Should The Uk Government Focus On Achieving Economic Growth Economics 20 Mark Essay Question

565 words - 3 pages

Evaluate whether the UK government should focus on achieving economic growth as its key macroeconomic objective. (20)
The UK Government should focus on achieving economic growth as its key macroeconomic objective because economic growth is the most important macroeconomic objective compared to other objectives. This is because objectives other than economic growth can only provide short term benefits and affect a smaller group of people, whereas economic growth will affect the whole UK economy and society.
Economic growth is an increase in the amount of goods and services produced per head of the population over a period of time. By focusing on achieving economic growth, consumers will benefit as there will be an increase in production of goods which means that there will be more products for consumers to choose from and buy, and therefore result in the prices of these products being lowered. This would result in a reduction in unemployment as a new increase in supply for products would create new jobs as companies would need more workers to meet the rising demand. The current unemployment rate in the UK is 4.3% which is a good rate because it is low enough still for the population to be incentivised to search for employment. On top of this, there were 1.43 million unemployed people in 2017 (people not in work but seeking and available to work), which was 182,000 fewer than in 2016 and there were 32.08 million people in work, but 325,000 more than for a year earlier. These statistics shows that the UK Government do not need to focus on unemployment as a macroeconomic objective because there is proof that the unemployment...

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