The Global Economy : UK
Macroeconomic performance &
objectives
Objectives
• Identify key macro-economic objectives and
key performance indicators
• Be aware in broad terms of how these
objectives are measured/data is collected
• Identify conflicts between key economic
objectives
What are the UK’s main macroeconomic objectives?
In pairs, take an objective and prepare
some short notes on
• What this measure means
• Current UK performance and recent trends
• How it is measured (does not require huge
detail – key bullets)
Economic Growth
Price Stability
Full Employment
Balance of Payments
Income Redistribution
Others
• Sustainability and a minimised environmental
impact
• Correcting market failure
• Productivity
• Happiness index?
Economic Growth
Price stability : Inflation
You should read this article on proposed changes to how inflation is measured. Print, read
and add to your notes.
http://www.bbc.co.uk/news/business-20959765
Unemployment
Balance of Trade (Exports – Imports)
Redistribution of income
Some essential out of class reading:
http://www.guardian.co.uk/society/datablog/20
12/jun/22/household-incomes-compare
Print off, read & add to your notes
Conflicts?
Priorities?
Now
Pre-Credit Crunch
Independent reading/work
• Read pages 208 to 216 of Smith
• Read the article on income distribution
• Over the coming weeks, keep abreast of
changes/developments to these key data (I
recommend www.tradingeconomics.com as a
site to use to keep updated notes)
• Read the article on proposed/rejected
inflation measurement changes