In 1979, the election of Mrs Thatcher’s Conservative party led to the introduction of new supply-side policies, which challenged the post-war consensus and tried to implement free-market reforms into the UK. Intellectual support for supply-side economics Mrs Thatcher was impressed with right-wing intellectuals such as Milton Friedman and F. Hayek. They were critical of social …
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Readers Question: what is the solution for stagflation? Stagflation occurs when there is an increase in inflation and also at the same time an increase in unemployment and lower economic growth. Typically stagflation will be caused by an increase in the cost of production which shifts the SRAS curve to the left. This could be …
Readers Question: Should the government provide more welfare support programs such as child tax benefit and unemployment insurance in order to decrease economic inequality? This is a classic dilemma that governments face. To simplify the argument. Higher welfare benefits help to reduce inequality and reduce relative poverty. Higher benefits will give those on low income a better …
Readers Question: how to illustrate the world financial crisis by using the graphs of aggregate demand and aggregate supply? The financial crisis has essentially caused an unprecedented fall in aggregate demand. Aggregate demand has fallen because: Bank lending decreased due to the credit crisis and shortage of bank funds. The shortage of bank lending has …
What is the difference between a liquidity issue and solvency issue? A liquidity issue (crisis) occurs when a firm (or country) has a temporary cash flow problem. Its assets are greater than its debts, but some assets are illiquid (e.g. it takes a long time to sell a house. A bank can’t suddenly demand a …
An economic downturn implies a fall in real GDP. A downturn also includes that period just before a recession – with a fall in the rate of economic growth and a widening output gap. A downturn will also include a period of negative economic growth and recession. An economic downturn is part of the economic …