Saturday, December 28, 2019

The Partial Responsibility of the Witches in William...

It is the purpose of this assignment to explore whether the witches influenced Macbeth sufficiently to cause him to commit murder, treason and regicide, or whether Macbeth was capable of committing these crimes on his own and the witches only made this happen a little earlier and a little more certainly. We will also explore the Elizabethan audience, their superstitions, and how they would react to the character of the witches as seen in Macbeth. Historically, the witches have been seen as evil beings that gain evil powers from the devil to use during their lifetime, in return for their souls when they die. In the United Kingdom, mans belief in witches and the supernatural was very strong†¦show more content†¦During trial the witch would be searched for such a mark, or even tortured into a confession. James I was terrified of witches, who he believed destroyed his ship The Tiger and tried to kill him. The populace would follow the example of their monarch and as a result people hated witches and were horrified by the accounts they heard. The effect that the witches would have had on the Elizabethan audience would have been phenomenal. The audience would be filled with fear and awe every time the witches appeared on stage, and they would be shocked to see Macbeth consulting with witches, which was an act punishable by death at the time. Shakespeare uses numerous special effects where the witches are concerned. This is especially true of the four scenes where the witches directly appear, scenes Act 1 Scene 1, Act 1 Scene 3, Act 3 Scene 5 and Act 4 Scene 1. In all four cases, thunder precedes the three witches, almost as though nature is protesting against the witches presence. I will now analyse the four scenes in which the witches can be seen to directly influence the play. In Act 1,Scene 1, the very first stage action in Macbeth reads: ThunderShow MoreRelatedFactors Contributing to Macbeths Transformation in Shakespeares Macbeth1912 Words   |  8 PagesIn the play Macbeth, the main character, Macbeth transforms from a gallant war hero to a tyrannical murderer. As soon as Macbeth enters this life filled with tyranny his fate is doomed to a tragic downfall. Throughout the play, Shakespeare makes Macbeth responsible for his actions but Shakespeare also uses other characters as influences upon him which gives the character of Macbeth only partial responsibility for what he has done. In the scenes which lead up to the murder of Duncan, Shakespeare

Thursday, December 19, 2019

Organizational Behavior And Relationship Management Essay

INDIVIDUAL ASSIGMENT ORGANIZATIONAL BEHAVIOR AND RELATIONSHIP MANAGEMENT OBRM 4.712 DR. JOHN TAN TITLE : Organizational Behaviour And Relationship Management BY : Mohit Rattra (20140741) MBA132 mohitratra@gmail.com WORD COUNT: 2196 EXECUTIVE SUMMARY This study has demonstrated that there are a few paramount components which straightforwardly impacted a leadership style. A pioneer can t be reliable on one leadership styles to be viable pioneer in the current aggressive nature. I have highlighted how fruitful pioneers who figured out how to turnaround weak organizations with their leadership style were later rejected amid great time because of their failure to adjust their initiative style to suit the current circumstance. Henceforth I presume that there is nobody style of authority fit for all sort of circumstances. In this procedure of this study, I have likewise focused on the significance of workers to any business association regarding learning and innovativeness to use different assets which an organization must be an effective all hands on deck. Consequently it is exceptionally paramount for any pioneers to keep their subordinates blissful, propelled and occupied with their everyday work generally organization will bear a high turnover which will bring about money related misfortune and crumbling in client administrations. In this manner it is extremely vital for the ten supervisorsShow MoreRelatedOrganizational Behavior And Relationship Management Essay2307 Words   |  10 Pages ORGANISATIONAL BEHAVIOR AND RELATIONSHIP MANAGEMENT ANALYSIS OF TRANSFORMATIONAL AND RELATIONSHIP CAPITAL THEORIES Name – Jayashree Jayakumar Student Id- Email- jaychu18@gmail.com Word Count EXECUTIVE SUMMARY The research on Leadership is done with the concepts of Transformational Leadership through Relationship Capital to showcase the importance of a healthy relationship between the manager and his employees in an organisation. Every organisation will always set goals and targets, in orderRead MoreThe Chicago School Of Professional Psychology Essay1221 Words   |  5 Pagesspecific research topic of the perceived institutional ethical behavior of US-based multinational corporations and its relationship with organizational longevity. Following the five