Economic policy
Topic: Economic Data: Census, NSS, Surveys and Statistical Tools · NCERT: Class 9, Ch 8 "Building Blocks in Economics: The Problem of Choice"; Class 11, Ch 1 "Introduction (Statistics for Economics)"; Class 11, Ch 8 "Use of Statistical Tools"
Meaning
Economic policy is a measure the government chooses to solve an economic problem. It comes after the data are collected and analysed. Statistics matters here twice: first to design the policy, and later to check whether it worked. This later check is called evaluation.
Example
Poverty is analysed and traced to unemployment and low productivity. The government then chooses a policy, such as creating jobs or bringing in better farm technology. Later, statistics checks the result, just as NCERT asks whether family planning has actually checked population growth.
Don't confuse with
- Economic analysis: analysis explains why the problem exists. Policy is the action taken to solve it.
Related concepts
- Statistics
- Economic data
- Economic analysis
- Quantitative data
- Qualitative data
- Statistical prediction
- Statistical methods are no substitute for common sense
- Project report
- Target group