microeconomic policy

microeconomic policy

the setting of specific objectives by the government for particular markets or industries and the use of control instruments to achieve those objectives. Microeconomic objectives focus upon the efficiency with which resources are allocated and ways in which impediments to efficient resource allocation such as, for example, MONOPOLY distortions or the slow adjustment of industry capacity to market demand, might be overcome through COMPETITION POLICY and INDUSTRIAL POLICY. See REGIONAL POLICY, ECONOMIC POLICY, MACROECONOMIC POLICY.
References in periodicals archive ?
Director of the Microeconomic Policy Division at the UN Economic Commission for Africa (ECA), Dr.
The author has organized the twenty-nine chapters that make up the main body of his text in nine parts devoted to supply and demand; market efficiency, market failure, and the public system; households and market structure; input markets and microeconomic policy issues, macroeconomic foundations, and a wide variety of other related subjects.
We need to reform African educational institutions to enhance innovation while making efforts to bring local entrepreneurs on board so that their firms can play a role in extending practical and vocational skills," said Adam Elhiraika, Director of Microeconomic Policy Division at the UN Economic Commission for Africa (ECA).
The Commission is the Australian Government s principal advisory body on microeconomic policy and regulation.
Pincus, Public Choice Theory had Negligible Effect on Australian Microeconomic Policy, 1970s to 2000s '.
Two of the ideas are in macroeconomics, the part of economics that studies Gross Domestic Product, inflation, and unemployment; one idea is in finance; and two ideas are in microeconomic policy.
This microeconomic policy discussion, however, will only consider the promotion of competition, economic efficiency and equity in the distribution of income.
Still, each party has traditionally played on both the macro and microeconomic policy fields.
The government has decided to adopt a proactive approach to addressing adverse economic cyclical factors by maintaining a supportive macroeconomic and microeconomic policy mix, while accelerating structural reform.
Focusing primarily on the administration's efforts to control inflation, he skillfully weaves together domestic and international macroeconomic and microeconomic policy initiatives and action.
A Treasury could opt out of all macroeconomic and microeconomic policy issues which do not pertain to the public account.
The Government's principle review body on microeconomic policy, the Productivity Commission, will undertake the 12-month enquiry.