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Summary AQA A-level Economics: Policies to promote Economic Devlopment £4.49
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Summary AQA A-level Economics: Policies to promote Economic Devlopment
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Key Summary Notes for the AQA A-level Economics course on Policies to promote economic development, part of the economic development topic, guaranteed to boost you to the top grades.

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  • September 15, 2023
  • 4
  • 2023/2024
  • Summary

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Policies Promoting Development:

Market Based Policies:
- Role of marlets in promoting Development
Examples: Prompting FDI, Degreulatiion, Privitisation, Trade Liblerilisation,
Smaller States

Taking away role of government - Let markets work on their own.

Benefits (Fre market economics):
1) Morre efficient allocation fo resources
Markey mechanism works on its own - positive outcomes for society -
sustainable growth and development
If goevrbments intervene = gov failure = inefficient outcomes = net welfare
loss.
Governts can be corrupt/ unnecasrry outcomes = hold back development.
2) Invenives from Competition and profit max
Competeition = lower prices as firms are driven to lower costs
Firms driven to produce on AC reduce X-ineffiency.
If profits are made - reinvested - dynamic efficiency - technologiacl
advancements -dvelepment increases.
State run corporations can be inefficient because they lack a profit motive.
3) Encourages FDI
If markets run freely - ecounrurage foreign firms to invest - less red
tape/regulation
(BENEFITS of FDI)

Cons:
1) Infrastructure
Wil there be infrastructure developed to a good enough extent to promote
development
Private escetor firms are less liely to build infrastructure - not considering
full societal impacts.
2) Markets are unlikely to efficiently provide certain goods and serivces
Free markets dont provide public goods - missing market.

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