Ronald reagan believed that decreasing government spending would eventually lead to economic growth.
<h3>What was ronald reagan’s basic belief about economic growth?</h3>
- The four pillars of Reagan's economic policy were to reduce the growth of government spending.
- This policy should lessen the federal income tax and capital gains tax, decrease government regulation, and tighten the money supply in order to reduce inflation.
So we can conclude that decreasing government spending would eventually lead to economic growth is the right answer.
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Inflation is undesirable because it redistributes income from those who can raise prices to those who cannot.
<h3>What is inflation?</h3>
- In the field of economics, inflation refers to an overall rise in the cost of goods and services throughout a nation.
- Each unit of currency may purchase fewer products and services as the general price level rises, hence inflation is associated with a decline in the purchasing power of money.
- A general increase in prices over time diminishes customers' purchasing power because a constant quantity of money will eventually allow for less consumption.
- Whether inflation is running at 2% or 4%, consumers still lose purchasing power; the higher inflation rate only doubles that loss.
- Those interest rates that are fixed for the duration of the loan, won't fluctuate in line with inflation.
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Technology changed people's lives in the 1990s in the form of:
a. Communication - communicating technologies such as beepers, cellphones, and internet access paved the way for people to easily keep in touch and send their messages in an instant to people who are even in the farthest regions of the Earth.
b. Production of goods - mass production of goods were at its speed because of the development of computer-based machines that can deliver precise measurements and detailed products that can reach a lot of people in the shortest time.
Technology is a continuous improving branch in society which should always be geared at improving lives of people.