peer-reviewed qualitative research articles. APA Annotation Aleksic, A. (2013). How Organizations Achieve Longevity: The Role of Change Management in Building Their Sustainability. International journal of the academy of Organizational behavior management. Issue 4 (January-March 2013) (65 - 78). The primary purpose ofRead MoreAn Introduction to Organizational Behavior1638 Words   |  7 PagesAn Introduction to Organizational Behavior 1. Define organizational behavior (OB) and explain its roots - a field of study that seeks to understand, explain, predict and change human behavior, both individual and collective, in the organizational context - includes 3 levels ï  ® individual: employee motivation and perception ï  ® group: teams, communication, job design, and leadership ï  ® organization-wide: change, culture and organizational structure ï  ® interorganizational (network): outsourcingRead MoreStudy of Organizational Behavior and the Effective Management of People948 Words   |  4 Pagesï » ¿Kseniia Derkach Organizational Behavior I believe that the relationship between the study of Organizational Behavior and the effective management of people in organizations is absolutely direct. It is impossible to manage people in organization effectively without knowledge about OB, organizational structure, communicational skills, empoyees’ satisfaction, motivation, change process, etc. It is impossible to solve any problem or conflict in the organization without understanding of the rulesRead MorePerformance Management At The Retail Store1519 Words   |  7 Pages Performance Management In the retail store that in which I work as an HR manager clothes are sold along with shoes, handbags, linens, etc. Recently my company had its worst quarter and being the HR manager I have asked by the upper management to improve the performances of the retail store employees on an immediate basis so that the sales and merchandise of the store can be improved and good customers can be retained along with attracting new customers. When I got into the process of assessing theRead MorePerceived Institutional Ethical Behavior Of Us Based Multinational Corporations And Its Relationship With Organizational Longevity Essay1209 Words   |  5 Pagesspecific research topic of the perceived institutional ethical behavior of US-based multinational corporations and its relationship with organizational longevity. Following the five peer-reviewed qualitative research articles. APA Annotation Aleksic, A. (2013). How Organizations Achieve Longevity: The Role of Change Management in Building Their Sustainability. International journal of the academy of Organizational behavior management. Issue 4 (January-March 2013) (65 - 78). The primary purpose ofRead MoreOrganizational Culture And Human Behavior1323 Words   |  6 Pagesframeworks in managing projects (Murthy, 2014). A major factor of a project’s success is the behavior of the employees. Employee behavior is influenced by organizational culture and leadership. This paper will briefly explore the influence organizational culture and human behavior have on the success of projects, in particular projects plagued with conflict. First, this paper will discuss the influences organizational culture has on the success of projects. Secondly, the role project leadership plays inRead MoreProcedural Justice And Job Satisfaction Of Nursing Employees1523 Words   |  7 Pages outcome. According to the write-up, â€Å"procedural justice and job satisfaction of nursing employees are positively and significantly related to their innovative behavior† (Xerri, 2014, p.4), and â€Å"interactional justice directly affects job satisfaction and indirectly affects innovative behavior through job satisfaction† (Xerri, 2014, p.4). In other words, an organization that engages in practical apprehensions reaps perfected job satisfaction, which in turn has a bearing on workplace attitudes. ToRead MoreEssay Organizational Behavior1057 Words   |  5 PagesOrganizational Behavior Organizational behavior: Organizational behavior refers to the attitudes and behavior of the individuals in the organization. Organizational behavior is a inter-disciplinary field of study that draws from many of the behavioral sciences. The goal of organizational behavior is to apply the concepts from the other behavioral sciences to pressing problems that management may be facing, as well as applying organizational behavior to the administrative theory and practicesRead MoreMotivation and Conflict Resolution Essay753 Words   |  4 Pagesproviding job satisfaction. Effectively resolving conflict is critical to the success of the organization, but is only one aspect of employee motivation. There are motivational theories that help organizations understand workplace relationships, organizational behavior, and their effects on employee motivation. Improved knowledge of employee motivation and workplace conflict help organizations develop effective strategies for conflict resolution. Motivational

