A Macroeconomic Comparison of UK's Economic Growth and Welfare
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This essay provides a comparative analysis of economic growth and economic welfare in the United Kingdom, examining macroeconomic measures such as GDP, inflation, and unemployment. It defines economic growth as the increase in the production of goods and services, often measured by GDP and GNI, while economic welfare encompasses the prosperity and living standards, assessed through indicators like HDI, healthcare, and education. The essay contrasts economic growth as a quantitative, short-term, and potentially government-independent process with economic welfare as a qualitative, long-term, and policy-driven objective. It concludes that while economic growth focuses on monetary value, economic welfare prioritizes the overall well-being and living standards of the UK population, highlighting the importance of both for sustainable development. Desklib offers similar essays and study resources for students.

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INTRODUCTION
Macroeconomics is the branch of economic which deals with the performance, decision-
making, structure and the behaviour of the economy as a whole. The main concern of
macroeconomics is the national output, inflation & unemployment within in the economy. There
are certain approaches which is being used by the country so that they can ensures the flow of
goods and services in an appropriate manner(Wilson and Wilson, 2021). It also studies the gross
domestic products, consumption, savings, investment, international trade and the finance within
the economy. This respective essay will cover the compare and contrast to measure the economic
growth and economic welfare of the UK. With this, the company can analyse the better working
and ensures the results for the development of the economy. This respective essay will cover
economic growth and it welfare of United Kingdom.
MAIN BODY
Compare and contrast the measures of macro economy of a country.
Macroeconomics analysis the phenomena which includes the price level, inflation, rate of
growth, gross domestic products and the variation in the overall unemployment. Economic
growth is considered among the most crucial indicators which are released and it is the main
concern that it indicates the overall growth of economic output within the economy. This essay
will cover the topic of economic growth and economic welfare within the UK economy.
Economic growth is defined as the increase in the production of products and services in
comparison from a particular period of time to another. It is also defined as the rise in the value
of commodities and services that creates profitability to the particular goods and services. As a
results, stock prices also increases by which companies can invest and hire more employees
within the organisation. When more job are created then it tends to rise the income level by
which it assured the consumer to have more money and purchasing which driven the higher
growth(Shafique and Ali, 2018). This is the reason, all the nations want positive economic
growth. For analysing the economic growth of the nation, Gross domestic product is the best way
to measure the economic growth at it takes into account the country's entire output and it does
not matter whether they are sold domestically or overseas. The World Bank uses the gross
national income despite of GDP to measure the overall economic growth. It includes the income
which is being generated by the citizen who are working in international market. It is also
Macroeconomics is the branch of economic which deals with the performance, decision-
making, structure and the behaviour of the economy as a whole. The main concern of
macroeconomics is the national output, inflation & unemployment within in the economy. There
are certain approaches which is being used by the country so that they can ensures the flow of
goods and services in an appropriate manner(Wilson and Wilson, 2021). It also studies the gross
domestic products, consumption, savings, investment, international trade and the finance within
the economy. This respective essay will cover the compare and contrast to measure the economic
growth and economic welfare of the UK. With this, the company can analyse the better working
and ensures the results for the development of the economy. This respective essay will cover
economic growth and it welfare of United Kingdom.
MAIN BODY
Compare and contrast the measures of macro economy of a country.
Macroeconomics analysis the phenomena which includes the price level, inflation, rate of
growth, gross domestic products and the variation in the overall unemployment. Economic
growth is considered among the most crucial indicators which are released and it is the main
concern that it indicates the overall growth of economic output within the economy. This essay
will cover the topic of economic growth and economic welfare within the UK economy.
