Wealth, Welfare, and Governance: Economics as the Backbone of Public Decision-Making
Dr. G. Purushotham
Associate Professor of Economics, Government Degree and PG College, Peddapalli
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http://doi.org/10.37648/ijps.v21i04.004
Abstract
Economics is often described as the science of choice under scarcity, a framework that underpins how societies allocate resources to meet human needs and aspirations. In the realm of public policy, economics serves as a critical tool for decision-making, bridging the abstract concepts of wealth creation, welfare provision, and governance efficacy. This article explores how economic principles and data inform public policy, focusing on three interconnected pillars: wealth (the accumulation and distribution of resources), welfare (the mechanisms to ensure societal well-being), and governance (the structures that facilitate or constrain policy outcomes). By analyzing real-world examples and empirical evidence, this study aims to demonstrate that economics is not just a technical discipline but the foundation of public decision-making, influencing the balance between prosperity and equity in modern societies.
Keywords:
under scarcity; public policy; Decision-Making
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