Ability to create employment — think whether a certain policy creates employment. Governments might target specific economic areas through tax cuts, tax allowances and subsidised borrowing which would promote growth of those areas. Market-based supply-side policies 1. Maybe in the very-very-long-run it does… Impact on economic growth — how certain policies can affect growth, which affect growth more than others and why. Investment in new technology Governments could invest in research and development of new technologies. These programs are highly labor intensive and extremely costly. Policies to encourage competition Deregulation Privatisation Trade liberalisation Anti-monopoly regulation 2.
IGCSE, GCSE Economics revision notes on supply side policies. low inflation and economic growth. The main idea behind Supply side policies is to reduce Government interference.
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Market-based supply-side policies. Policies to encourage competition. Competition leads to increased efficiency and eliminates market failure. Government can. Year 1 A Level Economics Revision Crosswords (Vol 1) Policy; Monetary Policy; Supply Side Policy; International Trade; Macro Economists; Tricky Macro.
Supply Side policies can be costly to implement.
The government will need to increase competition between firms and increase the overall efficiency of the economy. Government expenditure might go towards infrastructure. Investment in new technology Governments could invest in research and development of new technologies.
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Think about removing or changing the minimum wages, unemployment benefits.
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Evaluation of supply-side policies All supply-side policies mentioned above can be evaluated in terms of: Time lags — some supply-side policies can take years to take effect e. However, privatisation might lead to short-term budget improvements but remember that possible long term benefits were given up! Supply-side policies can help reduce structural, frictional and real wage unemployment and therefore help reduce the natural rate of unemployment.
Time Lag Most supply-side policies can take a long time to work and for the effects to be seen in the economy. Simple example — improving logistics could decrease transfer times and costs in turn increasing productivity and shifting the LRAS to the right. Successful Supply-Side Policy 1.
Hence, productivity increases.
ALLOTRIPLOID NUMBER OF CHROMOSOMES DURING MITOSIS
|Unpopular Many supply side policies are politically unpopular and therefore unlikely to be implemented.
For example, if the country wants to improve the quality of human capital, through education and training, this will normally take years to complete and for the economy to reap tangible benefits.
Reducing inflationary pressure — can a certain policy help deal with high inflation? Many supply side policies are politically unpopular and therefore unlikely to be implemented. Also, provide various training schemes.