Richard Pettinger's Articles in Economics

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Short Essay on Comparative Advantage and Trade The principle of free trade is based on the law of comparative advantage. The law of comparative advantage states that if countries specialise in producing what they have a relative advantage (lower opportunity cost) then there will be a net gain to society. This essay is an explanation of the difference between absolute and comparative advantage. 5 Economic Tests for Joining the Euro Before deciding whether the UK should join the Euro the Chancellor, Gordon Brown drew up 5 economic tests which the UK must pass for the UK to join. The main principle behind these 5 economic tests was whether the UK would cope with a common monetary policy. The 5 tests are in some ways superfluous. The main test being is really whether the UK has a degree of economic harmonisation with the rest of Europe. The Effects Of An Increase In The Value Of The Euro Generally an appreciation is good news for EU consumers who buy from abroad. It is bad news for exporters who will find a decrease in their profit margins. An appreciation can help reduce inflation in the Eurozone but could also cause lower economic growth. What Causes An Appreciation In The Exchange Rate An appreciation in the Exchange rate can occur for various reasons. The most significant reasons include higher interest rates and lower inflation. An appreciation of the exchange rate can have a significant impact on a country's economic growth and inflation therefore it is important to understand what can cause an appreciation in the exchange rate. Recession Looms For US Economy Reasons why the American Economy may enter a Recession. Including falling House Prices, House Prices could have further to fall, Mortgage Lenders going Bust and large Current Account Deficit. Problems of Budget Deficits A budget deficit occurs when Government spending is greater than tax revenues. For political reasons a budget deficit often occurs. Politicians never gain votes by raising taxes and cutting spending. With many major World economies facing a large budget deficit. It is worth considering the main economic disadvantages of Government borrowing. What Causes a Current Account deficit A current account deficit on the Balance of Payments means that the value of imports for goods and services is greater than the value of exports. The US currently has a very large current account deficit, roughly between 6-7% of GDP. This deficit threatens to cause a significant devaluation in the US dollar. This essay looks at the causes of a balance of payments deficit. Different Types of Unemployment Causes of Unemployment including frictional, structural, geographical and classical unemployment. Explanation of each type of unemployment The Rise of Globalisation in the World Economy Factors that explain the rise of Globalisation, including free trade, capital mobility and improvements in technology. Disadvantages of UK Joining the Euro There are several disadvantages for the UK joining the Euro. Foremost amongst these is the loss of an independent Monetary policy. The UK economy is also doing well even though they are not in the Euro. Low Inflation in the UK Since the Bank of England was given independence in 1997 UK inflation has been close to the government’s target of 2% +/-1. This is a remarkable improvement for the UK economy. Previously the UK economy suffered from consistently high inflation. Eg in 1979 inflation reached 25%. In 1992 inflation reached 11%. Reasons for low inflation are a matter of debate. The question is how long will this continue? Why Unemployment Has Fallen in UK Economy Why Unemployment has fallen in the UK in the past 13 years. Looking at both demand and supply side factors and the role if any played by the UK goverment The Function of the Bank of England The Bank of England performs several tasks in the UK economy.Including the sole issuer of notes and coins and setting interest rates in the economy. Increasing Economic Growth Benefits and Costs In the UK the average growth rate has been about 2.5% since 1945. Governments often try to increase the growth rate because it will have various advantages. However at the same time increasing the rate of economic growth can have severe economic and environmental costs Can A Government Increase the Rate of Economic Growth The rate of economic growth measures the annual % increase in Real GDP. The long term trend rate of economic growth in the UK is about 2.5%. To increase this the govt may have to use supply side policies. There is more debate about the extent to which demand side policies can increase growth The Causes of Recessions Looking at the causes of recessions from both a theoretical and practical point of view. Focusing on the UK economy. Whether a National Minimum Wage Reduces Relative Poverty Relative poverty reflects the fact that some sections of society have an income far lower (e.g. 50% less) than the average salary. In the UK the National Minimum wage is a legal requirement. Firms must pay workers an hourly wage of at least £5.05 for those over 21. The development rate for those 18-21 is £4.35

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