Economic policy affects every citizen, and understanding its complexities is crucial for informed participation in shaping governance. In "The Art and Science of Economic Policy," participants will gain a deep understanding of economic policymaking and its impacts on society. Through a collaborative approach involving stakeholders, this course provides a comprehensive insight into the nuances of policymaking, covering both objective and people-centric aspects.
This course is tailored for students of economics, public policy, law, political science, and management, as well as public servants, UPSC aspirants, and private sector professionals seeking a nuanced understanding of economic policy and development.
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This course is structured into six modules, covering the foundations, science, and art of economic policy, as well as the implementation and conclusion of economic policies.
Module 1: Introduction to The Art and Science of Economic Policy
This module provides an overview of the course, introduces the course team, and covers important course information. Participants will also explore the $3 trillion Indian economy and engage in a pre-course survey to gauge their understanding of key concepts.
Module 2: The Foundations of Policymaking
Participants will delve into the need for government, past failures, market failure, and the formal regulatory framework. They will also explore topics such as infrastructure, voting rights, and socialized healthcare in India. A graded quiz will test their understanding of the module's content.
Module 3: The Science of Economic Policymaking
This module focuses on understanding incentives, pricing, competition, and equilibrium effects. Participants will also explore the role of private players, the power of decentralization, and thinking analytically. A graded quiz will assess their comprehension of the module.
Module 4: The Art of Economic Policymaking
Participants will learn about the importance of patience and depth, importing international experiences, managing complexity, and the role of transparency in policymaking. The module also covers topics such as monetary and fiscal policy and the importance of criticism and conflict. A graded quiz concludes the module.
Module 5: Implementation of Economic Policy
This module focuses on how a government can implement policy, building state capacity, and the importance of knowledge institutions. Participants will explore the policy pipeline, elements in sequencing, and the role of capacity building in policy implementation. A graded quiz and an ungraded knowledge check quiz are included in this module.
Module 6: Conclusion: The Art and Science of Economic Policy
The final module concludes the course, allowing participants to express their gratitude and provide feedback through a post-course survey.
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