Wednesday, December 11, 2019

Henry The Fourth Essay Research Paper HENRY free essay sample

Henry The Fourth Essay, Research Paper HENRY THE FOURTH ESSAY In the drama? Henry the 4th? written by William Shakespeare is exultant and denial. There is a prince named Hal that does non move like a prince that you think a prince would and flesh out adult male named Falstaff that is his friend. In this drama we see that the prince alterations when his male parent and his state need him from a bully of a prince to a prince that is tough and baronial. I will demo in stairss how prince Hal turns from? Pal Hal? to? Sweet hope? . In the starting of the drama we see that the prince is a? man-about-town? . He does non move princely. He is ever imbibing and holding merriment with his friends. At this point Hal does non truly care that he is traveling to be the following swayer of his state so he merely has merriment. We will write a custom essay sample on Henry The Fourth Essay Research Paper HENRY or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page He loves his friends. He likes their company and the manner they act. He knows they use him to pay for drinks and acquire them out of problem sometimes but that does non truly trouble oneself him. His best friend would hold to be the fat old sloven Falstaf. Falstaf is ever about in the narrative and negotiations all of the clip. He besides spends most of his clip imbibing in the tap house. Hal likes to hang out with Falstaf because he is amusing and vocal. Hal and Falstaf could do merriment of each other and name each other names and that wont bother them. For case when the prince started naming Falstaf, ? This bed-presser, this horse-back-breaker, this immense hill of flesh? . Then Falstaf came back by stating, ? Sblood, you starveling, you eel-skin, you dried orderly? s- lingua, you bull? s pizzle, you stock-fish, # 8211 ; O for breath to express what is similar thee! -you seamster? s-yard, you sheath, you bow-case, you vile standing tuck! ? ( Act 2,2,245-251 ) . All this merely slipped of there dorsums like it didn? t even go on. Hal likes holding merriment. An illustration of this was when Hal and Poins stole money from Falstaf and friends after they robbed a twosome of travellers. Hal and Poins did this because they wanted to see what Falstaf and company would state when they came back to the saloon. They wanted to see the sort of narratives that they would do up. And that did go on. Falstaf made a whole scope of narratives ever altering. One narrative was that a whole ground forces attacked them and tried to contend them off but Falstaf and friends could non make it. Another narrative was that Falstaf knew it was Prince Hal and Poins so he merely allow them travel without aching them. Another manner the prince had merriment was when Hal and Poins would maintain on naming Francis doing him walk back and forth doing him look dumb. This is why the people would name the prince? Pal Hal? . Then one twenty-four hours the King of England had a talk with his boy and Prince Hal realized. He had to alter. The male monarch told him about himself when he was younger when he competed for the throne against King Richard the 2nd. The male monarch so told Hal that if he does non determine up Hotspur might one twenty-four hours win the regard of the people and go male monarch. So now Hal knew what he had to make. He had to halt fooling around and gripe up his repute of a prince. And that? s precisely what he did. He went to the tap house less and went to meetings that his male parent called. He even took charge of an ground forces during the civil war against Hotspur, Glendower, and Mortimer. Now the people realized that there one time? Pal Hal? is now a? Sweet hope? . So now during the civil war Prince Hal is now the new hope of England. The people love him and the enemy is going frightened they are traveling to lose. Then on the battleground Douglas finds the male monarch and starts to contend with him to the decease. But England? s new? Sweet hope? leaps in and salvage his male parents life. Then after the male monarch leaves Hotspur finds the prince. Hotspur says, ? If I mistake non, thou art Harry Monmouth? ( Act 5,4,58 ) . Then the prince answers by stating, ? Thou speak? st as if I would deny my name? ( Act5,4,59 ) . They so fight to the decease and Hotspur loses. Hal has won his ain conflict by crushing his long clip enemy but losing one of his best friends Falstaf. This shows that he is separating with the partying and games and is now traveling to hold to work. So I guess now you could see how baronial Hal has changed from a bully to a rolemodel. He is now a existent prince alternatively of the saloon fly that he one time was we he hung around with Falstaf and the hapless. He is now fit to govern when his male parent dies.

