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Public Policy, Policy Cycle, and Policy TheoriesSS238 : Public Policy, Policy Cycle, and Policy TheoriesKenneth BurgoynePurdue Global University6/28/20
Public Policy, Policy Cycle, and Policy Theories2An economic policy has the purpose of shaping or regulating the economic activity. The government generally conducts and administers economic policies. Economic policies include decisions on public spending and taxation, on the redistribution of revenue from rich to poor and on the provision of money. The success of economic policy, defined as constructive and utilitarian economics, may be measured in one direction or in another (Mifflin, 2012).Welfare policy helps economically needy people. These programs are also referred to as public support. The simplest method to disperse social funding funds is by income transfers: the government utilizes taxation to collect revenue from wealthy people, and provides part of this revenue to low- or no-income residents. They consider such measures redistributive policies, since money is transferred from the wealthy to the disadvantaged SparkNotes Editors. (2005).Economic policy is analyzed through elite theory based on the policy formulation process. The economic policies are mainly created by the elite in the society. Many of theeconomic policies can end up serving the interest of the elite. The economic policy is