Public Policy

It is an accepted proposition in economics that markets can foster the public good by allocating the scarce resources of society to those ends most valued by society. However, markets depend on a sound institutional framework provided by the state. Markets can also fail for a variety of reasons, and this requires well designed public policy to promote the social good. Frontier Economics (Australia) has a long track record of working with clients to develop optimal policy responses across a range of subjects, such as:

What are the economic consequences for Australia of different approaches to reducing greenhouse gas emissions?
How can Australian farmers adapt to climate change?
How can we get more value for every dollar spent on research and development?
Are there any social benefits from government investment in elite sports?

Our clients are seeking to manage their resources more effectively to meet their objectives. However, the challenge of public policy often lies in managing a number of different objectives, and the trade-offs between them. Economics provides policy makers with the tools to handle these tasks, by illustrating the nature of incentives emanating from policy design, and by measuring overall benefits to society of policy alternatives.

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Public Policy