Tejvan Pettinger The tax burden refers to the share of GDP that is collected in different forms of tax within an economy. For example, in an economy with a size of £1,000bn – if the government collects tax of £300bn, then the tax burden will be 30%. The...
Tejvan Pettinger What would be the impact of the US placing a tariff on the import of steel and aluminium into the US A tariff on imports of foreign steel would raise the price of imported steel and encourage US firms and consumers to buy domestically produced...
C. P. Chandrasekhar At the end of its five-year term, the NDA government’s claim that the Indian economy has experienced rapid growth during its tenure sounds shallow. The GDP numbers many observers argue are wrong and possibly fabricated. The GDP figures have since 2011-12 been computed...
Tejvan Pettinger Over time, the IMF has been subject to a range of criticisms, generally focused on the conditions of its loans. The IMF has also been criticised for its lack of accountability and willingness to lend to countries with bad human rights records. Criticisms of IMF include 1. Conditions...
Tejvan Pettinger Readers question: Why cannot politics and economics be seen in isolation? Economics is concerned with studying and influencing the economy. Politics is the theory and practice of influencing people through the exercise of power, e.g. governments, elections and political parties. In theory, economics could be non-political. An ideal...
Tejvan Pettinger Increased government spending is likely to cause a rise in aggregate demand (AD). This can lead to higher growth in the short-term. Higher government spending will also have an impact on the supply-side of the economy – depending on which area of government spending is...
Game study is the study of strategic interaction where one player’s decision depends on what the other player does. What the opponent does also depends upon what he thinks the first player will do. Examples of Game Theory Both players have a dominant strategy. A DOMINANT strategy occurs when...
C. P. Chandrasekhar and Jayati Ghosh March 28, 2019 The SDGs were obviously incredibly ambitious – far more so than the Millennium Development Goals that they succeeded – and so it was indeed a remarkable achievement that governments of almost all countries signed up to them. There...
Tejvan Pettinger Agriculture often appears to be one of the most difficult industries, frequently leading to some form of market failure. In the EU and US, agriculture is the most heavily subsidised industry, yet despite the cost of the subsidy it fails to address many issues...
Tejvan Pettinger Definition of Buffer Stock Scheme: A buffer stock scheme is a government plan to stabilise prices in volatile markets. This requires intervention buying and selling. Prices for agricultural products are often volatile because: Supply can vary due to the weather.Demand is inelasticSupply is fixed in the short...