While it's commonplace to look at consumer credit issues from the demand side, he sees it from the supply side.
There was also little damage from the supply side as a dip in scrap and the swing to net de-hedging outweighed a modest rise in mine production.
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He described the evolution of the industry, from the supply side focus in the 70s to the evolving demand side focus which emerged in the 80s and 90s.
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In 2012, the growth of U.S. oil supply saved the market from significant supply-side tightness given the scale of non-OPEC supply disappointments elsewhere, like in Brazil.
That tax cut has provided important support for the economy, especially at a time when the economy was hit with some shocks such as rising gasoline prices and supply-side shocks from the earthquake in Japan, problems in Europe.
The problem, at least in the United States, is that the supply side of the equation is largely protected from competition.
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In 1979-80, research and hearings by the Joint Economic Committee under the Chairmanship of Democratic Senator Lloyd Bentsen laid the groundwork for the supply-side revolution that freed the U.S. economy from the stagflation of the 1970s and led to twenty years of strong growth.
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It matters, therefore, whether this is a short-term blip - due to labour-hoarding by employers, for example, coupled with a shortage of demand - or whether something more fundamental has been happening to the "supply side" of our economy, which is systematically preventing us from growing out of the crisis as quickly as we had hoped.
Brut, for example, borrowed a practice from the fixed-income side by paying traders to supply limit orders--a commitment to buy a stock at a specific price--to draw sellers to the exchange.
It explains that rapidly rising resource prices will result from by the increasing demands of the growing global middle class against supply side constraints.
On the supply side, natural gas rigs are rapidly moving from dry gas production in the Marcellus shales and other basins to wet gas and oil-rich shales.
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This means that economies of scale arise on the supply side of the market, on the savings from a larger production batch with the same fixed resources, on gains from improved bargaining power with suppliers.
Books such as The World Is Flat and The Elephant and The Dragon have chronicled the rapid rise of China, India, Southeast Asia and eastern Europe, et al. Of course, many factors from supply-side tax policies to open trade have contributed to the global boom.
There is also a supply side to that story - not unrelated to today's call from the Bank of England for banks to raise more capital.
Far from complaining about their lack of economic levers, politicians need to recognize the importance of the supply-side powers they do possess: The true role of politicians lies in the micro, not the macro.
To put it in economic terms, there is a demand from the military (which is funded by the federal government), and the federal government funds the supply side as well.
Though the answer to this question can vary from one region of the country to another, the most plausible answer is lack of competition on the supply side and high switching costs on the demand side.
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