Managing economic challenges and coming up with policy solutions is a tricky task. When striving to optimise overall wellbeing, every policy decision involves some sort of trade-off. An essential element of good policy-making is to consider these trade-offs, by weighing up the costs and benefits, across the short-term and long-term, and identifying the winners and losers of a policy change. What have you learnt in this course about trade-offs? Referring to any of the topics that we have covered in this course, give an example of a trade-off that policymakers need to consider. In your discussion, you should aim to make reference to the economic concept of ‘opportunity cost’. (2-5 sentences)
Managing economic challenges and coming up with policy solutions is a tricky task. When striving to optimise overall wellbeing, every policy decision involves some sort of trade-off. An essential element of good policy-making is to consider these trade-offs, by weighing up the costs and benefits, across the short-term and long-term, and identifying the winners and losers of a policy change. What have you learnt in this course about trade-offs? Referring to any of the topics that we have covered in this course, give an example of a trade-off that policymakers need to consider. In your discussion, you should aim to make reference to the economic concept of ‘
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