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Structural Change and Australian Economy Essay

Assignment id 1003619
Discipline Other
Assignment type Essay
Words 2529
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Structural Change and Australian Economy Structural change is the change in the design of production in a market as particular goods, processes of production and industries vanish and are replaced by others. The past century has seen the relative decline of agricultural and manufacturing industries, and the rise of services and new technology sectors. Structural change can be the result of a wide range of financial influences including changes in the design of consumer demand and technological change. The speed of structural change is contingent upon the capability of an economy or industry to adjust quickly. People's natural resistance to change and government regulation often impedes the practice of structural adjustment. Past Macroeconomic policies have been largely ineffective in bringing about structural change. For example Australia's previous trade deficits can be blamed for structural problems that failed to respond to government macroeconomic policies. To solve economic problems such as high inflation and higher unemployment governments are shifting away from macroeconomic policies to microeconomic policies. Microeconomic policy or Microeconomic reform is action taken by the government to improve resource allocation between industries to be able to maximise output and promote structural change. It's regarded that microeconomic reform will be effective in dealing with long term problems such as international competitiveness, high foreign debt and high structural unemployment. The shift towards microeconomic reform comprises a change of focus from influencing demand towards influencing supply. This is called supply side economics which has.

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