What are the best ways to get evidence-based economic policy advice?

My economics are somewhat "out of the box". Traditional economic theories are based on the existence of competitive markets and manipulation of financial resource inputs, which influence productivity and GDP. Nowadays oligopolies control most industries and their markets. Thus, old assumptions and industrial paradigms are invalid, as corporate and government policies no longer produce the same outcomes as they used to. Instead of aggregating research data into merely quantitative analyses, more research must be on qualitative measures.The secret to future economic research will be to audit an organizations' (family to government to global org.) mix of the 5 fundamental resources: Human, Physical, Informational, Technological and Financial.

The best way to make an evidenced based-decision is to get connected with the right stakeholders in getting reliable, consistent and realistic data that fits nicely with your policy objective. Since evidence based decisions should fundamentally focused on using/analyzing the right data that can efficiently informed the decision making process, it will be then integral to know the right data source, quality of the data and that the data/information is consistent with your democratic and political process which are characterized by transparency and accountability.

Obtaining evidence-based economic policy advice is crucial for making informed decisions. To access this advice, consider government agencies, academic research, international organizations, central banks, economic research institutes, policy research organizations, economic consultancies, professional economic associations, government economic departments, online databases, educational institutions, economic blogs and news outlets, public policy schools, conferences and seminars, and expert interviews and panels. It's essential to consider the credibility, independence, and methodology of the sources and consider the context and specific circumstances of your jurisdiction when applying advice to your unique economic challenges.

Find a provider that is genuinely curious about the question and not driven by any ideology. The provider should have an understanding of the industrial / political context / terminology of the question. The provider should be able to demonstrate ability to deliver a reasonable quality report. Good luck

What I feel is that evidence based economic policy that enables every individual independent economically and ensures financial stability in the long run and moreover policies must be people's friendly for the growth of the nation. There is a saying that individual growth is the country growth.

Employing a design thinking approach in evidence-based economic policies is also important; considering and ensuring stakeholders possess the necessary knowledge or tools to make the policy a success. For context, the e-naira policy in Nigeria aimed at promoting financial inclusion has had less than 1% adoption. In my opinion, the initiative failed due mainly to the public's distrust in the financial sector. A more effective end-user-centered approach could have involved understanding the specific needs of users and addressing financial infrastructure gaps to build trust in the financial sector. A stakeholder-centered approach to policymaking ensures that policies align with their needs and foster successful policy implementation.

Any methodology applied must always include the insights of common citizens perceptions. Policy advice must not always be based on underlying principles and mainly apply in ideal contexts they must endeavor including disruptions that undermine economic principles at any given time

The context of empirical research is based on the past, not on changes for the future. The future should be planned through defining our present mix of Human, Physical, Informational, Technological and financial resources. These are inter-changeable within our functional business systems. These systems comprise these inputs, process them and output a new mix of resources. Traditional financial business reports of quantitative data do not efficiently reveal how our economic strategies alter our mix of these five resources. For example: If we add five staff, how will this affect our other four resources? Which resources will be drawn down and which) will be increased? How will this policy help achieve our new resource mix goals in the future?

Public consultations can also be useful for gathering evidence and ensure transparency. If possible to ensure representativeness, answers from the sample can be generalized to the entire population. Additionally, the way public consultation results are inputed into public policy development should be explained in order to ensure transparency.

For evidence-based economic policy advice, an essential step is thorough evidence searching. This involves consulting academic literature, government reports, think tank publications, data sources, and expert opinions. However, not all evidence is equally reliable, valid, or applicable. Therefore, systematic and transparent methods, along with tools like Google Scholar, EconLit, Cochrane Library, Campbell Collaboration, and Evidence for Policy Design, are vital. These platforms assist in searching and appraising evidence, ensuring the quality, relevance, and credibility of sources. This meticulous approach enhances the effectiveness of economic policymaking by relying on well-vetted and pertinent evidence.

Systemic Review designs organization Functional Business Systems. Marketing organizations have numerous Functional Departments with Primary Functions & Sub-function business systems: Research- market, consumer, industrial, economic etc. Advertising- social media, print media, sales promotion, creative, media purchasing etc. Each of these functional business systems comprise a unique resource mix. They all function within an umbrella of broad primary: Purposes(Why), Missions(How), Aims(What) + detailed Depart. Programmes: Goals, Strategies, Objectives, + work team Projects: Objectives, Tactics, Tasks. This step-down Strategic Thinking context enables total organization Strategic Planning & Strategic Management for the total resource mix.

