Above all political aspects, progressives need to prioritize aiming for inclusive prosperity. What makes an economy prosper? Some may say it’s the hard working mothers returning to the workforce after having a child.
The main factor that affects an economy’s stability is the daily microeconomic decisions being made by the citizens. From what items to buy, to where to buy, to when to consume these items, and up to what amount to consume.
People have this purchasing power that can dictate an economy’s inflation rate and it can also be used to manipulate prices. To address such, there are existing economic policies that the government implement to set price floors and price ceilings. Progressives today supports the advocacy of educating the youth on how to manage their assets well and how to deal accurately with microeconomic decision making.
Macroeconomics is made up of the collective microeconomic decisions being made. This is where the cash, being rolled in for investments in banks and private sectors, could be observed. The current macroeconomic system represents the national economy at large. Progressives are still in the process of debating and developing ideas on how to improve the current economic status through manipulating the Gross Domestic Product (GDP) and Gross National Product (GNP).
The existing economic policies in the UK seem to adapt well to the fast-changing economic necessities. Although, there still has to be regular conferences and research studies to be conducted on that matter to prevent sudden inflation or regression.