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  • Anforme How might Output and Inflation be Affected by an Increase in Aggregate Supply?

Anforme How might Output and Inflation be Affected by an Increase in Aggregate Supply?

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Andrew Threadgould, Head of Economics, Dulwich College, explains how the supply of goods and services is a key determinant of macroeconomic performance.

Summary of Key Points:

  • The aggregate demand and aggregate supply framework provides a powerful model for economists to analyse and explain changes on a macroeconomic level.
  • Supply-side growth occurs through increases in the quantity of the factors of production and also productivity growth.
  • Increases in aggregate demand tend to be inflationary and may result in a deterioration of the current account position.
  • Increases in aggregate supply tend to be deflationary and may help to improve the current account position.
  • Increases in aggregate supply in both the short-run and long-run tend to benefit the economy through providing non-inflationary growth, the ‘holy grail’ of macroeconomists.

This article is from ET Volume 17 Issue 3.

Andrew Threadgould, Head of Economics, Dulwich College, explains how the supply of goods and services is a key determinant of macroeconomic performance.

Summary of Key Points:

  • The aggregate demand and aggregate supply framework provides a powerful model for economists to analyse and explain changes on a macroeconomic level.
  • Supply-side growth occurs through increases in the quantity of the factors of production and also productivity growth.
  • Increases in aggregate demand tend to be inflationary and may result in a deterioration of the current account position.
  • Increases in aggregate supply tend to be deflationary and may help to improve the current account position.
  • Increases in aggregate supply in both the short-run and long-run tend to benefit the economy through providing non-inflationary growth, the ‘holy grail’ of macroeconomists.

This article is from ET Volume 17 Issue 3.

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