What are the reasons for, and costs and benefits of microeconomic reform for Australia? Evaluate its effectiveness.

In Australia, MER has worked towards improving the productivity and competitiveness of the economy. It appears that the social costs of MER have outweighed the economic benefits. However the positive aspects of reform can be seen more readily in the long-term, if we can control the rate at which reform occurs, and share the benefits more evenly. Microeconomic reform is defined as 'the changes in government policy directed at improving the efficiency of use and …showed first 75 words of 1197 total…

…showed last 75 words of 1197 total…be considered when a decision is being made about future reform. It can also be seen that Australia's resources are still failing to be used to their full potential, suggesting that further reform is still necessary. Finding an appropriate rate at which to continue reform is the task which lies ahead, as too fast will result in social costs to the community and too slow means we are not using resources to their full capacity.