The Need For Humility In Policymaking

Regulations impact a wide array of market and social activities that influence our daily lives. Regulations are attempts to correct perceived market failures, caused by information asymmetries, externalities, and principal-agent problems, and to provide public goods, which would otherwise be underprovided. Government actors are responsible for identifying these issues, weighing the costs and benefits of intervention, and designing and implementating regulations to improve society. Good regulations help mitigate issues in the economy without inciting new problems and without the costs exceeding the benefits of intervention. This requires intensive analysis and an awareness of the complexities of social life. Our society is complex and dynamic where people face knowledge and incentive problems, whether in the market, politics, or civil society. By examining this complex reality, we can better understand why regulations arise and persist and the challenges of reform. We argue that this approach to policymaking and policy analysis requires humility; an acknowledgment of the challenges we face when intervening in our society. This volume intends to cultivate an appreciation for the complexity of human decision making and the incentives that drive human behavior. By examining specific policy changes, it will delve into the effects of and lessons learned from regulations in financial markets, computer and internet governance, and health care innovation and delivery. This volume will be of interest to students, scholars, and policymakers who seek to understand the complexities of regulation in a dynamic social world.

This book examines ways to enhance evidence-based policymaking, striking a balance between theory and practice. The attention to theory builds a greater understanding of why miscommunication and mistrust occur. Until we better appreciate the forces that divide researchers and policymakers, we cannot effectively construct strategies for bringing them together.

Examines the rise of financialisation globally, charting drawbacks and prescribing suggestions for a definitive overhaul of the structure.

Never has good policy been so important. From unemployment and a lack of affordable housing to regulating cryptocurrencies and protecting against cybersecurity threats, the challenges we face are complex and global. The text explains how policymaking works: from the emergence of policy ideas to deciding between cutting-edge solutions, from evaluating policies to improving policymaking practices, using examples from around the world. Open up the black box of government to see where policies are made. This introductory text takes you beyond theory and into the messy world of policymaking, offering a toolkit for making better policy. Drawing from insights earned through years of interactions with policymakers and extensive teaching experience, Boin and Lodge offer a comprehensive introduction to the inner workings of government and how to produce policies that address societal problems of today and tomorrow. The Politics of Policymaking teaches you the connections between policies, their effects, and the society they impact. It explores the interplay between citizens, policymakers and politicians, and the intricate web of policy decisions. Reflective questions help to engage readers with the key themes and to reflect on the challenges of policymaking in practice. A global perspective enables you to learn from diverse viewpoints and see examples from around the world. Timely and cutting-edge, this book tackles contemporary policy issues—platform economies, climate change, and more - while delving into crucial theoretical tools like political legitimacy and reform. An assignment feature provides you with the opportunity to consolidate your learning and put it into practice. This text is an essential companion for any undergraduate or postgraduate student of Politics, International Relations, and Public Administration and for anyone aspiring to work in public policy. Arjen Boin is Professor of Public Institutions and Governance at Leiden University, the Netherlands. Martin Lodge is Professor of Political Science and Public Policy at London school of Economics and Political Science.

The twenty-eighth edition of the NBER Macroeconomics Annual continues its tradition of featuring theoretical and empirical research on central issues in contemporary macroeconomics. As in previous years, this volume not only addresses recent developments in macroeconomics, but also takes up important policy-relevant questions and opens new debates that will continue for years to come. The first two papers in this year’s issue tackle fiscal and monetary policy, asking how interest rates and inflation can remain low despite fiscal policy behavior that appears inconsistent with a monetary policy regime focused only on inflation and output and not on fiscal balances as recently observed in the U.S. The third examines the implications of reference-dependent preferences and moral hazard in employment fluctuations in the labor market. The fourth paper addresses money and inflation, analyzing the long run inflation rate, the coexistence of money with pledgeable and money-like assets, and why inflation did not increase in response to business-cycle fluctuations in productivity. And the fifth looks at the stock market and how it relates to the real economy. The final chapter discusses the large and public shift towards more expansionary monetary policy that has recently occurred in Japan.

An essential read for rethinking and improving how education policy is made and implemented

The use of measures of economic output to guide policymaking has been criticized for decades because of their weak ties to human well-being. Recently, many scholars and politicians have called for measures of happiness or subjective well-being to be used to guide policy in people's true interests. In The Illusion of Well-Being, Mark D. White explains why using happiness as a tool for policymaking is misguided and unethical. Happiness is too vague a term to define, and too general a concept, to measure in a way that captures people's true feelings. He extends this critique to well-being in general and concludes that no measure of well-being can do justice to people's true interests, which are complex, multifaceted, and subjective. White suggests instead that policymaking be conducted according to respect and responsiveness, promoting the true interests of citizens while addressing their real needs, and devoting government resources to where they can do the most good.