Policy

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Policy

The general principles by which a government is guided in its management of public affairs, or the legislature in its measures. A general term used to describe all contracts of insurance.

As applied to a law, ordinance, or Rule of Law, the general purpose or tendency considered as directed to the welfare or prosperity of the state or community.

POLICY, PUBLIC. By public policy is meant that which the law encourages for the promotion of the public good.
     2. That which is against public policy is generally unlawful. For example, to restrain an individual from marrying, or from engaging in business, when the restraint is general, in the first case, to all persons, and, in the second, to all trades, business, or occupations. But if the restraint be only partial, as that Titius shall not marry Moevia, or that Caius shall not engage in a particular trade in a particular town or, place, the restraint is not against public policy,, and therefore valid. 1 Story, Eq. Jur. Sec. 274. See Newl. Contr. 472.

References in periodicals archive ?
policy model. Under the policy model, the reasonable expectation of
* Underlying policy model has been updated in response to the evolving political environment
These models include exogenous policy models, where the levels and time paths of policy variables are exogenously given (Krugman 1979), and endogenous policy models, where policy variables are endogenously determined as the result of an optimization exercise (Obstfeld 1994).
In this model, effective policy requires clarity of policy goals and clarity of the policy model as to how the economy works.
In the second article of this issue, David Hargreaves, Hannah Kite and I (all from the Economics Department) discuss some recent changes to the specification of the inflation process in the Bank's main policy model (known as the Forecasting and Policy System or FPS).
Thus, it may be better for a policy model to assume that a particular economic structure exists, even when the evidence is not overwhelming, if the costs of incorrectly assuming otherwise would be relatively high.
For the foreign and defense policy model, Table 1 column 3 shows that votes on appropriations, trade, and foreign aid each decrease the probability of bipartisan support by about the same amount.
The article explains the distinction between a forecasting model and a policy model and then discusses in detail the two distinct aspects of policy making: baseline forecast and identification of monetary policy.
TriStrata has also added a dynamic policy model to enable security policies to be defined for working groups within an organization.
The foreign policy model consists of four stages or periods (precrisis, crisis, endcrisis and postcrisis) paralleling four phases in the international model (onset, escalation, deescalation, and impact).
It does so through an exploration of inequality changes in six representative countries, and ten policy chapters dealing with macroeconomics, foreign trade, taxation, labour market, human capital formation, and social assistance, which point to the emergence of a 'new policy model'.