Economic growth is defined as the increase in the production of products and services in
comparison from a particular period of time to another. It is also defined as the rise in the value
of commodities and services that creates profitability to the particular goods and services. As a
results, stock prices also increases by which companies can invest and hire more employees
within the organisation. When more job are created then it tends to rise the income level by
which it assured the consumer to have more money and purchasing which driven the higher
growth(Shafique and Ali, 2018). This is the reason, all the nations want positive economic
growth. For analysing the economic growth of the nation, Gross domestic product is the best way
to measure the economic growth at it takes into account the country's entire output and it does
not matter whether they are sold domestically or overseas. The World Bank uses the gross
national income despite of GDP to measure the overall economic growth. It includes the income
which is being generated by the citizen who are working in international market. It is also

important source of income for the certain market. GDP helps to shape the national economy of
UK and it has started to level in the recent years by taking a huge body blow in the collapse takes
place in financial year 2008. they somehow manage to rise from the dark state of desperation
which was it between 2009 and 2010 and from -3.97 to 1.8% as the country is completely facing
collapse of the entire banking industry. The Big Bang policy is the one which involves the mass
deregulation of the certain financial market which leads to huge change in the financial decisions
in London work.
Illustration 1: United Kingdom GDP Growth Rate,2021
Moreover, the British economy advanced 6.5% per year and following an upward
revised of 7% growth in the past year and it is slightly high than forecasts of 6.4%. government
spending recorded the biggest rise of 11.6% which is followed by household expenditure of
8.9%.
Economic welfare, It is the economic well-being expressed in context to the sum total of
the consumer and the producer surplus, it is basically known as the community surplus. It exist
whenever the given prices, a consumer would like to pay in context to their expected private
benefits which is greater than they actually pay (Hausermann, 2021). It is defined as the level of
prosperity and the quality of living standards within the economy. It is being measured with the
help of various factors that are GDP and other indicator that shows the welfare of the
population(level of populations and literacy rate). It includes the development of people heath,
UK and it has started to level in the recent years by taking a huge body blow in the collapse takes
place in financial year 2008. they somehow manage to rise from the dark state of desperation
which was it between 2009 and 2010 and from -3.97 to 1.8% as the country is completely facing
collapse of the entire banking industry. The Big Bang policy is the one which involves the mass
deregulation of the certain financial market which leads to huge change in the financial decisions
in London work.
Illustration 1: United Kingdom GDP Growth Rate,2021
Moreover, the British economy advanced 6.5% per year and following an upward
revised of 7% growth in the past year and it is slightly high than forecasts of 6.4%. government
spending recorded the biggest rise of 11.6% which is followed by household expenditure of
8.9%.
Economic welfare, It is the economic well-being expressed in context to the sum total of
the consumer and the producer surplus, it is basically known as the community surplus. It exist
whenever the given prices, a consumer would like to pay in context to their expected private
benefits which is greater than they actually pay (Hausermann, 2021). It is defined as the level of
prosperity and the quality of living standards within the economy. It is being measured with the
help of various factors that are GDP and other indicator that shows the welfare of the
population(level of populations and literacy rate). It includes the development of people heath,
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well-being and their academic level of general population of the nation improves. It basically
refers to the improved productions volume due to the betterment of technology.
It is basically related to the qualitative improvement in life of citizen of a country and it
is appropriately determined by the human development Index (HDI). As the entire development
of country is based on the certain parameters which includes creation of job roles, technological
improvement, living conditions, improvement in self-esteem needs and the development in
infrastructure. In UK, welfare in UK includes the five separate groups of services that are cash
benefits, education, personal social services, education and health care. It is widely used form in
UK which make around 10% of the gross domestic product. It is the category of cash benefits
which help them for the development of the economy. Health care is the second major part in
UK's welfare system and it is being organised through the National health Services. It is the
popular system and relatively cost effective with the standard of other nations.
Public housing comprises of council-owned housing as it is the popular in United
Kingdom as it is based on the subsidy system. In fact, there are three-fourth of the working class
are the homeowners in UK.
