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Q. What can we do then while aiming at the public policy?
From the above, one task emerges immediately, that is of quantifying all economic and non economic effects of a certain policy measure; presenting them whenever and wherever possible in the same or compatible units. Attempts in this direction are known as "Policy Process" or policy analysis. This activity has a clear cut advantage. If tends to bring various disciplines together to cooperate. This has been the fundamental motive behind development of the School of Synergetic economics. It is, due to the very complexity of the subject matter, it is no longer possible for a policy maker or a policy scientist who is skilled in one discipline to research a problem for policy that affects society without calling in help of researches from other disciplines.
In Policy science, an economist can be no longer afford to be merely an economist, he will feel as if he is no more than a technician and will be unable to make a society accept his proposals on their technical merits alone. In the same spirit, cost benefit analysis cannot be limited only to the study and evaluation of the direct effects of a certain project, but must include indirect effects as much as, is reasonably possible.
why is public finance important?
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what id the definition of public debt burden?
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It has been accepted to most policy and development economists that among the most important sets of institution in an economy are those that provide for enforcement of contracts.
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