EconomicsWithAneesh

I found the questions to this essay competition quite interesting and useful. I'm a bit gutted its not this year but oh well it was still really fun to write. Below is my work: (I LOVE THE INFLATIONARY WAGE SPIRAL DIAGRAM BTW)  “Inflation is always and everywhere a monetary phenomenon” (Milton Friedman). How useful is Friedman’s argument for understanding the current inflationary pressures? (1200 words) Friedman’s famous assertion that “inflation is always and everywhere a monetary phenomenon” encapsulates the monetarist view that persistent inflation is fundamentally caused by excessive growth in the money supply (Friedman, 1963). In this essay, I shall be assessing the usefulness of Friedman’s claim in explaining the current inflationary pressures, while also considering alternative explanations such as demand pull inflation, cost push inflation, and inflationary expectations. It will be argued that while monetary factors are important, recent inflationar...

Trumps Tariffs- Will there be a trade war coming? Wednesday 9pm BST, multiple channels were covering the same thing: President Trump's "liberation" day, in which he announces a bunch of tariffs with hopes to "make America great again". In this blog post, I shall be exploring the cause behind these new tariff's, and then the consequences they may have on the global economy. I shall be looking at these Tariff's from the UK's perspective, and will use economic reasoning to explain points which I believe might be useful for exams. But what is a tariff? A tariff is a form of protectionism where a charge is put per unit is implemented by a government on imported goods, to either protect a domestic market or gain extra revenue. However, there are also consequences for this seemingly smart strategy: Higher prices for consumers (reduction in consumer surplus) Short-term gains for inefficient domestic producers (goes against schumpeter's theory of creati...

The 25 marker in the mock exam went badly in two ways: these are excuses. Firstly, in my defence, we have not covered it in class yet. And secondly, perhaps more importantly, I was not equipped with the right exam technique and did not realise how crucial it is to focus on the extracts that you are given. Oh well, we shall learn and only get better: true passion, like capital, only grows with investment. Would you recommend that the government implement a further substantial increase in the National Living Wage? [25 marks] The national living wage aims to improve the quality of life of individuals by providing a minimum wage for employees aged 25 and over. This is done through the implementation of a "price floor" in the labour market, by government, with an aim to push wage rates to a higher level. Having considered the extracts, I believe that  a further substantial increase in the National Living Wage (NLW) at this time should not be implemented. Instead, a more modest an...