Wednesday, December 4, 2019

Slowdown in the UK Economy

Introduction This report is an assessment of the extent to which external macroeconomic factors have contributed to the slowdown of UK’s economic growth as compared to domestic factors. The measures taken by the British government and the Bank of England in the last two years to enhance the rebound of the economy will be compared with those taken by other governments and central banks. Additionally, the measures taken by the British government and the Bank of England will be analyzed in order to determine their effectiveness.Advertising We will write a custom report sample on Slowdown in the UK Economy specifically for you for only $16.05 $11/page Learn More Background The challenges facing UK’s economy began in 2008, following the 2008/2009 global financial crisis. Due to the financial crisis and a huge public debt, UK entered a recession in 2009. The government and the Bank of England responded to the economic decline through fiscal and m onetary policies respectively. Thus, in 2010, UK left the recession with a GDP growth of 0.4% in the first quarter of the year (Sawyer 2011, pp. 13-29). However, the steady recovery was only maintained up to the third quarter of 2011. From the fourth quarter of 2011, UK’s economy began to contract again, thereby raising fears of a double-dip recession. A double-dip recession is a situation whereby â€Å"a recession is followed by a short recovery, followed by another recession† (Martin Miler 2010, pp. 443-459). In the first quarter of 2012, UK’s GDP further contracted by 0.2%. The construction industry which is the most affected experienced a reduction in output by 3%. Some economists predict that the economy might enter a full recession in the near future. However, the main causes of the economic slowdown are not clear. Effects of the Domestic Factors The domestic factors associated with the economic crisis in UK include the following. First, UK’s huge public debt is partly responsible for the economic crisis. Both public and private debts grew to unsustainable levels, prior to the 2008/2009 financial crisis (HM Treasury 2011, pp. 5-104). For instance, the nonfinancial firm’s debt reached 110% of the GDP in 2008. The private and public sector borrowed from abroad, thereby increasing UK’s current account deficit to over 3% of GDP. In 2007, the government based its spending plan on unsustainable revenues. As a result, the tax receipts were less than the planned expenditure. This worsened the debt crisis, and public spending increased to 47% of GDP in the 2008/2009 financial year (HM Treasury 2011, pp. 5-104). Increased public borrowing led to higher prices of public services, whereas private investments reduced. Second, UK had an unbalanced growth. Economic growth was only strong in the South East, while the rest of the country depended on jobs supported by public spending. In order to support these jobs, the governmen t had to continue borrowing, thereby worsening the dept crisis and crowding out private investments. Third, the saving rate reduced from 10% in 1994 to less than 1% in 2007 (Morald Plummer 2010, pp. 208-219).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More As the saving rate reduced, households relied on borrowing to finance their expenditures. However, banks have since reduced credit availability in order to recover from the 2008/2009 crisis. The resulting reduction in aggregate demand has led to slow economic activity. Fourth, weak consumer, as well as, investor confidence has constrained economic growth through low aggregate demand. Finally, the austerity measures such as job cuts in the public sector have had a contractionary effect on UK’s economy (International Monetary Fund 2010, pp. 1-32). Effects of International Factors The international macroeconomic factors that have co ntributed to UK’s economic crisis include the following. To begin with, the Euro-zone financial crisis has adversely affected UK. In particular, the Euro-zone crisis has had a negative demand shock in UK. The decline in aggregate demand in Europe (UK’s main export market) has led to a reduction in UK’s exports earning. This decline has translated into high unemployment rate and low income per capita in UK. Additionally, UK’s financial system is integrated with those of other European countries. Thus, debt defaults in the Euro-zone have had a negative spillover effect in UK. Second, UK’s currency is still stronger than the major international currencies. Hence, UK’s exports have declined as its products become uncompetitive in foreign markets. Additionally, competition