Overview

Economic policy affects every citizen. And economic policymaking is best done as a collaborative process with a wide range of stakeholders. This course brings an understanding of the relevance and impacts of economic policymaking in everyday life, and the ways for citizens to be involved in shaping economic policy, in an accessible and interesting manner. Taught by Dr. Vijay Kelkar and Dr. Ajay Shah, along with Aromar Revi, Director, IIHS, the course synthesises more than one hundred years of their combined experience as professional economists and public intellectuals. This course can be covered across 5 weeks with 3-5 hours of learning per week. To get the best out of the course, learners are encouraged to view all the video lectures and conversations, go through other learning material, work on all the assignments and assessments, and participate in discussions in a constructive and respectful manner. By the end of this course, you will be able to: ~ Identify the role of the government in defining and implementing policy ~ Recognise the various objective aspects of policymaking, and appreciate the various softer / people aspects involved ~ Analyse the steps involved in the process of policymaking, and discuss various nuances and challenges in defining and implementing it Each citizen plays an important role in shaping our Republic. This course enables citizens, public servants and learners to understand the implications of various aspects of governing a Republic. If you are a student of economics, public policy, law, political science, and/or management, this course will explain the process of economic policy-making and inform you about the complex systems involved in its creation and implementation. If you are a public servant in Indian Civil Services involved in public finance and economics, this course will help you gain deeper insights into topics and practices surrounding the design of economic public policy. UPSC aspirants will likewise benefit from the insights and by participating in the discussions the course offers. Employees and leaders in the private sector who will benefit from having a more nuanced understanding of economic policy and development will also find this course very educational and informative. We look forward to having you on the course!

Syllabus

Introduction to The Art and Science of Economic Policy

Welcome to The Art and Science of Economic Policy (TASEP). The goal of this course is to help you understand the why, when, what, and how of economic policymaking. In this module, you will get an overview of what to expect from this course. You will also meet your instructors and have the opportunity to meet your fellow learners. We hope this module helps you familiarise yourself with the course and its contents so you are prepared to learn most effectively from the following set of modules.

The Foundations of Policymaking

This module introduces you to the foundational concepts surrounding governance. Together, we will reflect on questions such as why we need a government, and what its duties and responsibilities are. We will also look at examples from the past where governments have faltered, its reasons, and the possible solutions. Happy learning!

The Science of Economic Policymaking

In this module, you will learn about objective concepts and principles relating to policymaking that can help us with decision making – behavioural economics, pricing, competition, and root cause analysis. These concepts are supported with strong relevant examples to aid your understanding.

The Art of Economic Policymaking

In this module, you will switch gears and look at policymaking from the people or society perspective. The ideas and concepts discussed in this module are more subjective, such as understanding context, finding value in patience, appreciating nuances of complexity and conflict, and knowing the power of transparency.

Implementation of Economic Policy

This module introduces you to the different stages and processes of policymaking. You will also learn about the need for the state to prepare for policy implementation and the benefits of creating collaborative pathways between government and academic institutions. You will hear about many examples relating to these ideas, and you will find it particularly beneficial to participate in the discussion forums in this module.

Conclusion: The Art and Science of Economic Policy

We hope you found this course informative and useful for your current work or academic needs. Thank you very much for being part of the course. In the concluding video, we round up the ideas discussed in this course and each of the instructors share their parting notes on how you can translate concepts from this course into your own practice.