The policymaking process and its implementation are a huge task which without calculated risks and measures can lead to a disaster and unintended consequences. Governments are always tossing their heads to find an effective way by which the issue is being addressed and everyone in the society is benefitted. Stakeholder of policymaking is always public because rational is to address the problem for the public by the officials elected by the public and making use of public resources. Nitty gritties are very important as it impacts the whole society and nation. Governments have come up with a plethora of theories and models by which they can gauge public response but there is no single effective way to measure it because policies are never formed in isolation and is a multi-layered process. Therefore there are several socio-economic impacts on the public.
Perceptions and values:
Since many people think that policies are results of bounded rationality therefore at that particular time frame policies affect perception, values, and mindsets of people. From household work to office our activities are regulated and any single change in it affects human behavior which in turn changes perceptions and values of the society.
Social interactions:
In the middle of the 19th century when women were given the right to vote, social gatherings and interactions of people were greatly changed. People used to have a patriarchal mindset and used to interact accordingly. After the change of policies many public and private organizations used to engage women in their administrative and managerial activities which eventually change social interactions.
Relationships:
Policies do affect the relationships of the public as people are responsible to fulfill roles that are necessary to regulate human behavior. When dowry was banned many marriages came out to be successful as people were getting into marital status solely for monetary and economic reasons.
Business environment:
The government can implement a policy that changes social behavior in the business environment. For example, the government can levy taxes on the use of carbon-based fuels and grant subsidies for businesses that use renewable energy. The government can underwrite the development of new technology that will bring the necessary change. Imposing on a particular sector more taxes or duties than are necessary will make the investors lose interest in that sector.
Wellbeing:
Several factors affect wellbeing, which is accounted for in economic and environmental valuation. Government policies affect health, education, living standards, political voice and sense of freedom which indirectly flourishes human well-being.
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