The Debate on Austerity

The Debate on Austerity The adoption of austerity post the financial crisis in 2010 by the UK government is heavily debated. This essay evaluates the arguments for and against this fiscal contraction deliberating on the applied and possible fiscal policy measures and the limitations of monetary policy after the fiscal stimulus provided in 2008. When the housing bubble burst and Lehman Brothers collapsed in 2008, the subprime mortgage crisis magnified into a global financial crisis. Governments had to rush in and save banks. If not, the fall of public confidence in the banking system would have made the problem far more severe. Large fiscal stimulus packages were rolled out to cushion the blow. But for how long would a government be willing to take further debt for expansionary fiscal policy? They could have continued to increase public expenditure to compensate for the fall in private expenditure in accordance with the Keynesian theory. Or increase savings, let the wage rate drop and have the demand rise due to a price advantage in the long run (Hayek, 2006). By 2010, United Kingdom’s national debt reached 75.6% of its GDP (Eurostat). Had bond yields increased due to falling market confidence, the fiscal situation would have been worse off. It would imply that the risk associated with government bonds is higher and have negative implications about the government’s credibility, all raising the cost of public debt in the future. Thus, in the 2010 elections, the campaigns of both the Conservative and Labour parties suggested reducing the fiscal deficit. No one spoke in favour of further stimulus and austerity was adopted. The UK government feared a Greek-style meltdown. A country having borrowings in its own currency and a friendly central bank may not have to fear public debt as much. It could always keep a control on interest rates or postpone repayment by issuing new bonds. However, then governor of the Bank of England, Mervyn King, appeared to favour austerity. It remains uncertain if he would have sanctioned further quantitative easing. Typically, central banks reduce interest rates to stimulate the economy in such conditions. Lower interest rates promote consumption which would have decreased due to lower fiscal expenditure. The drop in interest rates from 5.5% in 2008 to 0.5% generated  £350 billion to inject into the economy (Giles, 2018). But with interest rates at an all-time low of 0.5% since 2009, there wasn’t much that could be done on the monetary policy front (Bank of England). The drop in interest rates from 5.5% in 2008 to 0.5% generated  £350 billion to inject into the economy. the Value Added Tax (VAT) was raised to 20% and public expenditure was cut to bring down the deficit (Finch, 2010:1). The combination of additional revenue and a lower deficit would cut down the need for further debt and help service the existing. Austere spending decisions lowered the welfare expenditure. The employment level decreased because of lower government expenditure. As a result, demand plunged and so did the gross domestic product. High uncertainty had lowered the public confidence. The GDP growth rate was insufficient to counter the shrinking in the economy caused by austerity. International Monetary Fund (2012) warned that the country might face permanent damage to its productive capacity if the same policies were continued. The government’s tax revenues took a hit owing to lower output. This resulted in a higher debt to GDP ratio as the budgetary deficit grew. As real wages of public sector workers and local council budgets fell, homelessness and reliance on food banks rose. Social care for the elderly was negatively impacted and help from Red Cross was called in to shoulder the increased pressure on the NHS (Gillett, 2017). Mark Blyth (2013) noted that there was disparity in the impact of austerity across different levels of society. He pointed out that the consequences were felt more severely by the larger share of public service users who didn’t have enough wealth to counter the cut in welfare spending.   In theory, falling deficit would result in lower taxes in the future. This should increase consumer confidence in the economy. However, critiques of austerity blame the government for the plummeting consumption levels. They believe the government should have continued with quantitative easing when the private spending shrank. Wage rates fall with falling public expenditure. This gives the economy a cost advantage as compared to its competitors in the global markets. To benefit from this, it is necessary that foreign demand for the domestically produces goods increases. But many Eurozone were implementing austerity themselves and thus, there was no substantial increase in foreign demand for British goods. Moreover, countries like China had induced a fiscal stimulus in their economies despite not having been impacted as greatly by the crisis. Hence, there was already enough supply in the market for any country to benefit from rising demand.   