State about the underlying process - law institutions, Business Law and Ethics

State about the underlying process - Law institutions

The underlying process forms the basis of our next subtitle. The first point is, that if an optimal policy has been adopted in time 't', implementation of the policy involves time; therefore, the said optimal policy is called 'credible' if it comes up to expectation, of the public who expected it to be carried out in future. The 'credibility' refers us to the notion of 'reputation', policy makers aim at building reputation that there is not discrepancy in what the policy maker promises and what he actually does.

 

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