The main findings should be presented for each of the viable options, including the option to opt take any action (no policy change)

This Public Relations Function entails communications of a Strategic Planning Programme both within and outside an organization, whether it focuses on Economic Research & Planning or any other organizational innovations and policies.

It is quite confusing how this is presented. It was not specified from the beginning who is looking for evidence-based information for policy change. It is indicated here that the evidence would be presented to the policymakers, so who is gathering the information and for what purpose? Is it to lobby the policy makers to change policy?

This discussion and feedback phase is crucial to make a Strategic Plan a "Living Plan". A great plan has this feedback cycle built into it's timelines. The plan itself uses common language, regardless of organization, industry or functional business systems or the resource mix: Human, Physical, Informational, Technological and Financial. As the timelines proceed, the overall plan programmes and projects and functional business systems will be revised as the resource outputs change. (This Reid Economic Planning Model has evolved during the past 40+ years, as I've conducted business turnarounds and start up plans in many companies.)

Policies don’t always work in the way we envision them to. This is why we need to thoroughly examine the context for which the policy is designed, monitor the effects, and have the agility to modify as deemed necessary. A good example for that is how policies used to tackle poverty related problems don’t always work in the way they were intended to, this was brilliantly portrayed by Banerjee & Duflo in Poor Economics using Randomized Controlled Trials.

Many economic policies seem good on paper, but in reality, they almost always come with unintended consequences. Market participants (me, you, businesses, FIs etc.) will look to maximise their gains. I always think of the Cobra Effect and perverse incentive, and it’s particularly prevalent in the ESG sphere right now. Another example is rent controls and the empirical evidence to show how/why they haven’t worked. You need a solid target/metric to measure policy against and to be regularly comparing against said target to see if progress is being made.

One thing I've found helpful is documenting the long-term outcome or effectiveness indicators of the policy at each stage of the policy implementation to track accurately achievements, challenges, and gaps and use the information to improve current and future policy process improvements.

Policy evaluation can only take place after the policy has been in place for a sufficient period in order to assess the effects it produced. The evaluation should look at: efficiency, effectiveness, value added, coherence, relevance.

When they implemented a demand management program Ontario Hydro established an evaluations department to monitor the success of major programs. This gets complicated. First, incentives may go to people who were going to undertake to reduce their demand anyway. (free riders). Secondly there are changes in behaviour For example, a low flow shower head giveaway could that 2/3 of apartment dwellers removed them within two weeks because of low water pressure. As well, people took longer showers at higher temperatures to compensate for reduced flow, demonstrating why evaluation is needed.

There are three key stakeholders we should be looking at in the decision-making: 1. Historical Context and Policymaker Trends: examine the historical decisions and outcomes in similar fields. This provides insights into the effectiveness and consequences of various policy approaches. 2. Corporate Influences and Preferences: identify policies aligning with corporate support and incentives. Understand how these align with broader economic goals. 3. International Economic Organizations and Policies: Analyze the influence of international organizations to gain a broader perspective. This approach ensures that your policies are informed by both historical successes and failures, corporate needs, and global economic best practices.

Obtaining effective evidence-based economic policy advice requires a multi-faceted approach. While accessing research from reputable sources and engaging with experts is essential, it's crucial to acknowledge that the success of such advice often hinges on its context-specific implementation. Evaluations have consistently demonstrated that these programs must be tailored to the unique historical, political, and social context of the country and the specific issue at hand. Economic policy advice cannot be divorced from its broader heritage, and effective implementation necessitates a deep understanding of the situation, agenda, and country-specific nuances, ensuring a more comprehensive and successful approach.

While these academically-sound procedures are important; I suggest that policymakers should have prior knowledge as practitioner too. As one gets to decisive points when choices or prioritization have to be made, a past or current in-depth immersion into the social and regulatory contexts will help in moving forward.

Academic research is often the gold standard for evidence-based policymaking, but it is not always the most accessible or up-to-date. Government reports and think tank publications can provide more timely and policy-relevant insights, but they may be less rigorous or objective. Policymakers should consider the strengths and weaknesses of each source of evidence when making decisions.