Welcome to the seventh series of the Political Economic Digest.
In this series, we’ll be discussing about the principles of of sound public policies and their role in economic progress. Public policy can be generally defined as the course of action or inaction taken by governmental entities (the decisions of government) with regard to a particular issue or set of issues.
The first reading is a very famous article by Lawrence W. Reed entitled “Seven Principles of Sound Public Policy”. The author has listed and explained the basic principles which can be used to judge, whether a policy is good or not. Full of real life examples, the article is an interesting and informative read.
Second reading is the Nepali translation of a satirical article entitled “Strategies for achieving poverty” written by Leon Louw, a public policy analyst from South Africa. Citing examples of countries who have been able to descend into poverty from prosperity, the author has outline the common strategies countries can follow to spread poverty.
Finally, we have a chapter from the well-known economics book, “Economics in one Lesson” by Henry Hazlitt. In this chapter entitled “The Broken Window”, the author explains with the help of an example how most of time while policies are being made; only one aspect of a policy is considered and other aspects are ignored and how that hampers the society.
Read more in the uploaded file.