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.
Prices and Incomes
• Outline the economic aims of the government
Reduce Borrowing/Manage Govt Finances
Improved Exports vs imports
Balanced Regional Dev.
• 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
Milton Friedman explains his take on the role of government in a free society