I was hoping someone could clarify what exactly is meant when someone refers to a country as having undergone a 'supply-side shock' and generally speaking when one is evaluating the health or growth of an economy, what is meant by the supply side of the economy vs. the demand side of it? Which components of GDP are considered as which? Despite a lot of googling, it has been pretty difficult to find answers to this as most results are either in a micro-context or fail to provide examples of these things as well as their consequences.
Supply side vs. demand side economics is a largely fraudulent distinction advanced by welfare state economists such as Keyes and Krugman who fail to understand that the role of producer and consumer is played by the same person acting in one capacity or the other at different points in the economic cycle. One cannot improve long term economic health by stimulating demand with printed money unbacked by equal increases in production. Inflation and a transfer of wealth from producers to parasites is the inevitable consequence of demand side economics. It's this same misallocation of capital on the demand side that creates the supply side shocks.