Economic growth referred to the rise in the monetary value of all the products and
services produced in the economy during the particular time period. It is the quantitative
measures which reflects the potential rise in the total number of business transactions within the
economy(Gallardo and Durán, 2019). Where as economic welfare is the major concern which
overall health, academic level of general population of the nation improves. It is the qualitative
improvement in the lives of the people who are living in UK. Economic growth is the narrow
concept which only focuses on the monetary value of the economy to be raised so that they can
ensures the easy flow of goods and services within the market. Whereas, economic welfare is the
broader concept which ensures the welfare of the people with the better allocation of money and
their resources so that they can rightly ensures their increases living standards and working.
Economic growth is a uni-dimensional approaches which deals with the growth if the
economy of the nation as it is the main concerns which enlist the point that are contributing the
growth of the business for increasing the overall gross domestic products of the UK. Uni-
dimensional includes the balance one sole aim to attains that is increasing in the monetary value
of the economy of UK. Whereas, economic welfare is the multidimensional approach which look
into the income level of the people who are living in UK, also focuses on their living standards to
refers to the improved productions volume due to the betterment of technology.
It is basically related to the qualitative improvement in life of citizen of a country and it
is appropriately determined by the human development Index (HDI). As the entire development
of country is based on the certain parameters which includes creation of job roles, technological
improvement, living conditions, improvement in self-esteem needs and the development in
infrastructure. In UK, welfare in UK includes the five separate groups of services that are cash
benefits, education, personal social services, education and health care. It is widely used form in
UK which make around 10% of the gross domestic product. It is the category of cash benefits
which help them for the development of the economy. Health care is the second major part in
UK's welfare system and it is being organised through the National health Services. It is the
popular system and relatively cost effective with the standard of other nations.
Public housing comprises of council-owned housing as it is the popular in United
Kingdom as it is based on the subsidy system. In fact, there are three-fourth of the working class
are the homeowners in UK.
Economic growth referred to the rise in the monetary value of all the products and
services produced in the economy during the particular time period. It is the quantitative
measures which reflects the potential rise in the total number of business transactions within the
economy(Gallardo and Durán, 2019). Where as economic welfare is the major concern which
overall health, academic level of general population of the nation improves. It is the qualitative
improvement in the lives of the people who are living in UK. Economic growth is the narrow
concept which only focuses on the monetary value of the economy to be raised so that they can
ensures the easy flow of goods and services within the market. Whereas, economic welfare is the
broader concept which ensures the welfare of the people with the better allocation of money and
their resources so that they can rightly ensures their increases living standards and working.
Economic growth is a uni-dimensional approaches which deals with the growth if the
economy of the nation as it is the main concerns which enlist the point that are contributing the
growth of the business for increasing the overall gross domestic products of the UK. Uni-
dimensional includes the balance one sole aim to attains that is increasing in the monetary value
of the economy of UK. Whereas, economic welfare is the multidimensional approach which look
into the income level of the people who are living in UK, also focuses on their living standards to
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be enhanced. These are the aspects which needs to be managed by the government of UK so that
they can they can ensures the growth of the economy as a whole. It is the main consideration of
the business by which they are seeking to the higher level of growth.
Economic growth is the short-term process which includes the betterment in the entire
economy by contributing for the developing activities of the business. It is due to the caused with
the increase in the aggregate demand. If there is a spare capacity within the economy which leads
to increase the AD and results in higher level of GDP. Whereas, the economic welfare is the
long-term process as they needs to introduce the various job opportunities by which people
become effective for purchasing quality goods which contribute to the better level standards of
the people in the UK economy.
Economic growth basically measure the quantitative factors of economy as it includes the
GDP of the country and it being measure in the form of money supply in the economy.
Economic growth also measures the total amount available for the use of people and it can be in
the form of money or the resources by which they can contribute to the increase in the overall
GDOP of the country in the UK. Whereas, economic welfare measures both quantitative and
qualitative factors of the economy. Income of the people leads to analyse the qualitative
approach of the business where as the living standards of the people helps in determining the
qualitative aspects of the economy.
