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BACC311-Economics: Principles, Models and Policies

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Governments sometime legislate the use of price ceilings and price floors to correct market failures.There is current economic debate on whether governments should intervene in a market economy. Some free market economists are even arguing that the Australian government should abolish the current minimum wage.You are an economic policy advisor to the government, what would your recommendations be?In answering this question, make sure that you use economic principles (including graphs) and consider both sides of the story i.e. effect on wage earners, businesses and economic growth....

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Question Preview:

Governments sometime legislate the use of price ceilings and price floors to correct market failures.There is current economic debate on whether governments should intervene in a market economy. Some free market economists are even arguing that the Australian government should abolish the current minimum wage.You are an economic policy advisor to the government, what would your recommendations be?In answering this question, make sure that you use economic principles (including graphs) and consider both sides of the story i.e. effect on wage earners, businesses and economic growth.

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Solution Preview

Advocates of Australian Minimum wage rate system talk about how government policies sometimes effect market economy and minimum wage rate system. As an economic policy advisor of the government the below considerations were made in order to reach out to a conclusion on whether the abolition of current minimum wage rate should be done or not. The assignment aims to provide recommendations based on economic theories and description on how abolishing the minimum wage rate can bring a change in the economic growth by considering both negative and positive impacts. There have been difference in opinions when the Australian government decided to implement the price ceilings and price floors. Therefore, it is important to evaluate how the government can benefit in economic growth with the changes they plan to implement. As an economic policy advisor to the Australian government, certain recommendations were given on whether the decisions of the government are going to work out for the development and growth of the economy or not. 

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