Abstract
This chapter highlights the importance of and the relationship between targets and policy instruments in the conduct of economic policy, as critical to understanding the process of policy-making and change. Specifically, the analysis includes the contribution of Tinbergen and Theil, concerning the number of instruments available in relation to the objectives to be adopted, Lucas’ contribution to the impact of the process change of structural relations after the implementation of economic policy and the role of game theory in the development of economic policy. In addition, in the last section of the chapter, the factors are presented which influence the method of economic policy exercise as well as the distinction between top-down and bottom-up policies, or a combination of the two.
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Petrakis, P.E., Valsamis, D.G., Kafka, K.I. (2020). Targets, Instruments and Policy Implementation. In: Economic Growth and Development Policy . Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-43181-5_6
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DOI: https://doi.org/10.1007/978-3-030-43181-5_6
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