Chapter 14. Public Policy and Economics. Basic Issues of Economic Policy. Should government involve itself in economic affairs at all? Laissez-faire is French for “ leave things alone. ” It is the belief that government should not interfere in the workings of the economy.
Public Policy and Economics
Payments for individuals (identified here as human resources) and national defense are the largest categories of federal expenditures. National defense consumed just under 20 percent of the budget in 2010.
The steps in the budgeting process for each fiscal year take two and a half years to complete. If appropriation action is not completed by September 30, Congress enacts temporary appropriations (i.e., a continuing resolution).