from emerging economies such as India and China has reduced demand for UK’s exports. Finally, high interest rate and stability in foreign markets has led to capital flig ht from UK. Consequently, the level of investment in UK has declined since the beginning of the global financial crisis. It is apparent that both domestic and international macroeconomic factors have significantly, contributed to the slowdown in UK’s economy. The economic crisis was initiated by the domestic factors, especially, the public and private sector debt (Eichengreen, Feldman, Leibman 2011, 25-164). The international factors such as the Euro-zone crisis worsened the situation. For instance, the government’s attempt to reduce its debts in 2007 was thwarted by the global financial crisis which prevented the government from maximizing its tax revenue.Advertising We will write a custom report sample on Slowdown in the UK Economy specifically for you for only $16.05 $11/page Learn More Measures Taken by the Government and the Bank of England The UK’s economic policy aims at â€Å"achieving a strong, sustainable and balanced gro wth that is more evenly shared across the country and between industries† (HM Treasury 2011, pp. 5-104). Hence the objective of the economic policy is to achieve economic growth, stability and fairness. The objective of the fiscal policy is to control government spending in order to reduce the public debt in the medium term. The objective of monetary policy, on the other hand, is to achieve price stability which in turn will spur a wider economic stability. The fiscal policy being pursued by the government can be explained as follows. In order to promote rapid economic growth, the government decided to reform the tax system. The reform is expected to make tax compliance simpler and cheaper. In 2011, the corporate tax was reduced to 26% down from 27% in 2010 (HM Treasury 2011, pp. 5-104). The government intends to reduce the corporate tax to 23% by 2014. Additionally, the government is implementing a progressive tax system that aims at redistributing income from the rich to the poor. In order to enhance investment and exports, the government allocated 300 pounds for expanding the rail network and road maintenance. The government also intends to â€Å"establish 21 new enterprise zones† (HM Treasury 2011, pp. 5-104). The government has since increased expenditure on education and health. For instance, in 2010, the government adopted a plan to build 24 new collages and to improve access to health care through NHS. The government intends to reduce borrowing from the public from 11% of GDP in 2009 to 1.1% of GDP by 2016 (HM Treasury 2011, pp. 5-104). In order to achieve this objective, the government has embarked on fiscal consolidation by reducing welfare costs, as well as, wasteful spending (HM Treasury 2010, pp. 6-106). Finally, the government intends to promote fairness by reducing inheritance tax, reforming the pension system, reducing tax avoidance and reducing fuel duty. The Bank of England has increased money supply by reducing its interest rate to 0.5%. It has also improved regulation in the financial sector in order to promote growth. The effect of the fiscal and monetary policies implemented by the government and the Bank of England respectively can be illustrated by the IS-LM and the IS-PC-MR model.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The IS-LM Model Figure 2 below shows the IS-PC-MR model. The economic stimulus package and tax cuts implemented by the government have the impact of a positive supply shock in the economy. Consequently, output will increase from Y1 to Y2. Both the vertical and the short-run Philips curves shift to the right. Thus, the inflation rate will fall below the target rate of 2% as equilibrium moves from point A to B. In order to achieve the targeted inflation rate, the Bank of England predicts the PC constraint and chooses the optimal level of output (point C in graph 2). In order to achieve the optimal output level, interest rates have to be reduced (Blanchard 2008, p. 235). Thus, the Bank of England reduced its interest rate to 0.5%. The economy will then be guided to a higher equilibrium (point Z). In general, a positive supply shock causes a reduction in inflation and an increase in output in the short run. This perhaps explains the reduction in UK’s inflation between 2010 and 20 11, as well as, the increase in output over the same period. The IS-PC-MR Model Figure 2 below shows the IS-PC-MR model. The economic stimulus package and tax cuts implemented by the government have the impact of a positive supply shock in