Explain The Main Macroeconomic Aims Of Government Policy

1) What are the main macroeconomic aims of government policy?

1. to achieve low and stable inflation (price stability)
2. to maintain a high level of employment and low level of unemployment
3. to encourage economic growth
4. to encourage trade and secure a favourable balance of payments

There are other objectives which are increasingly becoming important for governments:
5. Equitable distribution of income and wealth – a fair share of the national ‘cake’, more equitable than would be in the case of an entirely free market.
6. Increasing Productivity – more output per unit of labour per hour. Also, since labour is but one of many inputs to produce goods and services, it could also be described as output per unit of factor inputs per hour.
7. Thermal Equilibrium – equilibrium in the Balance of payments without the use of artificial constraints. That is, exports roughly equal to

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