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The assignment is based on the research quality of the two published peer-reviewed on the selected topic “Fiscal policy and Economic Growth”. Decentralization refers to theoretical methods that may be routed to efficient provisions for the service to the local public. This type of efficient utilization may become the sacred sources that may further be expected to boost the growth of the economy. The relationship between economic growth and decentralization growth may create positivity on the theoretical footing and existing literature presents mixed results. The assignment includes research philosophy, different approaches, data collocation, and sampling techniques and methods. Here is the compression of two different reviews of authors on the same topic. It will show the critical analysis of their thoughts that provide detailed knowledge about fiscal policy and economic growth. These will provide knowledge to the researcher about the peer-reviewed analysis of the selected topic. A collection of primary or secondary data may be used in the report.
The paradigm is one of the significant parts of research philosophy that helps to identify the set of common beliefs and agreements shared between scientists regarding how the problems can be solved or mitigated with a proper understanding. As per the statement of Arif and Chishti, (2022), using fiscal policy tools in terms of maintaining economic growth is significant in the case of achieving macroeconomic objectives and goals in a nation. In this case, the information regarding the fiscal policy tools, reduction of debt of a nation, and maintaining sustainable growth can be found through the paradigm effectively and efficiently.
Realism is another important research philosophy in terms of getting effective results by getting the idea of independence of reality from the human mind (Dougherty et al. 2019). However, realism research philosophy is usually based on the assumption of the scientific approach to making further developments of knowledge. In this case, the case with this research philosophy complex health and social care system along with designing and identifying possible interventions can be found effectively.
Positivism is one of the philosophical theories that are crucial to finding appropriate data that can be helpful to complete the entire research appropriately. In that case, it has been recognized that Positivism has claimed that whatever exists may be verified by operation, mathematical or logical evidence. According to Mugabe (2019), has stated that positivism brings the opportunity to get an effective result at the end of the research. However, corporate governance is a concept that is still debatable among the experts in discussing it. However, the concept of legit positivism can be helpful in this case, which helps to find the law regarding it adequate.
Interpretive is also known as the interpretation that is involved by the researcher to interpret the elements of the entire study and interpretive integrates the human interest also. However, interpretive originated from the principles improved by Kant and the values of subjectivity. Information regarding improving economic conditions by using fiscal policy can be understood effectively and adequately by adopting interpretive research philosophy.
The assumption that enhances the ability to develop the effectiveness of the policies can be done by the inductive approaches. According to the words of Arif and Chishti, 2022 the development and the decentralization of the policies are the main factors of the improvement of the economic factors. Based on these factors, the flexibility and the implementation of the new modern theories in the research help to determine the main limitation and the benefits of the proposed projects and the policies that will increase the economic growth of the UK. The decentralization of the fiscal policies and the reduction of the tax burdens help with the operations and growth. Based on the article the author has mentioned that the general expense of the government can be the main feature of the growth of the economies. At the same time, the implementation of the inductive approach will limit the assumptions of the future growth of the country as this method is incomplete and can conclude the results wrong. The outcome of the research paper shows that various limitations of the approaches has taken under deductive approaches by (Mugableh, 2019). These approaches under deductive may help to analyse the outcome of data that can fluctuate in the future. On the other hand, the authors have used this approach for the calculation of the effects and the outcomes of the decentralization of the policies as well as the implementation of the general expenses policies of the UK. Therefore, the effect on the factors of economic development may increase of the revenue of the government have been detailed.
The relationship-based method of research is the main factor of the deductive approach that is mainly based on the relationship between the events of fiscal policies and the factors of the development of the UK government. Rather than the inductive approach author Mugabe, (2019),evaluated the data of the World Bank and all other secondary sources for the betterment of the decision on the decentralization of the policies. Based on the calculation of the previous data and the factors of the economy will lead to the perfect example of the selection of the data. According to Arif and Chishti, (2022), the main reason for the selection of the method is the quantitative analysis of the data based on which the evaluation depends. Therefore, the evaluation and acceptance of the data have been more effective for the readers and the students. On the other hand the application of the deductive approach is difficult sometimes and the calculation in the qualitative method also makes the evaluation difficult.
1.3 Research design
The research design is nothing but the decoration of the research process with the help of different methods like descriptive, exploratory, and explanatory. This method helps to represent the data of the research based on which the research depends and the outcomes on the economic factors of the UK have also been justified. Therefore, two authors have used different types of research methods based on which the determination of the effects of the changing of the fiscal policies have been done easily.
