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Public Policy: Objectives and Principles Roger Kerr New Zealand Business Roundtable. “The framework of institutions, laws and programmes laid down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”. Critical issue:

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Presentation Transcript

Public Policy:

Objectives and Principles

Roger Kerr

New Zealand Business Roundtable


“The framework of institutions, laws and programmes laid down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”


Critical issue: down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

The proper role of government


IRELAND down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

HONG KONG

SINGAPORE


Objective of public policy
Objective of public policy down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

Human flourishing

- not just about economy, monetary values, efficiency

- encompasses fairness, environmental quality, freedom


  • Ideological? down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

  • Should be evidence-based

  • Role of economics

  • Free trade, school choice, privatisation

  • Boundaries of political debate


  • Common framework down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

  • Markets vs government

  • Invisible vs visible hand

  • Need governments to set rules of game


Voluntary cooperation
Voluntary cooperation down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

Market exchanges

Politics/collective choice


Voluntary cooperation1
Voluntary cooperation down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

Dominant means of getting what we want

  • Norm in families, small groups

  • Also clubs, associations, charities

  • Involves redistribution within families and through altruism

  • Works best in ‘face to face’ settings

But can’t run a large society that way


Market exchanges
Market exchanges down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

Essential for society at large

  • Gains from specialisation and trade

  • Prices

    - transmit information

    - coordinate plans

    - markets continuously adjust

  • Consumers’ interests paramount

But - market failures


Politics
Politics down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

  • Voting mechanism is imprecise - candidates, parties, electoral systems, accountability

  • Coercion- not mutual benefits, as with markets & voluntary cooperation

  • Tyrannies of majorities and minorities

Political market failures


Upshot
Upshot? down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

  • No ideal yardstick

  • Political/government failures routine, not exceptional

Must compare real-world alternatives


In choosing among real world alternatives
In choosing among real world alternatives down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

  • Focus on incentives

  • Bias in favour of economic freedom

Implies limited government


How do we constrain government
How do we constrain government ? down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”


How do we constrain government1
How do we constrain government ? down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

Economic constitutions

Sound processes

  • Compensation for Regulatory Takings

  • Taxpayer/Ratepayer Bills of Rights


Public policy and business management
Public policy and business management down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

  • A country is not a company

  • National central planning doesn’t work

  • Different skill requirements

  • Problems with DIY economics


Conclusions
Conclusions down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

Good public policy: institutions that promote human flourishing

  • There is a significant role for government,

  • but

  • individuals need protection from government abuse

  • governments don’t necessarily act in the public interest

  • remedy of government intervention sometimes makes things worse


The biggest public policy mistake: down by the arms of government (parliament, the executive and the judiciary) that regulate the economy and wider social interactions.”

to expect too much of government

The challenge:

how to restrain government to what it does well


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