Economic Policy

Public Policy Definition: A course of action take by Policy Making Policymakers Policy Making First: Then: Important: Cost v Benefit Cost: Benefit: Three Purposes Solve a social problem: Counter threats: Pursue an objective:

Steps in the Policy Making Process Define the role of government in solving social and economic problems Liberal v Conservative approach Identify the social and economic problems Policy formulation and adoption Policy implementation Policy evaluation

Economic Policy Focus: interplay between the government and the economy How government and its policies affect the economy How economics affects policymakers Impact of the government on the economy Impact of the economy on politicians and elections