When the individual is going to measure the economic growth then it only measure in the
development economy such as UK s the people have ample of job opportunities by which they
can contributing to the increase the gross domestic product of the economy. United Kingdom is
the development country so the government can analyse the overall growth of the economy as a
whole. Whereas, economic welfare is the concern which takes places in the developing countries
so that they can have the better consideration in the market(Bahia and Castells, 2022). As rise in
the income level, standard of level helps in having more betterment in the developing economies.
It is also known that the overall consideration of the business tends to have the huge growth in
the economy and lower development in the economy tends to slow-down the overall growth of
the economy.
Economic growth is the automatic process that may or may not needed the intervention of
the government as it is being derived from the working of the people and how the business are
ensuring the flow of goods and services in the large marketplace. It is the sole working of the
they can they can ensures the growth of the economy as a whole. It is the main consideration of
the business by which they are seeking to the higher level of growth.
Economic growth is the short-term process which includes the betterment in the entire
economy by contributing for the developing activities of the business. It is due to the caused with
the increase in the aggregate demand. If there is a spare capacity within the economy which leads
to increase the AD and results in higher level of GDP. Whereas, the economic welfare is the
long-term process as they needs to introduce the various job opportunities by which people
become effective for purchasing quality goods which contribute to the better level standards of
the people in the UK economy.
Economic growth basically measure the quantitative factors of economy as it includes the
GDP of the country and it being measure in the form of money supply in the economy.
Economic growth also measures the total amount available for the use of people and it can be in
the form of money or the resources by which they can contribute to the increase in the overall
GDOP of the country in the UK. Whereas, economic welfare measures both quantitative and
qualitative factors of the economy. Income of the people leads to analyse the qualitative
approach of the business where as the living standards of the people helps in determining the
qualitative aspects of the economy.
When the individual is going to measure the economic growth then it only measure in the
development economy such as UK s the people have ample of job opportunities by which they
can contributing to the increase the gross domestic product of the economy. United Kingdom is
the development country so the government can analyse the overall growth of the economy as a
whole. Whereas, economic welfare is the concern which takes places in the developing countries
so that they can have the better consideration in the market(Bahia and Castells, 2022). As rise in
the income level, standard of level helps in having more betterment in the developing economies.
It is also known that the overall consideration of the business tends to have the huge growth in
the economy and lower development in the economy tends to slow-down the overall growth of
the economy.
Economic growth is the automatic process that may or may not needed the intervention of
the government as it is being derived from the working of the people and how the business are
ensuring the flow of goods and services in the large marketplace. It is the sole working of the

people who are having the better results in its development and growth. It is vital for the
government to frame the certain polices which helps in the betterment of the people in term of
giving job opportunities or making rules and the corporate social responsibility of the companies
to contribute to the welfare of the people so that they can ensures the overall economic
development in the UK. It is the main consideration of the people who got the entire
development of firms by which it is the big challenge to cope-up with the available job role and
develop the set of skills and knowledge by which they can rightly get the deserving job which
contribute to the development and betterment of the firms and the economy as a whole.
It includes the quantitative changes takes place as it helps in the development of the
economy in form of monetary value which also ensures the development of the nation by its
own. These all aspects comes under the form of development of the UK economy while also
ensures the services to be granted to the people who are contributing to the development of the
economy as whole in the current market. It is the main concern to people to enhance the global
economy as a whole so that they can ensures the hike in the living standards as well as the GDP
of the economy.
CONCLUSION
It is concluded from the above essay that there are various measures of macroeconomics
which are being taken in to the account and helps in the development of the economy as a whole.
Economic growth is concern with the development of the economy in form of monetary value
whereas, the economic welfare is concerned with the increase in the income level and the living
standard of the people who are living in UK so that they can contribute to the betterment and the
development of the economy.
government to frame the certain polices which helps in the betterment of the people in term of
giving job opportunities or making rules and the corporate social responsibility of the companies
to contribute to the welfare of the people so that they can ensures the overall economic
development in the UK. It is the main consideration of the people who got the entire
development of firms by which it is the big challenge to cope-up with the available job role and
develop the set of skills and knowledge by which they can rightly get the deserving job which
contribute to the development and betterment of the firms and the economy as a whole.
