1. Economic Policy

2. 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:

3. 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

4. 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