By Manuel C. Torres Tommy Kuan Public Policies By Manuel C. Torres Tommy Kuan

Key Terms Capitalism Mixed Economy Multinational Corporations Minimum Wage Labor Union Collective Bargaining Unemployment Rate Inflation Consumer Price Index Laissez-Faire Monetary Policy Monetarism Fiscal Policy Keynesian Economic Theory Supply Side Commision

More Key Terms Social Welfare Policies Entitlement Programs Means-Tested Programs Income Distributions Poverty Line Feminization of Poverty Progressive Tax Proportional Tax Regressive Tax Transfer Payments Social Security Act of 1935

How public policy works Public Policy- government actions to address some perceived or economical problem Policy agenda determines which issues will receive consideration in creating a new policy Issue networks are made of groups of individuals from inside and outside the government that works together to develop a policy in a specific area

Types of Policies Distributive policies- allocate resources to a segment of a society so that a service or benefit is gained Redistributive policies- take resources from one sector of society and transfer it to another Regulatory - guide the operations of government programs ex. Regulating business, labor and energy

Policy making process Agenda setting - Problems that are defined as a policy issue that that government needs to take action Policy formulation- proposals that are made and need to be decided whether to use that policy or not Adopting the policy - action by the government through executive order , agency regulations or court decision Implementation - is carrying out the policy and making sure people know about the new policy. Policy evaluation- analyzing the policy to see how well it is working with the public

Regulatory Policies Regulatory policy are limitations that try to limit what could be done in the marketplace. Examples of some Regulatory policies include minimum wages, insurance, and banks. Too much regulations leads to over regulations which ends up hurting businesses, and too little regulations leads to deregulations that ends up sometimes increasing competition, but could potentially end up hurting consumers

Economic Policies Fiscal Policies: Economy is managed through the use controlling taxes and spending. Supply Side Policies: Belief that the best method for economic growth is lower taxes and fewer regulations. Monetary Policy: Money is controlled by the government, which allows them to control interest rates