Government & Economy

Need to Know

At the end of this section the student should be able to:
• Outline the role of the Government in the economy
• Explain, with examples, the economic tools of the govt.
        Monetary Policy
        Fiscal Policy
        Exchange Rates
        Prices and Incomes
        Direct Intervention
        Deregulation

• Outline the economic aims of the government
       Full employment
       Economic Growth
       Price Stability
       Improve Infrastructure
       Reduce Borrowing/Manage Govt Finances
       Improved Exports vs imports
       Balanced Regional Dev.
       Redistribute Wealth
• Outline, with Irish examples, conflicts between the aims of the govt
• Explain privatisation and nationalisation
• Outline advs and disadvs of privatization
• Explain, with examples, the difference between private costs and social costs

Resources

Useful Links

ESRI

Videos

Milton Friedman explains his take on the role of government in a free society
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