Before deciding on the details of any single economic policy, a society must first determine the appropriate role of government in

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Before deciding on economic policies, a society must first determine the appropriate role of the government in regulating and influencing economic activity. This decision will guide the policies that can be implemented to achieve the desired economic outcomes. Without an agreed-upon role for the government, it can be difficult to justify any specific policy direction, spending or taxation decisions, or budgeting and resource allocation choices. Therefore, determining the government's role in economic affairs is a crucial first step in creating effective economic policy.

Before Deciding on the Details of Any Single Economic Policy