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!
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.
What's included
2 videos3 readings2 discussion prompts1 plugin
Show info about module content
2 videos•Total 6 minutes
Welcome to the Course•5 minutes
Summary•1 minute
3 readings•Total 25 minutes
Course Overview and Objectives•5 minutes
Meet the Course Team•10 minutes
Important Course Information•10 minutes
2 discussion prompts•Total 20 minutes
Introduce Yourself and Meet Your Peers•10 minutes
The $3 Trillion Indian Economy•10 minutes
1 plugin•Total 10 minutes
Pre-Course Survey•10 minutes
The Foundations of Policymaking
Module 2•3 hours to complete
Module details
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!
Introduction to the Foundations of Economic Policymaking•1 minute
Why do we need a Government?•5 minutes
The Failures of the Past•8 minutes
Reasons for Failure•10 minutes
Module Summary: The Foundations of Policymaking•1 minute
10 readings•Total 120 minutes
Market failure enters the formal regulatory framework•10 minutes
Storing Card Data online - should it be prohibited?•10 minutes
What can a government do?•15 minutes
Let's talk about "Infrastructure"•10 minutes
How many years is India behind the US or the UK?•20 minutes
Talking about failure•10 minutes
Who should be allowed to vote?•20 minutes
Solving the air quality problem – the Importance of data•10 minutes
Socialised Healthcare in India – MCPF•10 minutes
Do ends justify means? •5 minutes
1 assignment•Total 20 minutes
The Foundations of Policymaking•20 minutes
3 discussion prompts•Total 30 minutes
Do we need a government?•10 minutes
What should a government do, and should not do?•10 minutes
State Failure - Information Constraint•10 minutes
The Science of Economic Policymaking
Module 3•4 hours to complete
Module details
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.
Introduction to the Science of Economic Policymaking•2 minutes
Incentives•9 minutes
Pricing•9 minutes
Competition•7 minutes
Equilibrium Effects and Redistribution•6 minutes
The Role of Private Players•9 minutes
The Power of Decentralisation•8 minutes
Thinking Analytically•11 minutes
Module Summary: The Science of Economic Policymaking•2 minutes
11 readings•Total 110 minutes
How do we measure healthcare capacity?•10 minutes
The Price System and Efficient Resource Allocation •10 minutes
The pandemic and masks•10 minutes
Minimum Support Price•10 minutes
Universal Basic Income and General Equilibrium•5 minutes
Workfare Programmes•5 minutes
Trading in Emission Permits•5 minutes
Antibiotic Resistance •10 minutes
Infrastructure Financing •5 minutes
Know Your Customer•20 minutes
Can corruption be eliminated?•20 minutes
1 assignment•Total 30 minutes
The Science of Economic Policymaking•30 minutes
1 discussion prompt•Total 10 minutes
Transaction Costs Perspective•10 minutes
The Art of Economic Policymaking
Module 4•3 hours to complete
Module details
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.
What's included
9 videos9 readings1 assignment1 discussion prompt
Show info about module content
9 videos•Total 59 minutes
Introduction to the Art of Economic Policymaking•2 minutes
The Importance of Patience and Depth•7 minutes
Importing International Experiences•9 minutes
Managing Complexity•9 minutes
The Importance of Transparency•8 minutes
Criticism and Conflict•6 minutes
The Country is not a Company•8 minutes
The Role of Government: Enable, not Control•8 minutes
Module Summary: The Art of Economic Policymaking•1 minute
9 readings•Total 85 minutes
COVID-19 Vaccines: Slow is Fast•10 minutes
Three big ideas for successful policy implementation•15 minutes
What does it take to clean a river?•10 minutes
Monetary and fiscal policy: Simple or complex?•10 minutes
Criticism and the freedom of speech•10 minutes
The Case of Robert McNamara•5 minutes
Open and Closed Systems•10 minutes
Bureaucrats are not Stakeholders•10 minutes
Keeping the State out of central planning •5 minutes
1 assignment•Total 30 minutes
The Art of Economic Policymaking•30 minutes
1 discussion prompt•Total 10 minutes
Importing Experiences•10 minutes
Implementation of Economic Policy
Module 5•2 hours to complete
Module details
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.
What's included
5 videos7 readings2 assignments
Show info about module content
5 videos•Total 24 minutes
Introduction to the Implementation of Economic Policy•2 minutes
How a Government can Implement Policy•4 minutes
Building State Capacity•9 minutes
The Importance of Knowledge Institutions•7 minutes
Module Summary: Implementation of Economic Policy•2 minutes
7 readings•Total 70 minutes
The Policy Pipeline•15 minutes
Elements in Sequencing•10 minutes
Element 1: Capacity Building•5 minutes
Element 2: Prerequisites•5 minutes
Element 3: Learning by Doing•15 minutes
Element 4: Managing the Political Economy•10 minutes
Element 5: Restraining abuse of coercive power•10 minutes
2 assignments•Total 32 minutes
Knowledge Check Quiz (Ungraded)•2 minutes
Implementation of Economic Policy•30 minutes
Conclusion: The Art and Science of Economic Policy
Module 6•24 minutes to complete
Module details
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.
What's included
1 video1 plugin
Show info about module content
1 video•Total 9 minutes
Thank You!•9 minutes
1 plugin•Total 15 minutes
Post-Course Survey•15 minutes
Instructors
Instructor ratings
Instructor ratings
We asked all learners to give feedback on our instructors based on the quality of their teaching style.
The Indian Institute for Human Settlements (IIHS) is a national education institution committed to the equitable, sustainable and efficient transformation of Indian settlements.
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AG
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Reviewed on Feb 6, 2023
Very good curtain raiser kind of a course!! Gets you thinking on this important subject
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Reviewed on Oct 14, 2023
Good Starting point for Life-long journey in the study of Public & Economic Policy
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Reviewed on Jul 27, 2022
It is a well defined course and provided lots of insights regarding Economic Policy making.
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Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.