Ajay Shah has a piece on this.
Easier said than done but he has some nice ways to think about public policy. The three steps are:
- Step 1: What’s the market failure?
- Step 2: What’s the proposed intervention?
- Step 3: The hurdle of public administration
In the end he says:
Decades of Indian socialism have starved us of capabilities in economics. Everyone interested in the field of public policy should limber up with these three steps: (a) What’s the market failure? (b) What’s the minimal intervention that precisely addresses the root cause of the market failure? (c) How do we construct mechanisms through which government agencies in the real world will deliver the desired outcome, even though their first instinct is to favour laziness and corruption?
This is hard work. The outcomes of this process of thinking resist classification into prefabricated belief systems. I sometimes meet people who say “As…
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Utopia, you are standing in it! 
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