Economic Policy and Practice - 2011 Words

Economic Policies And Practices ECO2072 / Professor Gordon 4/5/2013 Assignment Due Date – 4/3/2013 Economic Policies And Practices Understanding the foundation for which our economy and society as a whole is built upon, the need for a controlled and managed monetary system to function effectively in order to facilitate trade and stabilize the flow within our economy is a must. To facilitate this need the federal government implements tools for analyzing the economy in order to regulate and control, and decisions are made based on the inputs and observations made to stabilize and enable the money to grow and retract as required within our economic system. Again, based on the aforementioned, the phrase â€Å"money makes the world go†¦show more content†¦In the case of quotas and their effect on the economy, we find that quotas are numerical limits which are imposed on imported goods and in such a case of enactment consumers are truly harmed by the quotas while domestic and foreign producers will benefit once again by receiving higher prices for goods and services (Investop edia, 2013). Loss Of Confidence In Leadership In Ability To Manage And Create Jobs The Federal government is the entity that steps in when our economy incurs unhealthy conditions within its business cycle. It is presumed that our government has tools to detect and analyze our economy to understand those events that have the potential to alter the economy’s equilibrium. With respect to the aforementioned, problems arise when the general public loses confidence in the leadership and their ability to manage the economy to include job creation. Mankiw, 2009, Ch.33, P.741 shares, that in the scenario of lack of confidence we find that consumers again alter their plans for the future cutting back on purchases and spending. The effect of this cutback impacts the aggregate demand curve as well as the aggregate supply curve thus impacting either the short-run equilibrium and/or the long-run equilibrium. The consequences result in falling incomes andShow MoreRelatedThe Theory And Practice Of Social Planning Essay1655 Words   |  7 Pagestop-down and bottom-up change is discussed and evaluated. Further, the duality between theory and practice of social planning is presented. The social learning and communicative model for planning and its relation to power imbalances are discussed. Neoliberal economic agendas and coercive social reform mechanisms are evaluated. Needs and impact assessment tools are discussed. 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