There was perhaps not once cause to the declining consumer spending in the UK. While UK’s own fiscal policy changed in 2010, the economic environment globally was also impacted by several countries introducing policy changes. The commodity prices changed and the Federal Reserve was keeping global rates low, all of which had some impact on the UK economy (Buttonwood, 2015). In spite of the falling consumption, there was a need to reduce government expenditure to reduce the deficit. Further fiscal stimulus, after what was introduced during the financial crisis, would have led to a sharp increase in government debt. Such a high debt level would make fiscal policy unsustainable and repayment challenging (Emmerson, Keynes and Tetlow, 2013). In terms of real total spending, the cut wasn’t as much from 2010 to 2015. Britain’s general total disbursements as a percentage of national income were the third highest amongst the G6 nations between 2007 to 2009 and remained so in 2013 (OECD, 2014). Annualised average real increase in spending on social security and health rose and real spending on working age and pensioner benefits grew between 2010 and 2013 (Keynes and Tetlow, 2014: 16-17). The economy’s recovery in 2013-2014 sparked another debate. Had austerity worked or was it the result of policy alteration in 2012? Klein (2015) asserted the growth was a result of a reversal from austerity. Smith (2015) refuted, stating that the government was still austere in spending decisions with the fiscal tightening being larger than 3% of GDP. Krugman (2015), however, maintained that abandoning further fiscal cuts after two years of austerity led to the economic growth. Whether the economy would have been in a better position without austerity will remain unknown. What can be concluded though is that austerity was not an economic necessity then. But with UK’s ageing population, welfare expenditure will only increase in the future. Such a welfare cap will become necessary for better policy decisions as the pressure on NHS and public services escalates. Continued quantitative easing in 2010 would have made public finances more unsustainable and fiscal austerity in future more drastic. Spending cuts or higher taxes, no matter when, will always be met with heavy criticism. Hence, a developed country with ageing population could aim at increasing sources of income, reducing income inequalities and reducing the dependence on welfare expenditure. Bibliography Bank of England [online] Available from: http://www.bankofengland.co.uk/boeapps/iadb/Repo.asp (Accessed 24 April 2018) Blyth, M. The Austerity Delusion. Foreign Affairs [online] Available from: https://www.foreignaffairs.com/articles/2013-04-03/austerity-delusion (Accessed 15 April 2018) Buttonwood (2015) What is austerity?. The Economist [online] Available from: https://www.economist.com/blogs/buttonwood/2015/05/fiscal-policy (Accessed 15 April 2018) Emmerson, C. & Keynes, S. & Tetlow, G. (2013) Public finances: outlook and risks. The IFS Green Budget: February 2013. London: Institute for Fiscal Studies. Available from: http://www.ifs.org.uk/budgets/gb2013/GB3013_Ch5.pdf Eurostat [online] Available from: http://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&language=en&pcode=sdg_17_40&plugin=1 (Accessed 24 April 2018) Finch, J. (2010) Budget 2010: VAT rise to 20% ‘could cause double-dip recession’. The Guardian [online] Available from: https://www.theguardian.com/uk/2010/jun/22/vat-rise-recession-fears (Accessed 15 April 2018) Giles, C. (2018) Bank of England defends response to financial crisis after criticism. Financial Times [online] Available from: https://www.ft.com/content/4231c5a0-3caf-11e8-b9f9-de94fa33a81e (Accessed 24 April 2018). Gillett, F. (2017) NHS calls in Red Cross volunteers and staff amid humanitarian crisis. Evening Standard [online] Available from: https://www.standard.co.uk/news/uk/nhs-calls-in-red-cross-volunteers-and-staff-amid-humanitarian-crisis-a3434901.html (Accessed 15 April 2018) Hayek, F. A. (2006) The Paradox of Saving. [online] Available form: https://mises.org/library/paradox-saving (Accessed 15 April 2018) International Monetary Fund (2012) United Kingdom : Staff Report for the 2012 Article IV Consultation. [online] Available from: https://www.imf.org/en/Publications/CR/Issues/2016/12/31/United-Kingdom-Staff-Report-for-the-2012-Article-IV-Consultation-26083 (Accessed 15 April 2018) Keynes, S. & Tetlow, G. (2014) Survey of public spending in the UK. London: Institute for Fiscal Studies. Available from: https://www.ifs.org.uk/publications/1791 Klein, M. W. (2015) Eurozone Recovery and Lessons About Austerity. The Wall Street Journal [online] Available from: https://www.blogs.wsj.com/washwire/2015/05/16/eurozone-recovery-and-lessons-about-austerity/ (Accessed 15 April 2018) Krugman, P. (2015) The case for cuts was a lie. Why does Britain still believe it? The austerity delusion. The Guardian [online] Available from: https://www.theguardian.com/business/ng-interactive/2015/apr/29/the-austerity-delusion (Accessed 15 April 2018) The Organisation for Economic Co-operation (2014) Economic Outlook No 95 May 2014 OECD Annual Projections. [online] Available from: https://stats.oecd.org/Index.aspx?DataSetCode=EO95_INTERNET (Accessed on 24 April 2018) Smith, D. (2015) The Myth of Abandoned Austerity. [online] Available from: http://www.economicsuk.com/blog/002094.html (Accessed 15 April 2018)

Beh Final Project

Interview profile Interview profile Description of Interviewee Name: Irina Dinova Age: 26 Race: Asian Marital Status: Married with two children Irina is a 26 years Old Russian female; she is my sister- in-law, who I knew nine years ago after she married my brother. She has two children, and she works in retail as an overnight stocker. I had interviewed Irina on 11/30/2012 at 3:00 PM, by asking her multiple questions. The interview was as follows: 1. Do you remember information accurately by observing how a behavior is performed or read about how the behavior is performed?Irina rather to learn from observing the behavior, she said that her behavior turned from good to bad, when she started socializing with a group of Indian girls at college. She observed them smoking, drinking, and even cheating on their men. As a result, Irina started smoking, drinking, and having multiple boyfriends. Now, Irina is addicted to smoking, and drinking caused by vicarious reinforcement and those were her Indian friends at college, who she does not socialize with now. Irina likewise shared another story which she learned from punishment.After she had