A government policy is a system of laws, regulations, courses of action, funding priorities, and other decisions promulgated by a governmental entity. Government policies are the avenues through which public issues like advancing shared economic growth, ensuring equitable access to quality health care and education, and mitigating climate change are addressed collaboratively.
Governments use a variety of tools to make policy, including fiscal and monetary policies. The former refers to federal spending, contracts, grants, and loans, while the latter is the method of regulating the supply of money in the economy, including the interest rates charged on debt. Both of these types of policies are often influenced by the political stance of the party in power at any given moment. For example, following the 2008 financial crisis, the UK government implemented a policy of austerity in order to diminish its national debt and shore up the economy.
The process of constructing and managing public policy includes agenda setting, policy formulation, implementation, and evaluation. Each step of the policy making process requires careful consideration of the societal impact of different options, as well as the cost and effectiveness of the resulting policy instruments.
Substantive policies are a vital component of the policy making process, as they focus on addressing specific societal challenges. Examples of substantive policies include curriculum enhancement, teacher training programs, zoning reform, and criminal sentencing reform. While these issues may seem disconnected, they are all rooted in resource allocation debates that incorporate societal values and beliefs.
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