Abstract
The role of economic theory in policy formulation cannot be overemphasized. Theory provides the foundation upon which policy decisions are conceived, deliberated and eventually made. Ideally, the adoption of economic policy should depend heavily on economic theory, which should provide the necessary framework for policy formulation and decision making, as well as for predicting the likely outcomes of policy prescriptions.
“I believe that we can create a poverty-free world because poverty is not created by poor people. It has been created and sustained by the economic and social systems that we have designed for ourselves; the institutions and concepts that make up that system; the policies that we pursue.”
Muhammad Yunus.
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Agola, N.O., Awange, J.L. (2014). Economic Theories of Poverty and Poverty Eradication. In: Globalized Poverty and Environment. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-39733-2_4
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DOI: https://doi.org/10.1007/978-3-642-39733-2_4
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