Economics Department

Essays - Supply side vs Demand side

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This week's essay

1)      In recent budgets, Gordon Brown has announced measures to strengthen the supply side of the economy.

(I)        Explain the main aims of supply side policies in terms of their impact on:

(a)    Labour markets

(b)   Capital markets

(c)    Product markets                                                                            

15 marks

(II)       Discuss whether supply side or demand side policies are most appropriate for the UK economy at the present time.                                                           

10 marks

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2)      (a) Explain carefully the difference between supply side and demand side policies

10 marks

(b) Why do economists differ as to which policies they consider to be most appropriate for controlling the economy                                                                               

10 marks

3)      Over the 1980s and 1990s the UK has moved away from direct taxation and towards indirect taxation.

(a)                What is the likely impact of such a move on:

(i)                  Aggregate Supply

(ii)                Aggregate Demand                                                                  

10 marks

(b)        Discuss whether such a move is in the interests of the UK economy      

10 marks

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