels of obesity are found in …
Despite weak economic growth of the past decade, UK unemployment has fallen quicker than we might expect. It appears the natural rate of unemployment has fallen and despite record employment levels, wage pressures remain muted. Different reasons for this fall in unemployment include – low productivity, more flexible labour markets, disguised unemployment (underemployment) and growth …
Since the credit crisis of 2008, the UK economy has experienced structural weakness of Low economic growth Very poor productivity growth Weak demand Unbalanced economy geared towards consumption and low levels of investment. In addition to these structural weaknesses, the UK economy in 2020 now faces real threats from A hard Brexit Risk of slowdown …