The reflection of the actual effect of the policies on the economic factors in the UK has been easily described in the articles of both authors. The descriptive method normally describes translation or the impact of the policies and the effective factors of the UK economy that have been actually changed or developed. Based On the implementation of the factors and the method of descriptive methods the author has mentioned that the tax facilities and the general glover\net expenses play a vital role in the development of the economic growth of the UK. According to the words of Henry and Smith (2021), different aspects of the fiscal policies have increased the facts and some effective measures of the economy for the betterment of the life of the people of the UK. At the same time, Mugabe, 2019 has mentioned clearly the impacts of the tax liabilities and the long-run effect on the economic factors of the UK based on which the growth depends. On the other hand, Arif and Chishti (2022), have mentioned that the decentralization of government expenditure will increase the growth of the economy with the help of the descriptive method. Moreover, the author has clarified different fiscal policies for economic growth and the factors of the development of the UK economy.
The determination of the problems on the basis of past events helps the betterment of the research designs based on the exploratory the authors have used many social sources for the data collection and evaluation. At the same time, the exploration of the data with the help of past data leads the author to authentic data evaluation. According to the words of Arif and Chishti (2022), the secondary data collected from the world bank on the decentralization of the fiscal policies on the economy of the UK have mentioned in their articles that the data availability leads the economy to an effect that the factors can be easily developed and the key factors of the economy will also be regulated on the basis of the development process. At the same time, the author also provides benefits for the evaluation of the data that have not been explained in past on the policies. Therefore, the significance of the research design for the exploration of the data from different sources helps to identify the factors of the development and the limitations of the policies also.
The reason for the development regarding the factors of the decentralization of the policies has been identified in the articles of Mugableh, 2019. According to the determination of the reason for the development of the economy of the UK, the policies play an effective role regarding the tax benefits and the general government expenditure. Based on the government expenditure the future of the economic factors like public health, productivity and hospitality have improved. Therefore the explanation of the factors of economic growth has been clearly identified. As per the discussion by the author, Giordano, (2021) has mentioned that the post-Brexit may develop the UK policies and economy also. Therefore, the various authors have varied to clarify the development factor with the help of the explanatory and exploratory research may very helpful. The article shows different types of key factors on the decentralisation fiscal policies, taxation policies and expenses policies also. The theory of “Endogenous growth” has liked the structure of market and the different s of the choice from the individual economic actors.These may connected to the “aggregate economic growth” which is influenced by the various tax policies in UK. According to Gechert, and Heimberger (2022), the higher rate of taxes may adversely affect the “Entrepreneurial activities” for the growth of curbing. Therefore, these type of “Schumpeterian growth theory”, may reduce economic growth by discourage the R&D investment.
According to the author, there may be two types of wide measures of fiscal decentralization known as expenditure decentralization and revenue decentralization. These may be based on the “budget data”. Further, the RD revenue decentralization may help to measure the different types of expenditure for the sub-national governance. Therefore, it is required to make the data based on numerous detailed calculations and graphs. These may help to analyse the different positions of the policies in a country by providing a graphical analysis. On the other hand, in the article of Arif and Chishti (2022), the rapidly rising trend of the responsibility and sovereignty to the sub-national governance may introduce notable trends. Furthermore, the economics such as the condition of the emerging and transition of the governance especially in the sector of the making data of the public may always follow various types of the articles. The investigation of the economic growth and decentralization may show the article's contribution to the secondary data also. These will also be introduced to lead the contribution to the existing literature by assessing the role of the institutions. The “random effect model” may help to ensure the data confidence and panel. These techniques may attempt to accommodate across the country and within the different time structures. On the other hand, the analysis of the situation may reseal the fact weather on the fiscal discrimination and the potion of isolation may impact the economic growth of the country. The consideration of impact of Brexit on the “foreign direct investment” (FDI) in UK may contrary by the studies of economic literature (Mihaela, 2018). These may create the situation complicated according to the provided situation. Therefore studies on the case of making sustainable data have been needed to analyse the effects that may relate to the quality of the economic growth.
The different types of theories and hypotheses may be about to increase the role of the physical policy in the services of the provided data. The analysis that may be based on statistical and mathematical influences may influence the role of the physical policy in the sector of the different businesses for the public. On the other hand, the data used in the process of making the required knowledge for the analysis of the healthy growth of the economy. According to the article Bis (2022), the main focus of the analysis is based on tracking the impact of the data on the process of the monetary aggregates. Further, the describing data may be used to analyse the nature of the public in the different sectors and the different positions of the economy (Economicshelp, 2019). There may also furnish some useful insights that may clearly visualize the business on the basis of making the flow of the fiscal policy on the UK-based cases.
