Role of Economic Analysis in Policy Formulation

Role of Economic Analysis in Policy Formulation
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In every nation, there is the existence of various types of social, economic, and other problems. A comprehensive study of economic conditions, activities, behavior of the society, identification of economic problems, cause, and effect of economic problems is simply known as economic analysis.

The government of the nation has to make various efforts to solve the economic problems of the nation or society. So, various measures that are to be taken to solve the problems of society are known as policy formulation. Economic analysis before the formulation of any socio-economic policy is mandatory for fruitful policy formulation and its implementation. A short description of some of the key roles of economic analysis in policy formulation is here in the picture