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Answer
This is because Many policies change the costs or benefits that people face and therefore alter their behavior. If policymakers don't consider the effects of their policies on incentives, they often end up with unintended consequences.
Explanation
Policy makers are people who creates ideas and plans especially the ones that are carried out by the businesses and the government. In the United states policy makers are mayors, members of the school boards, cooperation board of directors and the President of united states. Policies are the plans that are followed by the business and the government. These procedures also provide clarity to the reader when dealing with accountability issues or activities that are of critical importance to the company, such as, health and safety, legal liabilities, regulatory requirements or issues that have serious consequences Incentives are things that motivates individuals to perform in actions..They are two types of incentives which are the non-financial and monetary or financial incentives.
Because policies alter the benefits or cost people encounter and, thus, change behavior. When policymakers fail to decide how their policies influence incentives, they can stop with results that they did not propose.
EXPLANATION:
Incentives are contingent motivators. Traditional incentives are extrinsic incentives that value actions to produce the desired results. The traditional incentives' effectiveness has changed because the necessities of the Western community have grown. Meanwhile, the traditional incentive model is operative when there are clear procedures and goals for a duty.
Western society began to need a greater number of critical thinkers, to lessen the effectiveness of the traditional model. Institutions now follow trends in applying strategies that depend on intrinsic motivations rather than extrinsic motivations that are grown by traditional incentives.
Several examples of traditional incentives are the value of letters in the formal school system, and monetary bonuses for amplified productivity at work. Several examples of intrinsic motivational promotions are Google enabling their engineers to use 20% of their work time discovering their own benefits, and the systems of competency-based education.
The incentive structures study is central to all economic activities’ study (both in terms of decision-making of individual and in terms of competition and cooperation in the greater institutional structure). Thus, an economic analysis of the differences between communities (and between organizations in a society) is the same as characterizing differences in the structure of incentives handled by individuals involved in these collective energies. Incentives are aimed to deliver value for money and cause the success of the organization.
LEARN MORE:
If you’re interested in learning more about this topic, we recommend you to also take a look at the following questions:
• In a free market system, how are incentives related to the principle of consumer sovereignty? https://brainly.com/question/8482132
KEYWORDS : Policymaking, incentives, traditional incentives, incentive structures
Subject : Social Studies
Class : 10-12
Sub-Chapter : Incentives
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