Photo AI
Outline two economic policies which the Irish Government could consider to address inequality in Ireland - Leaving Cert Economics - Question b - 2016
Question b
Outline two economic policies which the Irish Government could consider to address inequality in Ireland. Policies introduced to reduce inequality may make it more ... show full transcript
Worked Solution & Example Answer:Outline two economic policies which the Irish Government could consider to address inequality in Ireland - Leaving Cert Economics - Question b - 2016
Step 1
Outline two economic policies which the Irish Government could consider to address inequality in Ireland.
Answer
-
Progressive Taxation: The Irish Government could implement a progressive taxation system where higher income earners pay a larger percentage of their income as tax. This policy aims to redistribute wealth and reduce income inequality by providing more resources for social programs that support lower-income groups.
-
Universal Basic Income (UBI): Implementing a UBI program would provide all citizens with a regular, unconditional sum of money, irrespective of other income. This could help alleviate poverty and reduce inequality by ensuring that all individuals have a minimum standard of living.
Step 2
Policies introduced to reduce inequality may make it more difficult for the government to achieve other economic aims. Explain this statement, using examples to support your answer.
Answer
The introduction of policies aimed at reducing inequality can sometimes conflict with broader economic goals. For example, higher taxation on wealthy individuals to fund social programs may deter investment and lead to reduced economic growth.
Additionally, while a UBI could improve the quality of life for many, it might lead to reduced labor force participation, as some individuals may choose not to work if they receive enough support without employment. This could result in a decrease in overall productivity, which is detrimental to the economy.
Thus, while these policies address immediate inequality concerns, they may pose challenges to achieving sustainable economic development.
Step 3
Outline actions the Irish government could take to protect the environment.
Answer
-
Investment in Renewable Energy: The Irish government could increase funding and support for renewable energy projects, such as wind and solar power, to transition away from fossil fuels, thereby reducing carbon emissions and promoting sustainability.
-
Implementation of Environmental Regulations: Enforcing stricter regulations on industries to minimize pollution and waste is crucial. The government could introduce policies that mandate companies to reduce their carbon footprint and promote recycling and waste management practices.
-
Public Awareness Campaigns: Launching campaigns to educate the public about the importance of environmental protection and sustainable practices can foster greater community involvement in conservation efforts.
-
Support for Biodiversity Conservation: The government should promote initiatives aimed at protecting natural habitats and endangered species, ensuring that biodiversity is preserved for future generations.