SUPPLY-SIDE POLICIES
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Definition of supply-side policies;
Describe possible measures including incentives to work and invest, education and training, labour market reforms, privatization and deregulation Effects of supply-side policy on government macroeconomic aims Analyse how supply-side policy measures may be used by a government to achieve its macroeconomic aims |
INTRODUCTION: Supply-side policies are a broad range of policies that aim to increase the quantity and quality of the Factors of Production (Land, Labour, Capital and Enterprise.) Their aim is to increase the total output in the economy (economic growth) through increasing the total sum of aggregate supply (AS). As such, they are distinct from demand-side policies (fiscal and monetary policies) which are directed to increasing aggregate demand (AD). Some economists argue that it is only through supply-side policies can long-term growth be achieved. They point to two distinct advantages of SS policies in that they create long-term economic growth whilst putting downward pressure on the long-term price-level of an economy.
Supply-side policies can include:
1. Selective tax incentives
2. Selective subsidies
3. Improving education and training
4. Labour market reforms
5. Competition policy
6. Removing trade barriers
7. Privatization
8. Regulation and deregulation
Below: are some more ideas for you to research
1. Selective tax incentives
2. Selective subsidies
3. Improving education and training
4. Labour market reforms
5. Competition policy
6. Removing trade barriers
7. Privatization
8. Regulation and deregulation
Below: are some more ideas for you to research
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ACTIVITY ONE: Research some examples of Supply-side policies and add them to the world map below.
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Kognity pages on supply-side policies
App | Kognity
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Triple-learning pages on supply-side policies
ACTIVITY 2: Complete the exam style questions below, make sure that you use examples from the textbook and the map above.
| supply_side_policy_28.pdf |
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Complete the review of supply-side policies on Kognity.
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MACROECONOMICS - REVISION ACTIVITIES
1. 'GIVE ME FIVE' ACTIVITY
| give_me_five_-_macroeconomics.docx |
2. CREATE A COLLABORATIVE MIND-MAP ON COGGLE or CANVA
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3. ANSWER SOME REVISION STYLE QUESTIONS TO DEEPEN UNDERSTANDING AND CONDENSE NOTES
| government_and_the_economy_chapters_30.docx |
4. CREATE SOME QUIZLET FLASHCARDS FOR MACRO
5. COMPLETE THE KOGNITY REVISION QUESTIONS AS A KNOWLEDGE AUDIT...SO THAT 'YOU KNOW WHAT YOU DON'T KNOW'...
Intelligent Textbooks - Kognity
Supporting your teaching The Kognity platform allows teachers to effortlessly support their students to reach new goals. Our interactive features have been designed with both the student and teacher in mind, allowing teachers to save time, whilst providing individually crafted pathways for each student.
6. CREATE A PADLET 'WONDERWALL' OF ALL THINGS MACROECONOMICS...LIKE A REVISION POSTER BUT BETTER, INCLUDE PHOTOS, REVISION VIDEOS, PODCASTS, OWN NOTES- LITERALLY ANYTHING TO CREATE A FULLY IMMERSIVE REVISION POSTER!
WONDERWALL 1
WONDERWALL 2
WONDERWALL 3
7. MAKING SENSE OF DATA: CAN YOU MAKE SENSE OF THE RELATIONSHIPS BETWEEN GDP, CPI, UNEMPLOYMENT, INTEREST RATES (YIELD OF 10 YEAR GOVERNMENT BONDS) AND DEBT RATIO (AS % OF GDP)?
Fig 1. Published in the Economist 13th November 2020
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