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Ten Lessons for Economic Policymakers

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  • Leigh, Andrew

    (Parliament of Australia)

Abstract

Economists have played a powerful role in shaping modern Australia. Drawing on my experience as an academic economist and an economic policymaker, I outline ten principles to guide economists seeking to maximise their impact. These are to (1) Focus on wellbeing, not just dollars; (2) Think comparative advantage; (3) Ignore sunk costs; (4) Optimise, subject to constraints; (5) Use the best evidence; (6) Consider expected value; (7) Think in magnitudes, not just in signs; (8) Channel a libertarian; (9) Remember equity; and (10) Incentives matter.

Suggested Citation

  • Leigh, Andrew, 2024. "Ten Lessons for Economic Policymakers," IZA Policy Papers 208, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izapps:pp208
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    File URL: https://docs.iza.org/pp208.pdf
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    References listed on IDEAS

    as
    1. Steven D Levitt, 2021. "Heads or Tails: The Impact of a Coin Toss on Major Life Decisions and Subsequent Happiness," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(1), pages 378-405.
    2. Gans, Joshua S. & Leigh, Andrew, 2009. "Born on the first of July: An (un)natural experiment in birth timing," Journal of Public Economics, Elsevier, vol. 93(1-2), pages 246-263, February.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    economic policy; role of economics; relation of economics to social values;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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