1)If science holds the answer to everything, then why can't we agree on economic policies?

2)How important is it to understand people's behavior and potential reactions when it comes to making economic policy?

3)What are the impact and analysis of monetary policy and fiscal policy on different sectors of India?

4)What policy decisions would improve economic growth in the U.S.?

1)Some economists say economics is a science. Science is a branch of systematic knowledge based on experiments and facts. Scientific principles are rigid; they cannot change with the change in the situation. It may use different principles in a different situation but never change according to the situation.

Formulas or curves drive by some predictions and experiment are considered as physics. And economist while making any theory with formulas says its economics. Economic is an ideology, as different people give different theories in some situation given to them. Economics makes half assumptions right, and others based on the scenario with which one is dealing with.

So in real life, one cannot agree on economic policies as economics is not pure science. It is a mixture of science (physics) and ideologies.

2)The economy of a country is very important to the people of that nation as it determines most of the aspects of their living standards. Economic policies play a vital role in stabilizing the economy of a community. For policies to be effective, the subject must be well understood. Understanding people behavior and reaction when implementing economic policies is of much importance because in case of a failure to, can lead to significant problems. The perfect way of creating the said policies is by perfectly understanding the behavior of the people as correct predictions can be highly profitable. People generally take action to adapt to changes in the economy. When policies that have a negative impact are made, they are likely to fight back through trade wars. Understanding their behavior and reaction will help in predicting the unintended consequences. Measures can be put in place to counter the unintended consequence in the early stages of policy formulation. This help in reducing the negative impact on the economy that can be brought about by their behavior and reaction. Additionally, the effective use of proper communication channels and public participation would influence general acceptance of the policies by the people. The positive cohesion results in a safe environment in policy implementation.

3)The structure of macroeconomic policies comprises the different elements of the economy and the role of government towards Indian economic development. The fiscal policy of the government affects the level of aggregate demand resulted from the changes in government expenditure and taxation. The monetary policy affects the level of money supply in the economy that further influences the market rate of interest and the rate of inflation in the short-run.

The growth of the Indian economy is very much influenced by the Green Revolution and the various reforms that have taken together in the form of economic policies. Especially, the fiscal policy imposed by the Indian government very much influenced every individual, investors as well as the market. The fiscal policy, therefore, plays an important role to balance the flow of government spending and taxes in the economy.The different sectors of the Indian economy comprise of:

1.Primary sector or agriculture sector.

2.Industrial sector.

3.Service sector.

All of these factors are affected by economic policies. The level of government spending mostly influences the primary sector as well as the farmers. The banking and service sector are influenced by the changes in the money supply and the monetary policy.

4)The economic growth of a country is greatly determined by a variety of factor among them being the policy decisions followed in that country. Economic growth in the United States can be improved by the following policy decisions;

• Immigration reforms. The United State has set strict rules on immigrants which refrain them from residing there. As a result, immigrants who would else be entrepreneurs are denied entry to the United States. This greatly costs the United States revenues, delays in economic recovery and jobs. The United States should do reforms on this restriction to allow investors into their country and also to allow outsourcing of skilled personnel. This will have positive impacts on the economy which will improve economic growth.
• war on drugs. The United States incur huge expenses in fighting drugs. However, this hasn?t made the situation better, instead, it has worsened. Instead of incurring expenses in fighting drugs, the United States should be rehabilitating addicts. It should also legalize marijuana as it?s in some countries like Japan. Evidence attest that legalizing marijuana does not increase its usage. These countries reap huge revenues, where the United State can?t be exceptional. The revenues generated would boost economic growth in the United States.