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[sy37]

-Deregulation is a type of microeconomic policy

-Corporatisation / Privatisation of PTEs is a type of micreconomic policy

-The National Competition Policy was a type of microeconomic policy

-Innovation and industry policy are a type of microeconomic policy

-Labour market policies are a type of microeconomic policy (What are some examples?)

-The Fair Work act is a type of microeconomic policy

If someone can tell me why these confuse me..I'm not sure, is what I said above right? I have like a mental hurdle in this section, some

 

[Untroubled]

You're like me, I'm terrible at that section of economics but ill share what I remember from glancing over my notes.

MER policies target individual industries in order to increase international competitiveness, encourage competition and most importantly increase aggregate supply of firms in the long term.
Everything you mentioned should go under MER policies.

- Deregulation means less government intervention. Therefore it is assumed that markets will act in a way that will increase efficiency and thus productive capacity of firms ( therefore increase supply which is the whole point of MER policies.)

- Corporatisation / privatisation restructures firms. Both use managerial skills and omit corrupt government influences. Hence should lead to better management of business and efficiency in production processes

- National Competition Policy was introduced in the 1990's to improve productivity levels. These included privatisation of Telecom (known as Telestra now) and introducing more airlines besides Qantas to promote competition

I'll get back to you in a minute for the last two points when I can find info

 

[genodeg]

Microeconomic policies are supply side policies that tries to encourage efficient firm operation. The general rule of thumb is that if it isn't affecting the entirety of the economy (macro) it's probably targeting specific industries/firms (micro).

I'm no expert but I believe that those are all micro yup.

Examples of Labour Market Policy are Workplace Relations Act 1996, WorkChoices 2006, Fair Work Act 2009, all education/re-skilling policies eg. National Plan for School Improvement

go over page 352 onwards in Riley for examples and explanations of each

EDIT: what untroubled said ^ lol

 

[YouCantMakeMe]

As Genodog mentioned, Fair Work Act is part of Labour Market policies (which can be broken into two broad categories: Industrial Relations and policies that address labour market problems such as unemployment, skill shortages and discrimination.)

Riley is a pain, but he's worth it in this section.

Edit: Oops, forgot to mention that Labour market policies are an MER because they restructure the economy. Examples of IR are wage fixing systems.

 

[Untroubled]

genodeg has already answered labour market policies part, that leaves innovation policies.
So remember innovation will result in differentiating a firm's product in some way or another in order to capture a greater market share. This should lead to a firm being able to better cope with international competition due to its differentiated products (consumers seek better products). Hence improving a firm and its products competitiveness on world markets.

 

[teridax]

You're like me, I'm terrible at that section of economics but ill share what I remember from glancing over my notes.

MER policies target individual industries in order to increase international competitiveness, encourage competition and most importantly increase aggregate supply of firms in the long term.
Everything you mentioned should go under MER policies.

- Deregulation means less government intervention. Therefore it is assumed that markets will act in a way that will increase efficiency and thus productive capacity of firms ( therefore increase supply which is the whole point of MER policies.)

- Corporatisation / privatisation restructures firms. Both use managerial skills and omit corrupt government influences. Hence should lead to better management of business and efficiency in production processes

- National Competition Policy was introduced in the 1990's to improve productivity levels. These included privatisation of Telecom (known as Telestra now) and introducing more airlines besides Qantas to promote competition

I'll get back to you in a minute for the last two points when I can find info

+1

But I've always hated micro (and labour) because besides the rationale of AS, it's basically rote learning MER's lol.

 

[sy37]

Everything was helpful here

Thanks guys

Dixon sort of confused me with so many headings in this section, or maybe I'm just retarded

 

[Untroubled]

Feel free to PM me if you need more help with eco stuff, I'm currently slaving away studying eco