There are a number of ways that the government can influence economic growth and productivity. The goal of government policies successful planning will help determine what kind of world the next generation will inherit (Mankiw, 2015). Some of the policies that government has influence over are research and development, savings and investment, health and nutrition, and education. Each has its own agenda and part of the growth of the economy.
Policies
Research and development have played a major role in a higher standard of living. The government encourages research by issuing research grants that promote knowledge. A particular organization is the National Science Foundation (NSF), which funds approximately 24 percent of all federally supported …show more content…
The ultimate goal is for society to invest in more capital. In order to do so, there needs to be less consumption and more saving of current income (Mankiw, 2015). I fall in the category of living outside my means. As a make money, I pay my debts, but I also like to reward my hard work with trips that will create lasting memories. Currently, my one investment is education, which is an investment in human capital. I feel that seeking higher education will add to my quality of life with the knowledge I didn’t know I could obtain. In continuing my education, I can provide credible feedback and seek promotions in my …show more content…
The promotion of education causes people to advance their skills. This is the hope that these new skills will produce new ideas on how to produce goods and services, which will help the economic growth and productivity. Similar to savings and investments, I feel that continuing my education will allow me to endeavor to new areas in the business world. Continuing my education in the next couple of years, whether it be a certificate program or professional development courses offered through my employer, will benefit me and the organization I work for. I will be able to introduce new ideas and concepts to projects that will increase promote
Policies
Research and development have played a major role in a higher standard of living. The government encourages research by issuing research grants that promote knowledge. A particular organization is the National Science Foundation (NSF), which funds approximately 24 percent of all federally supported …show more content…
The ultimate goal is for society to invest in more capital. In order to do so, there needs to be less consumption and more saving of current income (Mankiw, 2015). I fall in the category of living outside my means. As a make money, I pay my debts, but I also like to reward my hard work with trips that will create lasting memories. Currently, my one investment is education, which is an investment in human capital. I feel that seeking higher education will add to my quality of life with the knowledge I didn’t know I could obtain. In continuing my education, I can provide credible feedback and seek promotions in my …show more content…
The promotion of education causes people to advance their skills. This is the hope that these new skills will produce new ideas on how to produce goods and services, which will help the economic growth and productivity. Similar to savings and investments, I feel that continuing my education will allow me to endeavor to new areas in the business world. Continuing my education in the next couple of years, whether it be a certificate program or professional development courses offered through my employer, will benefit me and the organization I work for. I will be able to introduce new ideas and concepts to projects that will increase promote