You have been asked by the Irish Government to suggest a fiscal stimulus plan of €1bn to be invested in construction: Economics & Construction Sector Assignment, GMIT, Ireland
| University | Galway-Mayo Institute of Technology (GMIT) |
| Subject | Economics & Construction Sector |
Task
You have been asked by the Irish Government to suggest a fiscal stimulus plan of €1bn to be invested in construction-related projects over the next 24 months. You should nominate the construction project(s) that you would fund. You should provide an economic rationale for the projects that you suggest.
The suggestion that you come up with will have to be financed by reallocating existing government expenditure. Thus, you are required to examine the government estimates and suggest where the savings to finance the investment can be made. You should say why you think that the expenditure cuts/tax increases you suggest financing construction investment are the correct ones.
Further information
Fiscal policy refers to government spending and revenue. The Budget outlines fiscal policy priorities for the year ahead. You are required to look at the Irish Budget 2023 which will be announced in September 2022. You are asked to increase spending on construction by €1bn and suggest how it could be financed.
A key concept in Economics is scarcity. Wants are greater than resources. Thus, people have to make choices and choices involve a trade-off. If you want more of one thing you have to give up something else. Governments face similar dilemmas. They have to make choices as resources are limited. Choices involve an opportunity cost—this is defined as the cost of something in terms of the next best alternative.
Questions
- What are the priorities for spending in the Irish construction sector as you see
them? - What will the impact on society and the economy be by following the increase in spending that I suggest? Why should the government do what I am suggesting?
- How will the increased spending be financed? Will taxes increase? Will some other spending be axed?
- Are the suggestions that you make politically possible? Practical? Workable?
- Will your suggestions help the Irish economy given potential threats?
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