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What do you understand by the term structural change? Examine the contribution that microeconomic policy has made to improving the structure and performance of the Australia economy.
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What do you understand by the term structural change? Examine the contribution that microeconomic policy has made to improving the structure and performance of the Australia economy. Structural change is the change in the pattern of production in an economy as certain products, processes of production and industries disappear 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 caused by a wide range of economic influences including changes in the pattern of consumer demand and technological change. The speed of structural change depends on the ability of an economy or industry to adjust quickly. People's natural resistance to change and government regulation often impedes the process of structural adjustment. Past Macroeconomic policies have been largely ineffective in bringing about structural change. For example Australia's past trade deficits can be...
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