Public policy is the decisions and actions that help tackle important societal issues like boosting economic growth, increasing access to high-quality education and healthcare, or limiting the effects of climate change. Governments, private businesses and non-governmental organizations use policies collaboratively to address the complex challenges we face as a global society.
The creation of a policy is an iterative process that involves several stages. Policymakers start by identifying a problem that requires attention. They then research the problem by gathering data and insights, which allows them to develop potential solutions. The next step involves weighing the benefits and costs of these solutions. This helps them to determine whether a policy should be implemented. Finally, they implement the policy and evaluate its success.
In addition to the formal policies that are written down and legally binding, many governments also have informal policies. These policies are often unwritten and can have a significant influence on government institutions.
For example, in the United States, there are informal policies such as political brinksmanship or ideological divides that result in costly policy uncertainty. These policies are not written down but have a major impact on the economy and the ability of new companies to expand.
Understanding how to craft and implement effective policies is crucial to anyone who wants to make an impact on their community, country or world. It’s not enough to simply support politicians and political parties — you must understand how policy affects your everyday life.
