Best microeconomic policies to memorise for essays. (1 Viewer)

[Robert21]

Hi all, I'm considering what microeconomic policies I will work on memorising for my trials and HSC.
My teacher is quite keen on me mostly working with the current microeconomic policies that have been implemented in the last couple years. My only reservation with this strategy would be answering an 'assess' or 'evaluate' question, in which case I feel like I might be stuck, as I don't know how you would evaluate a microeconomic policy that is only new and effects on the Australian economy have not been fully seen yet???
If this is a major issue with working on current microeconomic policies, would I be better off working with older policies that can be more easily evaluated, as I would have stats. to back up my evaluation of their effects on the economy.

 

[rorypie]

I think what you raised as a concern is correct.; It is quite impossible to analyse effects and evaluate the effectiveness of recent microeconomic policies that have been implemented.

I myself have been recommended to memorise stats from 2-3 old ones from the 1990s where major unilateral reform was occurring incl. trade liberalisation and national competition policy - so i am better able to link it to changes in economic activity, considering microeconomic policy's long term impact time lag of 10-15 years. still, it wouldnt hurt to just know, briefly, recent micro policies as it can be implemented in other scenarios, specifically regarding questions inquiring about recent times.

 

[mmmmmmmmaaaaaaa]

many of the fiscal initiatives that were brought up during covid have statistics for them which you would be able to use which is recent