Public Policy Fundamentals

Many of the challenges facing economies worldwide are the result of public policies. From poverty, inequality, and corruption to economic crises, which often arise from poorly developed or ineffectively implemented policies. A good policy may be formulated and approved, and fail because it has not been fully implemented. Lack of capacity in a substantial number of state institutions, insofar as the implementation of public policy is a major setback. Capacity may be in the form of human, financial, or technical capacities. Approved budgets by particular state institutions are public policies that reflect the intentions of that state department or agency. Some of the approved budgets are under- or overspent, fruitlessly spent, or wasted. This has become a regular occurrence in most economies. Some of these budgets are not adequately developed because budget approval is, in most instances, the terrain of politicians who are not adequately skilled or capacitated. Policymaking is a skill that must be imparted to those who are responsible for it. Equally, the implementation and evaluation of public policies should receive the necessary attention to ensure they are carried out effectively.