Expert Answer:Austerity Measures in Greece Paper

  

Solved by verified expert:Using your knowledge of the impact of the government’s budget on the equilibrium
level of real GDP, and your understanding of the effect of the economy on the state
of the government’s budget, explain why austerity measures usually result in less improvement in the government’s budget position than policymakers had hoped for. Be
sure to define what we mean by ‘the governments budget.attached is the pdf for the assignment this hint were given: This one is straight forward. How do austerity measures affect economic growth and the
government’s budget? Remember that Greece was suffering from considerable budget deficits
and austerity measures mean tight fiscal policy. This should take no more than 2 paragraphs
wa_4_austerity_measures.pdf

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Austerity Measures in Greece
Due in NetTutor via the link in Blackboard learn.wsu.edu Sunday, April, 14, by
11:50 pm (PST)
By late 2009, Greece’s national debt had grown so large relative to the size of its economy
that lenders had lost confidence in the Greek government’s capacity to service it. Fear of a
Greek default led to contagion – Spain, Italy, Portugal, and Ireland were all subject to the
disapproving glare of frightened lenders. The crisis caused seismic disruption in Europe and
the rest of the world.
The International Monetary Fund, the European Commission, and the European Central
Bank reluctantly offered Greece bail-out loans – but with strings attached. To get the money,
Greece had to agree to austerity measures. In this context, austerity means tight scal (or
contractionary) policy – that is, higher taxes and/or lower government spending to shrink
Greeces annual budget deficit.
1. Using your knowledge of the impact of the government’s budget on the equilibrium
level of real GDP, and your understanding of the effect of the economy on the state
of the government’s budget, explain why austerity measures usually result in less improvement in the government’s budget position than policymakers had hoped for. Be
sure to define what we mean by ‘the governments budget.’
Grading Rubric
Please include your name, instructor’s name (Dr. Prera), course and section number
(EconS 102) and writing assignment (Assignment 4) on the top of your assignment.
The table below shows the criteria your essay will be judged against. I expect two to
three paragraphs, double-spaced. Your essay will be assessed as either ‘Meets expectations’
or ‘Needs improvement’ on each of the criteria in the table below. If your essay meets
expectations on two of the four criteria, your score will be 50%, etcetera.
After receiving feedback from NetTutor, you have up to a week to revise and re-submit the
essay to NetTutor for another try – but you only get one second chance on each writing
assignment. I will take three highest writing assignment scores to compute your writing
assignment average.
1
Criteria
Writing
Meets Expectations
Ideas are well-organized.
Application
of
economic
analysis
Transition sentences effectively
connect one idea to the next.
The essay is free of typos and grammatical errors.
The impact of the government’s
budget on the economy is correctly
identied and explained.
The effect of the state of the economy on the government’s budget
is clearly articulated, and correctly
analyzed.
The reasons why austerity measures usually result in disappointing improvement in the government’s budget are clearly explained.
2
Needs Improvement
The writing is difficult to follow
and/ or poorly organized.
Transition sentences are absent or
ineffective.
Typos and/ or grammatical errors
distract the reader.
The impact of the governments
budget on the economy is not
clearly articulated, or is incorrectly
analyzed.
The effect of the state of the economy on the government’s budget is
not clearly articulated, or is incorrectly analyzed.
The reasons why austerity measures usually result in disappointing improvement in the government’s budget is not explained.

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