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Theoretical and Applied Economics
No. 1 / 2015 (602), Spring

An approach of social policy in terms of macro-stabilisation function

Anca-Maria GHERMAN
Bucharest University of Economic Studies, Romania
George-Marian ȘTEFAN
Bucharest University of Economic Studies, Romania

Abstract. In general, fundamental opinions regarding macroeconomic stabilisation of an economy consider that (i) economy autocorrects itself and on the long term tends toward equilibrium and (ii) because of rigidities, the economy cannot correct by itself and it is necessary for the government to intervene, through anticyclical policies, and bring it to equilibrium. The automatic stabilisers are described as categories of government revenues and expenditures that adjust themselves to the cyclical changes of an economy – for example, as output decreases, revenue collection is reduced, while unemployment benefits increase. These changes will have a direct impact on business and household income. The effect of the automatic stabilisers depends on government size and the speed with which tax and expenditure answer to cyclical fluctuations. This article addresses the issue of automatic stabilisers and how social policy acts as a macro-stabilisation policy for the economy.

Keywords: social policy, macro-stabilisation, automatic stabilisers.

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