The data of the deflection policy may be used in the way of reducing the inflation rate in the UK. For example, a higher amount of income taxes may reduce the inflation rates. Therefore the changes in the tax rates and the spending of the different politicians on government policies may introduce a reduction in the tax rate. These may be introduced by using quantitative data that may be authentic. However, the politician may likely accept the tax rate that is necessary for the purpose of reducing the inflation rate of the business. More selection of the quantitative assessment may place an impact on the quantitative data on the economic growth of the UK (Bis, 2022, pg. 280). The key elements of the data that may be based on the written paper may assign to the usefulness that results to the assessment servers. These may result in the financial market of the business or in the monetary quality of the bank lending process.
According to the author, Arif, and Chishti, 2022 the “first generation theory” of the fiscal decentralized evaluates the economic performance by enhancing economic proficiency. There is the collection of the primary data that may serve the people effectively and efficiently. Therefore, the decentralization may help by providing the efficient resource allocation that Matt leads to the local presences and local participants. On the other hand, Mugableh2019, discussed that Qualitative based data will provide the different stages of variables of fiscal and economic growth. The “Autoregressive Distributed Lag” ARDL approach may be used to examine the relationship between fiscal policy and economic growth in the long term and short-term in the data analysis. These show that fiscal instruments such as government expenditure and tax rates are introduced easily. This approach may be used for applying irrespective ways on the variables manually or by using the formula as on the equations.
Furthermore, the policy maker in the government of a country may introduce a concentrated analysis of the data by implementing the international monetary policy. On the other hand the “international monetary funds” may extend the facility programs and may impact the economic growth plans. These will be capable of the achievement of the macroeconomic objectives that may provide a better return on the investment.
The secondary data collection is for the differentiation of the economic growth and fiscal policy of a country. According to, , the qualitative study in the framework of the fiscal policy analysis approaches may be conducted with a semi-analysis (archpublichealth, 2019). Therefore, these may help in the seduction of applying the code “nine-field matrix” software that may manage the data easily. On the other hand, in the following literature, Arif, and Chishti (2022), modify the “theoretical model” by using the incorporative institutions by replacing the empirical models. These will analyse the influence of the effectiveness of fiscal decentralization for better opportunities for economic growth. The secondary data evaluation shows that the collection of the data has been based on taking the knowledge based on different journals and literature reviewers. On the contrary, the “monetary policy” is used in the manner of economic growth in both the sector long term and short term. These may prevail the ambiguous relationship between the term and the author recommended intensive fiscal development (Twinoburyo and Odhiambo, 2018). There are some of the data that may be based on the numeric and the analysis has been introduced by the graph analysis.
Further, the changes in the values may represent the changes in the economic health of the business. These may also measure the structural reforms of the developing countries to address the supply chain of the deficiency. These will increase the knowledge for the collection of the secondary data that may be analysed based on different interview plans. The theoretical evaluation that made relationship between economic growth and fiscal policy that may have impacted the collection of the data. The contained documents of the data may directly impact the physical health of the policy based on the recommended consensus.
Random sampling may allow the analysis of the data collected by the lower margin of the errors. These may allow the sapling of the specific boundaries between fiscal policy and economic growth in the UK. These will be duplicated by using the sampling process and randomizing the data. The reflection of the data may allow accurate insights into fiscal policy. Furthermore, the process generates the population on the entire nature of the accuracy of the process. According to Mata and Hertwig (2018), a “systematic sampling method” may analyse the data of the individual portion of the different sectors at each subcategory. These may apply the weighted structure of the population in the verification of the data. Random sampling is weighted to the descriptive analysis of the data. There may be different processes in different countries. There may be an equal chance of the data selection in the process of the differentiation of the economic growth and fiscal policy implication. It helps in creating more efficiency and accuracy in the data. Furthermore, provide a 50/50 chance of building inherent fairness.
The provided information in the process of making data analysis, there may be changes required in the data. Therefore, these processes may create the authentic data analysis of the data that may ensure the proper knowledge of the researcher. The collection of the data may make the researcher confused therefore; the bias may be reduced by a random sampling process. On the other hand, the application of random sampling may make the data analysis more expensive. As per the author, Arif and Chishti (2022), the sample selection may play a vital role in the performance by making data available across the country. The uses of the data set may be available to the fiscal decentralization indicators. In the year 2018, World Bank launched the data of the coverage universally.
