When short term fiscal policy impacts long run prosperity.
How effective is the government in improving living standards this clip by an UK Economics Youtuber goes through how Australia became a wealthy nation and how it has not capitalised on our export of raw resources.
ACARA Alignment: ACHEK050, ACHEK051
Clip Length: 16:44 minutes
Year: 2024
URL: https://youtu.be/TEyOSx1x–Y?si=jJFJOvw9GDh5UY1_
Economics Concepts: Fiscal policy, wealth accumulation, exports
- This is a longer clip and potentially one that can be used for an assessment or homework task.
- Students can watch the clip and identify key fiscal policies that have impacted Australia’s economic development.
- Then get students to watch this 2:04 minute short on Norway’s investment fund (https://youtube.com/shorts/VcCoFsO31_c?si=EsWV-K7ysQoJMk4J)
- Now ask students to identify key government activities and outcomes for each country.
- After watching the clips and the discussion students can undertake an assessment task comparing and contrasting the Norwegian and Australian economies economic growth since 1969 in a report or presentation. In their assessment they should include:
- GDP per capita
- Inequality index
- Average educational attainment
- Inflation rate
- Unemployment rate
- Life expectancy
- Renewable Energy Share
- Greenhouse Gas Emissions per capita
You may like to show or share links to data such as UNSDG, Norway | Data, Australian Bureau of Statistics to help students with their assessment task