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I need some assistance with these assignment. growth in the economy Thank you in advance for the help!
I need some assistance with these assignment. growth in the economy Thank you in advance for the help! Improving the efficiency of the workers would require lesser number of workers to complete a job in comparison to the situation when the workers’ skills were not upgraded. The money saved by employing lesser number of workers can be utilized to make the payments for the technological and skill up gradation. The enlargement in the production level of the country, both as a result of increasing employment and the efficiency enhancement of the workers, would enable the producers to cut the price levels of the products and the services. This decrease in the price level would in turn augment the consumption level of the general public, which in turn would raise the level of aggregate demand in the country (Arestis &. Et. Al., 2002). Fiscal policies can lower the rate of unemployment by assisting to enhance the aggregate demand. Fiscal policies that should be employed are lowering of tax rates and also boosting the government expenditure. The rise in the government spending should complement the national income level that would check unemployment. Low rate of taxes would augment the disposable earnings of the citizens and as a result the consumption level of the public would also rise. This increase in the aggregate demand would have more than proportionate impact on the national income as a result of the multiplier effect. This would subsequently lead to an enhancement in the country’s GDP. The enhancement in the national GDP would lead to an enlargement in the demand for workforce to meet the requirements of the amplified consumption level.