the economy. Consequently, output will increase from Y1 to Y2. Both the vertical and the short-run Philips curves shift to the right. Thus, the inflation rate will fall below the target rate of 2% as equilibrium moves from point A to B. In order to achieve the targeted inflation rate, the Bank of England predicts the PC constraint and chooses the optimal level of output (point C in graph 2). In order to achieve the optimal output level, interest rates have to be reduced (Blanchard 2008, p. 235). Thus, the Bank of England reduced its interest rate to 0.5%. The economy will then be guided to a higher equilibrium (point Z). In general, a positive supply shock causes a reduction in inflation and an increase in output in the short run. This perhaps exp lains the reduction in UK’s inflation between 2010 and 2011, as well as, the increase in output over the same period. Measures Taken by other Governments and Central Banks Nearly all countries in Europe are facing a financial crisis. Consequently, most of them are implementing stabilization policies. Denmark adopted an exchange rate-based stabilization by devaluing its currency through wage restraint, as well as, income policies (Perotti 2011, pp. 2-60). Denmark’s inflation and interest rates initially reduced, causing domestic demand to increase. However, as the competitiveness of Denmark’s exports worsened, the current account deficit increased and growth reduced. In Ireland, the local currency was depreciated before the implementation of fiscal consolidation. Additionally, Ireland’s exchange rate was fixed â€Å"within the European Exchange Rate Mechanism (ERM)† (Perotti 2011, pp. 2-60). In Sweden and Finland, fiscal consolidation was implemente d under a floating exchange rate and inflation targeting. Hence, the currencies of these countries depreciated and their exports increased. Additionally, the central banks of Sweden and Finland significantly reduced their interest rates. In the US, the Fed lowered its interest rate in order to increase liquidity. The Fed also embarked on credit easing by buying mortgage-backed securities from the public (Wallison 2012, pp. 71-77). The government of US implemented fiscal stimulus packages as a response to its debt crisis. In conclusion, most countries in Europe have responded to the financial crisis through fiscal consolidation and economic stimulus packages. However, UK’s fiscal consolidation differs from those of its peers in terms of timing, the extent of fiscal retrenchment and the range of austerity measures taken by the government. In US the fiscal policy is expansionary and is likely to increase the budget deficit by 1% of GDP in 2012 (Wallison 2012, pp. 71-77). Effecti veness of UK’s Fiscal and Monetary Policies As stated earlier, the objective of UK’s economic policy is to enhance, growth, stability and fairness. The extent to which these objectives have been achieved can be analyzed using the AD-BT-ERU model. Monetary Policy Consider the AD-BT-ERU model illustrated by figure 3. The Bank of England has loosened the monetary policy by lowering the interest rate. Thus, net exports, as well as, output will increase from Y0 to Y1 and the short-run equilibrium will be at point B. The exchange rate will also depreciate from e1 to e2. The depreciation causes the prices of imports to increase while the prices of exports remain constant. Thus, the country’s terms of trade deteriorates. The increase in the price of imports directly affects the CPI, thereby reducing the real wage rate (Mankiw 2009, p. 341). Wage setters will respond to the increase in employment and the reduction in real wage in the medium term. The increase in output i n the short run will be accompanied by inflationary pressures. Consequently, the real money wage will be higher as compared to the expected prices. Since the nominal exchange rate will remain constant after its initial depreciation, the rise in CPI will be less than the rise in money wages. As a result, the economy will operate above the ERU curve and the domestic inflation rate will be higher than the world inflation. Thus, the competitiveness of UK’s exports will reduce and the economy will return to point A. In the last 4 years, UK’s currency depreciated by 25%, thereby increasing exports, reducing the trade deficit and promoting economic growth (Kamath 2011, pp. 294-303). Going by the AD-BT-ERU analysis, these gains are likely to be lost in the medium term and the economy will return to the low output level (point A in figure 3). This suggests ineffectiveness of the monetary policy. Tax Cuts Consider the AD-BT-ERU model illustrated by figure 