Economic Issues (1 Viewer)

[Sylar23]

Got an essay project (written in class) based mainly on the relationships between economic growth, unemployment and inflation (+ australia's history with these and factors likely to affect them in the future). Any advice is much appreciated.

 

[epano]

Got an essay project (written in class) based mainly on the relationships between economic growth, unemployment and inflation (+ australia's history with these and factors likely to affect them in the future). Any advice is much appreciated.

Hey dude my awesome brother is doing the exact same assingment...how strange...


Good luck !

 

[gnrlies]

Got an essay project (written in class) based mainly on the relationships between economic growth, unemployment and inflation (+ australia's history with these and factors likely to affect them in the future). Any advice is much appreciated.

This sounds like a good question....

Theres probably three main relationships you will need to talk about:

1 - Labour as a derived demand - i.e. the demand for labour is derived from the demand from other goods and services, therefore as GDP rises, Labour will tend to also rise.

2 - Inflation / Output trade off - Phillips Curve

3 - Inflation / Unemployment Trade Off - Phillips Curve

I would also talk about the long run phillips curve because that will distinguish you from other students. If you dont know what Im talking about just ask and I will explain.

There are other things you might talk about. I would also include certain types of microeconomic reforms that are relevant to the labour market aimed at lowering unemployment (and therefore increase output). For example labour market reform, better job matching, skills training, structural change etc.

As far as historical figures, I think that this is where you can get into some really meaty stuff regarding inflation and unemployment (and particularly the short run phillips curve, long run phillips curve and inflation targeting).

Check out the ABS or RBA for a time series of these variables. You probably can't do too much with output so far as data. You probably want to talk more about economic growth (in terms of recessions etc).

 

[Sylar23]

This sounds like a good question....

Theres probably three main relationships you will need to talk about:

1 - Labour as a derived demand - i.e. the demand for labour is derived from the demand from other goods and services, therefore as GDP rises, Labour will tend to also rise.

2 - Inflation / Output trade off - Phillips Curve

3 - Inflation / Unemployment Trade Off - Phillips Curve

I would also talk about the long run phillips curve because that will distinguish you from other students. If you dont know what Im talking about just ask and I will explain.

There are other things you might talk about. I would also include certain types of microeconomic reforms that are relevant to the labour market aimed at lowering unemployment (and therefore increase output). For example labour market reform, better job matching, skills training, structural change etc.

As far as historical figures, I think that this is where you can get into some really meaty stuff regarding inflation and unemployment (and particularly the short run phillips curve, long run phillips curve and inflation targeting).

Check out the ABS or RBA for a time series of these variables. You probably can't do too much with output so far as data. You probably want to talk more about economic growth (in terms of recessions etc).

Thanks alot for the help, very useful. <3


Also, your brother is qutie the detective epano ^^