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  • Anforme How can Supply-Side Policies be used to achieve Economic Growth?

Anforme How can Supply-Side Policies be used to achieve Economic Growth?

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Andrew Threadgould, Head of Economics, Dulwich College, explains the nature of government policies which aim to raise the potential output of an economy before outlining reasons why their effectiveness may be limited.

Summary of Key Points:

  • Renewable energy is derived from anything that can be used to make heat or electricity without unsustainable fuels and which does not make a net contribution of carbon dioxide to the atmosphere.
  • Approximately 3% of the UK’s total final energy consumption was coming from renewable energy sources in 2009. Biofuels, wind and hydropower are the main current sources of renewable energy.
  • Government support for renewable energy has been much greater in other EU countries.
  • Technical developments favour the growth of wind power, which is becoming increasingly commercially viable, assuming that fossil fuel prices remain high.
  • When markets work well, market forces provide the best method of allocating scarce resources between competing uses. But in a free market, energy industries are adversely affected by a type of market failure known as information failure. Suffering from economic myopia, both energy firms and governments favour short-run considerations at the expense of the long run.
  • Both market forces and governments appear to be failing to meet Britain’s long-term renewable energy needs.

This article is from ET 18 Issue 2.

Andrew Threadgould, Head of Economics, Dulwich College, explains the nature of government policies which aim to raise the potential output of an economy before outlining reasons why their effectiveness may be limited.

Summary of Key Points:

  • Renewable energy is derived from anything that can be used to make heat or electricity without unsustainable fuels and which does not make a net contribution of carbon dioxide to the atmosphere.
  • Approximately 3% of the UK’s total final energy consumption was coming from renewable energy sources in 2009. Biofuels, wind and hydropower are the main current sources of renewable energy.
  • Government support for renewable energy has been much greater in other EU countries.
  • Technical developments favour the growth of wind power, which is becoming increasingly commercially viable, assuming that fossil fuel prices remain high.
  • When markets work well, market forces provide the best method of allocating scarce resources between competing uses. But in a free market, energy industries are adversely affected by a type of market failure known as information failure. Suffering from economic myopia, both energy firms and governments favour short-run considerations at the expense of the long run.
  • Both market forces and governments appear to be failing to meet Britain’s long-term renewable energy needs.

This article is from ET 18 Issue 2.

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