4 below. The tax cut ca uses the ERU curve to shift to the right. A reduction in tax rate from t0 to t1 shifts the PS (ÃŽ ¸, t0) curve to PS (ÃŽ ¸, t1). Thus, the equilibrium will move from point A to A’. Additionally, the ERU curve will shift to ERU’. The AD curve will not shift since the tax cut effect is expected to be offset by the reduction in government spending. Thus, point B and Z will be the new medium and long run equilibrium respectively. The real wage will exceed the wage-setting real wage and the economy will operate below the ERU’ curve. Hence, both nominal and real wages will reduce and the competitiveness of exports will increase. The economy will move from point A’ to B. Since point B has a higher output than point A, the tax cut policy will be effective. Austerity Measures Consider the AD-BT-ERU model illustrated by figure 5 below. The austerity measures taken by the government can be conceptualized as negative demand shocks since they reduce aggregate demand a nd investments (Baker 2010, pp. 3-14). The negative demand shock will lead to a depreciation of the exchange rate in the short run, whereas output will remain fixed at point D. Output is unchanged since the reduction in output due to a fall in aggregate demand is offset by the depreciation caused by reduction in interest rate. The depreciation reduces the real wages and the domestic inflation will exceed that of the world (OECD 2010, pp. 2-47). Consequently, the competitiveness of UK’s exports will reduce. Additionally, output will fall from Y0 to Y1 as the economy moves to a new equilibrium at point B. The reduction in output at the new equilibrium shows that the austerity measures are ineffective. This is because they lead to a contraction as opposed to the government’s objective of achieving a higher economic growth. Conclusion The measures taken by the government and the Bank of England in response to UK’s economic crisis, to a large extent, are similar to t hose taken by other European countries. The government of UK has focused on fiscal consolidation, while the Bank of England has loosened the monetary policy. The impact of these measures are reflected in the rise in output between 2010 and the third quarter of 2011, as well as, the decline in output from the last quarter of 2011 to the first quarter of 2012. Empirical studies reveal that fiscal consolidation reduces economic growth (Perotti 2011, pp. 2-60). This is inline with our findings that austerity measures are likely to reduce output. Our findings also show that UK’s monetary policy will reduce output by reducing the competitiveness of its exports. Thus, in the short run, the measures taken by the government seems to be ineffective. While fiscal consolidation is necessary to reduce the pubic debt, the government and the Bank of England should also take some expansionary measures to enhance economic growth. In the long run, the fiscal consolidation is likely to spur gro wth if it succeeds in reducing the debt burden. Figure 1: IS-LM Model Figure 2: IS-PC-MR Model Figure 3: Monetary Policy Figure 4: Tax Cut Figure 5: Austerity Measures References Baker, D 2010, The Myth of Fiscal Austerity, Center for Economic and Policy Research, Washington D.C. Blanchard, O 2008, Macroeconomics, McGraw-Hill, New York. Eichengreen, B, Feldman, R Liebman, J 2011, Public Debt: Nuts, Bolts and Worries, Center for Economic Policy Research, London. HM Treasury 2011, Budget 2011, The Stationery Office, London. HM Treasury 2010, Spending Review 2010, The Stationery Office, London. International Monetary Fund 2010, Will it Hurt? Macroeconomic Effects of Fiscal Consolidation, IMF, Washington D.C. Kamath, K 2011, Understanding Recent Developments in UK External Trade, Bank’s Structural Economic Analysis Division, London. Mankiw, R 2009, Macroeconomics, McGraw-Hill, New York. Martin, C Miler, C 2010, ‘Financial Market Liquidity and the Financial Crisis: An Assessment Using UK Data’, International Finance, vol. 13 no. 3, pp. 443-459. Morald, M Plummer, M 2010, ‘Surviving the Economic Crisis’, Local Economy, vol. 25 no. 3, pp. 208-219. OECD 2010, Fiscal Consolidation: Requirement, Timing, Instruments and Institutional Arrangements, OECD, Paris. Perotti, R 2011, The Austerity Myth: Gain without Pain?, Center for Economic Policy Research, London. Sawyer, M 2011, ‘UK Fiscal Policy after the Global Financial Crisis’, Contributions to Political Economy, vol. 30 no. 1, pp. 13-29. Wallison, P 2012, ‘How and Why a US Sovereign Debt Crisis could Occur’, Economics Journal Watch, vol. 9 no. 1, pp. 71-77. 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