This assignment discusses government’s various macroeconomic objectives and their importance to United Kingdom economy. The researcher describes the economic phenomenon of macroeconomics of the issue, that covers the aggregate study of various units combined together…
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The growth could be affected by external or internal factors to form variations in spending that either exceed or support the production of an economy. From such, the downturn and peaks in economies may be exhibited over time. The UK government has opted to promote economic growth with reasonable measures to prevent future negative effects. In the UK, economic growth is a crucial factor that determines the availability of funds for public expenditure, minimising tax burdens, and servicing government debt (The long game, n.d.). For most governments, economic growth comes with the creation of new jobs as more investments are made, which provide employment opportunities, contribute to the growth of domestic product, and support in eradicating poverty levels. At a higher level, the nation associated with the growth achieves more respect in the world community and increases its ability to solve its internal economic problems, support its citizens and maintain its pride as a nation. It is also a measure of determining whether the economic target is being realised. The disadvantage is that economic growth may be steered without appropriate measures to preserve the environment and the resources. In some cases, the growth has been realised unsustainably, excessively exploiting the natural resources and degrading the environment, which reduces the production capacity of future generations (Everett, 2010). These natural assets should be maintained to sustain growth in the long run. Low inflation Every inflation has a cost in the long run, after the sustained growth in the overall price level. Economists of most countries strive to maintain inflation in their countries, but since it is an inevitable factor, the best economies aim to achieve low inflation...
The researcher states that every nation tpday aims at achieving steady economic growth. It appears to be a common and prioritised objective of most developing countries to improve the living standards of the countries’ population. It is a policy that is concerned with increasing the national output through an increase in goods and services generated, which are factors that enable improvements in living standards of masses in a country. The technology and innovation were mentioned in the study as the latest trend in economies, that is aimed to achieve production efficiency, allowing operating systems and automation to speed up and increase productivity and quality that would take human labour ages to complete. The researcher suggests that enhancing technology in different sectors of productivity could bring about a product or process innovation, which leads to efficiency in the long run. However, production efficiency requires investment and funds. Governments have to be willing to fund research and development for the creation and realisation of new ideas to improve productivity and support its efficiency, improve human capabilities, know where to invest next, and allocate resources to avoid inefficiency in the future. The researcher then concluds that the objective concurs with the United Kingdom’s long term objective in improving labour productivity and capital investment, that hopefully would increase production efficiency and competition in trade within the European market.
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