The sampling process by using the cluster method in the process of economic growth may only require fewer resources. This method will be more feasible in the process of making the data detailed and in the short form of operational rules. According to Davoodi et al. (2022), these may become the key trend in way of flexibility rules including the escape clauses. Therefore, the establishment of this type of sampling may create authentic data by using the fiscal policy in economic growth. The various numbers of fiscal councils may over double the establishment by monitoring the new fiscal council over the last decades. The establishment of monitoring of the external pressure may provide number of shocks for making the performance well. According to the statement of Davoodi et al. (2022), there may be more than twice the advantages of the use of cluster sampling. These have been used by 53 countries for the supranational complementary of the applications. There may be the expansion of the succession of waves, which largely drives the inclusion of the rules by supranational.
The development of the fiscal policies and the development of the UK based on the development of the political factors is mainly based on the method. As per the opinion and the data analysis method of Arif and Chishti, (2022) the least squares method has been used for the data evaluation. The data analysis method has been taken because of tackling the problem of the autocorrelation based on the moving average and the autoregressive method. The data evaluation method mainly defines the relationship between fiscal decentralization and the economic growth of the UK which faced many challenges.
It also creates difficulties for the evaluation of the proper relation between the two factors of the data and relationships. The authors have used this type of data valuation technique as it reduces the distance between the points of the factors for ease in the data evaluation. As per the statement of Arif and Chishti, (2022), this method the data evaluation of the effect of the fiscal policies on the economic development of the UK will be easily defined. At the same time, the main benefits of the method are the ease of application and the process of evaluation. Global reach is another factor in the selection of the data process. Based on the global applicable it has been taken as the primary method of data processing and analysis. According to the article the author has mentioned that the moving average and the autoregressive method have also been used in the evaluation. Based On the effectiveness of the problem the difficulties of the autocorrelation will be reduced.
On the other hand, Mugableh, (2019) has mentioned that the ordinary least square method has been applied to determine the effectiveness of the fiscal policies on the economic growth and the development of the UK. Supporting the data analysis method, descriptive statistics have been implemented by the author. Based on the descriptive stats the data evaluation has been more authentic and acceptance of the data has become more reliable for the government of the UK. Based on the data evaluation the author has mentioned that the sustainability of the public financing is raised by the fiscal consolidation into the UK government for the deep structural reforms.
The reason for the selection of the descriptive stats in the valuation of the data is the method mainly consists of many different statistical methods for the evolution. At the same time, the limitation of the data evaluation method is that the data will not affect or assume the data of the people rather than those whom the data have collected. Therefore the data evaluation has been limited to the person from the web on the data that has been collected. At the same time, the process allows the author to determine the valuable key factors of the effect on the UK economy of the fiscal policies.
Based on the evaluation the author has mentioned that there is much evidence of the possessive correlation between the policies and the development by casual relationships. According to the words of McCann et al. (2021),one of the best outcomes of the evaluation is that the general government expenses play a vital role in the development of the economy of the UK. Moreover, the authors have clearly defined the effectiveness of the fiscal policies and the effect on the economic development of the UK with the help of descriptive stats, moving average, and some other effective methods of data evaluation.
The case study analyses the difference between fiscal policy and economic growth in the country. There is a peer-reviewed analysis of the two authors on the Comparison of economic growth and fiscal decentralization. According to different types of statistical analysis may helpful for based on the nature of the policy. The ARDL approach may help in providing detailed knowledge of the existing long-term or short-term fiscal policy instruments and economic growth. As per the knowledge of Mugableh, (2019) the research philosophy on the basis of positivism may provide positive significance in the achievement of economic growth. On the other hand, the statement of Arif, and Chishti, (2022), the different types of tools in nature to parasitism will measure the term of economic growth. Furthermore, the research approaches may enhance the ability to develop economic growth.
The approaches will expand the latest information on fiscal policy. Moreover, these will increase the competition against the formulating strategies and plans. Therefore, the data collection based on the primary authentic methods makes the information updated. The inductive and deductive approaches will provide flexibility in the operation of economic growth. These will evaluate the analysed data and outcomes for the betterment of the fluctuation in future growth. The process 0f sampling of the data on the basis of primary and secondary data always will provide a narrow scope of the possible identification of the data. These will be a unique and important part of the process of making the comparison between economic growth and fiscal policy in the UK.
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