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Tejvan Pettinger A look at different methods to reduce budget deficits. A budget deficit occurs when a government spending is greater than tax revenues. This leads to an accumulation of public sector debt. If the deficits are unsustainable, this can cause rising bond yields (higher interest...

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...

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...

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...