Economy of Australia Essay | Essay

This student essay consists of approximately 5 pages of analysis of The Role of Government in the Australian Economy.

Economy of Australia Essay | Essay

This student essay consists of approximately 5 pages of analysis of The Role of Government in the Australian Economy.
This section contains 1,285 words
(approx. 5 pages at 300 words per page)
Buy the Student Essay on The Role of Government in the Australian Economy

The Role of Government in the Australian Economy

Summary: An examination of why and how the Australian government influences the economy. The government's reallocation of resources and distribution of income serve to reduce market failures, its imposition of fines and taxes lessen externalities, and its employment of macroeconomic stabilization policies avoid economic instability. These policies ensure an acceptable standard of living for all Australians.
Why and how does the Aus govt influence the Aus Economy?

Australia's mixed market economy is influence by the Aus govt to ensure that the most desirable economic and social outcomes are achieved. Without any intervention, the laissez faire system is susceptible to severe market failure which causes unsustainable growth and overall instability. Negative features of a free market economy would include poor provision of G + S, inequality in income distribution, negative externalities, abuses of market powers and extreme fluctuations of the business cycle. Therefore, The Aus govt has employed different roles and techniques to reduce Australian market failure and certify an acceptable standard of living.

Firstly, market failure may occur in the provision of G + S that are economically and socially unfavourable. Therefore, the govt intervenes with the reallocation of resources through govt's provision of G + S, and through taxation and spending measure. Public goods such as...

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This section contains 1,285 words
(approx. 5 pages at 300 words per page)
Buy the Student Essay on The Role of Government in the Australian Economy
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