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Austerity and Stimulus Dispute - Assignment Example

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This paper " Austerity and Stimulus Dispute" focuses on the fact that austerity or stimulus has been the most common debate heating headlines in most western countries. For example, Britain's coalition government, Germany, and the Tea Company located in the USA support the austerity topic…
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Austerity and Stimulus Dispute
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Download file to see previous pages A good example is what is being witnessed in Greece where the economy has been observed to decrease by 5% every year. Governments should adapt to the idea of spending to boost the economy and also concentrate on balancing the books as the private sector facilitates the economy to rise. It is strange how the people who believe in austerity see this as an impossible move and believe that you can not spend when you got a debt. Keynes Theory The stimulus vs. austerity argument arises the debate about if the money supply should be increased or reduced. The difference between function one and function three views of money brings up a big debate. Also, the creditors and debtors have a conflict of interest here. Creditors prefer level three. They are more concerned with the store of value and want their money to increase value and be worth something when they are paid back. Debtors propose to earn less money and pay back real terms. Multiplier The battle between austerity and stimulus mainly bases around money as a vital factor that greatly determines there strength. Money functions are sub-divided into three which include: a medium of exchange, a unit of account and a measured store of value. These three functions bring out the difference between the stimulus and austerity. In the first function where money acts as a medium of exchange, it is a physical representation of a transaction. In such a case, money can be represented in the form of coins, golden bullions notes and even cowrie shells. Whereas at the same time the medium of exchange may not be physical like transferring money from one bank account to another through a BACS transfer. The digital tokens are later transferred between two computer systems (Lendman,  2013, p. 10)
10) Money also functions as a unit of account where it is basically used as a common unit for measuring the difference in value between two commodities or more. For example in the barter trade economy, you can exchange two sheep for three goats whereas in the money economy you can value the goats for six shillings. Money functions as a unit of account in that it tells what things are worth. For example, a sheep is worth three shillings and a goat at two shillings. The other function of money is as a store of value, in this sense, money is attributed by the fact that it cannot be spent immediately it is gained. The view of money as a physical medium of exchange improves the economy positively. An increase in physical exchanges increases the level of trade thus leads to quick economic growth. If money is perceived as a store of value then it will negatively contribute to the economy. The less the amount of money stored, the more valuable it becomes. Restriction on the amount of money in supply increases its value. Problems of Applying A Keynesian Stimulus Everyone would agree with the fact that we are facing an economic crisis.  ...Download file to see next pagesRead More
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