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Economic Policy - Essay Example

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Economic Policy

They can influence in making decisions and in the monopoly of the authorized force. The government illustrates the fact that people are living in the community and personal autonomy must be constrained. Governments are created to increase the survival potentials of the people and they are directly involved in manipulating and managing all the regional economies. The government itself can make reforms on currencies and they ensure that the values of money will undermined by prohibiting counterfeiting. The government regulates most of the aspects in the economy and they stabilized it for the benefit of the people. The government has a crucial role in managing the public goods and the environment. They are the institutions that resolve problems in the local level and global scales. The economic market has suitable mechanism and governmental intervention and regulation that sustain the management. Normally, the government manipulates the economy of the nations wherein the members of the government shape the economic policies. There are social programs such as Social security and Medicare. The flexibility of the government resulted to unusually dynamic economy and it produced growing affluence, technological innovation and growing trade with other nations Services are relative to traditional manufacturing, some
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industries give more specialized production and it gives emphasis on product diversity and customization Large companies have merged and split up and reorganized in numerous ways, and increasingly the government and business leaders emphasize the importance of high skilled and flexible work force in ensuring the future economic success of the country. Territorial competition involves the formation of policies in promoting local economic development in competing with other territories. It involves competing for mobile investment and it gives consideration in promoting the territory as a competitive place in conducting business. It includes improvement of the environment for all its existing local businesses and they are directed to foster formation of new firms than attracting inward investment. It involves leading agency formation that coordinates actions and efforts in developing a strategic analysis of the territory. This applies to the level of city regions and it is a principle of distinguishing the traditional top-down regional policy by the local origins and the fact as locally determined goals. This gives consideration with the issues on regional spatial equity and the efficiency of local economy. Incentives involved in territorial competition and it works against wider issues on spatial equity. Territorial competition can be inevitable and beneficial; it is beneficial to local inhabitants, society, and economy. Unrelieved malign influence stemming from benefiting the interests of small or group of property owners leads an implicit rejection of economic growth as goal for the policy. The government breaks up and regulates companies that they have so much power wherein they could defy the market forces. Government normally addresses matters the private economy overlooks. Government nurture new industries and they even protect the companies from competition.
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It shows that there are implications in the policy in national and super national government, in ...Show more

Summary

The sources of local economic growth interact with the local policies and it addressed how the policies are directed to the factors that influence the behaviors of the local firms. Appropriate policies depend on its effect to the economic welfare. There are also policies that have positive impact in the welfare of the economy and zero sum from a wider perspective…
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Economic Policy essay example
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