The output gap is the difference between the real time Gross Domestic Product and the maximum level it can reach theoretically, if all factors of production are used to their optimal extent. The factors of production are wasted due to multiple Adapted from…
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In the case of English economy, the system is jamming up and therefore, the country is currently muddling through the times of demand pull inflation. In condition like this, the people want to purchase products and services but cannot do that because of lack of sufficient disposable income. The companies on the other hand face the same dilemma because all they want to do is to respond to the demand in the market but they are also unable to do so due to general scarcity of financial resources in the economy (Neiss & Nelson.E, 2005).
The country of England is going through severe underproduction at this point in time and the desperate measures are expected to be taken from the local government in order to manage the already worsening situation. The problem lies with incapability of the economy to embrace international trade. The international trade would have allowed the country to pick and choose the products that should be produced locally and which cannot be done so must have been outsourced to the other countries.
The decision to uphold the national identity of England in the global economic arena backfired to say the least (Koyama, 2010). The country is left alone in the global community of nations because it tried to fight one powerful trend of globalization. The globalization has engulfed every aspect of human life in the modern era of the 21st century and therefore, nations have to submit to the force in order to survive in the international marketplace. The countries are starting to operate like organizations and they intend to develop their competitive advantage with the help of which they are planning to sustain in the global economic world.
The concept of self-sufficiency was the main force behind the English decision of not joining the European Union but the plan is falling apart. The plan is failing because UK’s local production has become notorious for
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(Over 2013/14, to What Extent Was the Output Gap a Cause for Concern Essay)
“Over 2013/14, to What Extent Was the Output Gap a Cause for Concern Essay”, n.d. https://studentshare.org/macro-microeconomics/1629305-over-201314-to-what-extent-was-the-output-gap-a-cause-for-concern.
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The output gap is calculated by subtracting the potential GDP from actual GDP which may result in a positive output gap as well as a negative output gap. Since the potential output cannot have a definite value and is only based upon the historical data and market conditions, the output gap is always an estimate.
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ments show that volatility in output is detrimental for the economy as this can lead to lower investments, causing the level of capital accumulation to fall (Gaskarth, 2013).
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