Common
Economic policy
Actions that governments take in the economic field
Economic policy
Economic policy is the set of government actions setting levels of taxation, government budgets, the money supply and interest rates, regulation of the labour market, and other actions that can affect the economy. Economic policy is a broad term for both the goals governments pursue and the tools they use. Most economic policy instruments can be divided into either fiscal policy, which deals with government revenue and expenditure decisions, or monetary policy, which deals with central banking actions regarding the money supply and interest rates. In addition, governments shape economies through industrial policy, regulatory frameworks, redistribution through taxes and transfers, and trade policy. At the international level, institutions such as the International Monetary Fund and World Bank shape policy formulation. The intellectual foundations of economic policy have shifted dramatically across history. Mercantilist doctrines dominated European states from the seventeenth century until...
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