It includes the quantitative changes takes place as it helps in the development of the
economy in form of monetary value which also ensures the development of the nation by its
own. These all aspects comes under the form of development of the UK economy while also
ensures the services to be granted to the people who are contributing to the development of the
economy as whole in the current market. It is the main concern to people to enhance the global
economy as a whole so that they can ensures the hike in the living standards as well as the GDP
of the economy.
CONCLUSION
It is concluded from the above essay that there are various measures of macroeconomics
which are being taken in to the account and helps in the development of the economy as a whole.
Economic growth is concern with the development of the economy in form of monetary value
whereas, the economic welfare is concerned with the increase in the income level and the living
standard of the people who are living in UK so that they can contribute to the betterment and the
development of the economy.
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REFERENCES
Books and Journals
Bahia, K. and Castells, P., 2022. The impact of spectrum assignment policies on consumer
welfare. Telecommunications Policy, 46(1), p.102228.
Cruz, M. and Ahmed, S.A., 2018. On the impact of demographic change on economic growth
and poverty. World development, 105, pp.95-106.
Gallardo, J.L. and Durán, C.R., 2019. Growth and welfare in Latin American semi-industrialized
economies in the 1990s. Debt and Transfiguration: Prospects for Latin America's
Economic Revival: Prospects for Latin America's Economic Revival.
Hausermann, S., 2021. Reading Growth and Welfare in Advanced Capitalist Economies. Stato e
mercato, 41(3), pp.421-427.
Hirvilammi, T., 2018. Wellbeing in the New Era of Postgrowth. A Review of Milena Büchs &
Max Koch: Postgrowth and Wellbeing. Challenges to Sustainable Welfare. Basic
Income Studies, 13(2).
Shafique, S. and Ali, M.M., 2018. Growth, Development and Social Welfare: An Empirical
Study of Pakistan. NUML International Journal of Business & Management, 13(1),
pp.55-65.
Wilson, T. and Wilson, D.J., 2021. The political economy of the welfare state. Routledge.
Zhang, T., 2019. Which policy is more effective, carbon reduction in all industries or in high
energy-consuming industries?——from dual perspectives of welfare effects and
economic effects. Journal of Cleaner Production, 216, pp.184-196.
Books and Journals
Bahia, K. and Castells, P., 2022. The impact of spectrum assignment policies on consumer
welfare. Telecommunications Policy, 46(1), p.102228.
Cruz, M. and Ahmed, S.A., 2018. On the impact of demographic change on economic growth
and poverty. World development, 105, pp.95-106.
Gallardo, J.L. and Durán, C.R., 2019. Growth and welfare in Latin American semi-industrialized
economies in the 1990s. Debt and Transfiguration: Prospects for Latin America's
Economic Revival: Prospects for Latin America's Economic Revival.
Hausermann, S., 2021. Reading Growth and Welfare in Advanced Capitalist Economies. Stato e
mercato, 41(3), pp.421-427.
Hirvilammi, T., 2018. Wellbeing in the New Era of Postgrowth. A Review of Milena Büchs &
Max Koch: Postgrowth and Wellbeing. Challenges to Sustainable Welfare. Basic
Income Studies, 13(2).
Shafique, S. and Ali, M.M., 2018. Growth, Development and Social Welfare: An Empirical
Study of Pakistan. NUML International Journal of Business & Management, 13(1),
pp.55-65.
Wilson, T. and Wilson, D.J., 2021. The political economy of the welfare state. Routledge.
Zhang, T., 2019. Which policy is more effective, carbon reduction in all industries or in high
energy-consuming industries?——from dual perspectives of welfare effects and
economic effects. Journal of Cleaner Production, 216, pp.184-196.
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