macro

• GDP: innacurate measure of true output

  Does not include informal economy, Philippines as of 2024, 34.1% of the gdp
• GDP – INACCURATE MEASURE OF ECONOMIC WELL-BEING 

  US Military spending: 

  Included in GDP but does not capture social well-being

  Country: USA  year: 2021 

  amount: 800 billion
• EXPANSIONARY FISCAL POLICY – DECREASE IN TAXES 

  Corporate tax 

  United States 

  2017  

  Reduction

  corporate tax from 35 to 21%
• EXPANSIONARY FISCAL POLICY – INCREASE IN GOVERNMENT SPENDING 

  what? COVID Aid 

  country: Israel 

  year: 2019

  amount: Around $180 per family
• CONTRACTIONARY FISCAL POLICY – TAX INCREASE

  FOR WHAT: Corporate tax 

  WHERE United Kingdom 

  YEAR 2023 

  AMOUNT 19% to 25%
• CONTRACTIONARY FISCAL POLICY – CUT GOVERNMENT SPENDING 

  FOR WHAT  Gov. spending cuts 

  WHERE France 

  YEAR 2023 

  AMOUNT Decrease of 3.5% (4.2 Billion euros)
• CONTRACTIONARY MONETARY POLICY - increase in minimum reserve requirement

  Where: Argentina

  Year: 2022

  Amount: increased by 2%
• CONTRACTIONARY MONETARY POLICY - increased interest rates

  Where: Turkey

  year: 2018

  Amount: 17.5% to 24%
• Expansionary monetary policy - decreased interest rates

  where: UK

  year: 2020

  amount: interest rates reduced from 0.75% to 0.10%
• Expansionary monetary policy - elimination of minimum reserve requirement

  Where: USA

  Year: 2020

  Amount: decreased to 0
• EXPANSIONARY MONETARY POLICY - quantitative easing

  where: USA

  year: 2013

  amount: $1.3 trillion
• Supply side, market-based, (incentive)

  where: USA

  year: 2017

  amount: top income bracket tax rate reduced from 39.6% to 37%

  Tax cuts and jobs act (TCJA) enacted by Donald Trump
• SUPPLY-SIDE – MARKET-BASED (Encourage competition)

  England privatized Royal Mail (public service)

  where: UK

  year: 2011

  amount: 90% of royal mail
• SUPPLY-SIDE – MARKET-BASED (Labor market reforms)

  Raised retirement age

  where: france

  year: 2023

  amount: 62 to 64 years old
• Supply-side - interventionist

  Investment in human capital - education

  Philippines enacted the enhanced education act changing schools from k-10 to k-12 to compete better with the other ASEAN countries and create a more educated workforce

  Year: 2013