gotten married at a young age (18 years old), she had conflict with the husband that resulted on their separation. She rented her own house along with her child, and had a strong friendship with an African American guy. Time pass and her relationship with her husband started establishing, but one day she was observed by her husband in the house with her friend. The husband automatically misunderstood and misjudged Irina, as he even wanted to suicide afterwards. After the incident, the husband had been admitted into the mental hospital for attempting to suicide.After a month, she got back with the husband, and as a result of her husband negative behavior and attitude toward the friendship with a man, she learned to avoid the possibility of a punishing consequence (avoidance training), by not making a friendship with a man. In the other h and, Irina did not like the way she learned through the above experience as it will be an unforgotten implicit memory because it had caused anxiety, embarrassment, and stress, instead she prefers to learn through operant conditioning (Irina Dinova, personal communication, November 30, 2012). 2.Do you prefer studying at the library, or at home with noisy background and distraction? Irina said that she prefers learning in the library instead home with a noisy backgrounds and distraction. She mentioned that her attention is fully active while studying in a the library, which is a quiet place, but where there is a distraction, her attention drops to a lower level, as she does not remembers the material studied. Irina remembers information more accurately without any distraction that unable the information to be stored in the long term memory after rehearsed and stored by the short term memory (University of Phoenix, 2010).One thing she mentioned that she does forget some information bec ause of proactive interference. Definitely, information related to her culture, tradition, and religion will be remembered for life (Irina Dinova, personal communication, November 30, 2012). 3. Are you willing to take the Myers Briggs test and report the results? If so, do you think the results are accurate? Why or why not? Irina had taken the Myers Briggs test, and her results were ESTJ (Extroverted, Sensing.Thinking, Judging), and it stated that she is very responsible and pillar of strength (University of Phoenix, 2010). Irina agreed to the results of the test and she said that she had used logic, or compensatory model to make a decision on the answer that best describe her personality. Furthermore, she found the test reliable, stable and valid, and these are her second time taking it, as she took the test before in 2010 with the same results. Besides, she is always been described that way by her family and friends (Irina Dinova, personal communication, November 30, 2012). . What are the experiences do you think had contributed most in the growth of your personality? Irina thinks that personal unconscious of negative and positive life experiences, collective unconscious from diversity, and unconditional positive regard (University of Phoenix, 2010), by the husband had contributed the most in the growth of her personality. She also believe that her own believe of principles, and been a natural leader had contributed to the development of her personality as well.Additionally, Irina personality grew through socializing with group of people, harsh life experiences, involvement on her husband’s culture, and life responsibilities, like her two children and husband (Irina Dinova, personal communication, November 30, 2012). 5. Do you feel that you are self-monitoring in regards of your attitude? Irina mentioned that she has low-self-monitors in regard (University of Phoenix, 2010) of her attitude. She said that she display sensitive controls congruent with h er own internal states such as attitudes, beliefs, and dispositions.She fails to control her negative attitude, and she has to respond in that particular moment or it will be very disturbance for a while (Irina Dinova, personal communication, November 30, 2012). 6. What do you feel was the strongest influence on your attitude? The strongest influence on Irina’s’ attitude will be her parents. Irina blames her parents for her negative attitude because she was mentally and physically abused while she was a child, but she refuses to abuse her children.I have to agree with Irina, when she said that punishment is a better way to rise up your children, not abuse. Another strongest influence of her positive attitude will be her husband. She mentioned that her husband kindness, caress, and forgiveness had motivated her to change her life for better, by focusing more on her family, and peruse an education, by obtaining a career on arts (Irina Dinova, personal communication, Nove mber 30, 2012). 7. What role do you think of a person’s race, gender, or ethnicity play when performing that person’s personality and attitudes?Irina believes that a person’s race, gender, or ethnicity play a role in forming someone’s’ personality and attitude. She said that she had never experienced prejudice and discrimination until she had immigrated to the Unites States. She said that she was prejudiced and discriminated (University of Phoenix, 2010). at school, by a group of African Americans, and they called her names like â€Å" Russian girl† and say unpleasant words to her e. g â€Å" we are not in Russia†, â€Å" go back to Russia†, or â€Å" speak English†.Additionally, she was stereotype by her husband, as he said to her that her duties, as a married woman is to clean, cook, and raise the children, but she did not respect that opinion because in the U. S. culture a woman can work and be involved in business. T hus, she believes that a person’s personality and attitude solely depend on the culture, norms. Irina’s’ culture differs from her husband, as they are both from different countries. Irina’s husband is Algerian and has its own culture norm, values, and believe, which differ from Irina.For instance in Irina’s husband culture: a woman is prohibited to drink alcohol, or smoke, while in Irina’s’ culture is verse versa. As a result, many negative attitudes formed, in both Irina and her husband, caused by culture conflicts. Another culture conflict between Irina and her husband was circumcising her baby boy. In Irina’s culture, they do not circumcise, while in her husband’s culture, they circumcise the child after he turns four years old, which will be a big party celebration.Irina had refused to make her husbands’’ wish come true, which had formed a negative attitude from the situation in both Irina and her husba nd. She said that her husband still insisting and he will not let it go because it was something he was looking forward too, but Irina does not believe in circumcising, as she said that she will never allow it (Irina Dinova, personal communication, November 30, 2012). 8. Do you find yourself better at tasks when intrinsically motivated or extrinsically motivated? Irina said that she is definitely motivated extrinsically (University of Phoenix, 2010) better in most cases.However, she can also work on proprieties tasks without been extrinsically motivated. Conversely, in Irina’s words: â€Å"new things get old fast, I’m always searching for new motivations and thinking of new ways to accomplish my tasks. † (Personal communication, 11/30/2012). She also said that she hates her job, but she extrinsically motivated because of the money that will be earned. Irina referred to when she was six years old, her parents used rewards, when she obtains an A at school, but she gets punished when she obtains a lower grade.She said that the rewards and punishment had motivated her to always seek an A grade at school, and nothing less (Irina Dinova, personal communication, November 30, 2012). In conclusion, I have to say that the interview with Irina has been such a wonderful experience. It had helped me to study and learn others behavior causes like personality and attitude, by implementing information learned throughout the course materials. Irina was very patient, comfortable, open, and honest during the interview process. Therefore, I am convinced that all her answers were accurate.References University of Phoenix. (2010). Cognition and Mental Abilities. Retrieved from University of Phoenix, BEH/225 website University of Phoenix. (2010). Memory. Retrieved from University of Phoenix, BEH/225 website University of Phoenix. (2010). Motivation and Emotion. Retrieved from University of Phoenix, BEH/225 website University of Phoenix. (2010). Personality. Retr ieved from University of Phoenix, BEH/225 website University of Phoenix. (2010). Social Psychology. Retrieved from University of Phoenix, BEH/225 website

The 30-Second Trick for How to Research Paper

The 30-Second Trick for How to Research Paper All About How to Research Paper It's not quite as easy as writing an essay about your summer vacation, your loved ones, or the previous party you've been to, since you don't need to do research to learn about your personal experience. If you've ever written a college research paper, you are aware that it takes lots of time and perseverance, leave away the fundamental comprehension of academic writing and formatting. You obtain your topic and paper in time and free up time for some other activities. You are likely to spend quite a good deal of time working on your research, so it's essential to pick a topic which you really enjoy working with. The Upside to How to Research Paper Nearly all academic assignments search for the persuasive thesis. It's important to commence preparing narrative and research essays ahead of time, preferably on the very same day it was assigned! 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Entrepreneurship And The Industrial Design Industry

Entrepreneurship in the Industrial Design Industry Entrepreneurship This research report will explore the key issues of entrepreneurship in the industrial design industry, specifically zoning in on the furniture design sector. The Collins English Dictionary gives the definition of an entrepreneur as; ‘the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits.’ (Collins , 2011) This is extremely relevant in the product design sector as money, time, labour and outsourcing of materials is needed to create prototype products. Generally the time involved and costs of creating a one off piece of furniture are exponentially greater in this stage of the design process than any other and can be the biggest hurdle, which can make or break an idea or design. Sourcing funding, access to materials and workshops and technological advancements in both materials and computer animated design are a few of the significant issues that entrepreneurs face when starting the development of a new product. The level of entrepreneurial activity in product design industry is vast and branches off into many different facets, which does not just involve the design of a new furniture piece or range but also into the import and export of original and replica furniture and the expansion into other sectors in the design industry such as interior or object design. With the use of internet blogs, website and social media platforms it has introduced the opportunityShow MoreRelatedEntrepreneurship Education Of Chemical Engineering1591 Words   |  7 PagesEntrepreneurship Education in Chemical Engineering Economic trends and rapidly changing hiring conventions are fueling a rapid expansion in value awareness of entrepreneurship education to engineering students. 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