Evaluate how, in the long-run, governments could try to reconcile conflicts between the various objectives of economic policy

AQA A-Level Economics Paper 2 June 2023

Evaluate how, in the long-run, governments could try to reconcile conflicts between the various objectives of economic policy. (25 marks)

Plan

• Paragraph 1
  • Argument: one way to reduce trade-offs (economic growth and high inflation) is through contractionary fiscal policy as this reduces inflation and also improves the budget deficit at the same time
  • Diagram: decrease in AD
  • Evaluation: however, this can lead to slower growth
• Paragraph 2
  • Argument: another way to reduce trade-offs (econonic growth and high inflation) is through supply-side policies such as training schemes
  • Diagram: increase in LRAS
  • Evaluation: opportunity cost and time lag

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