| 单词 | discretionary policy |
| 释义 | discretionary policy Policy where the choice of policy measures, their extent and their timing, is entrusted to the judgement of policy-makers. This is contrasted with rules-based policy, where policy-makers either follow pre-announced rules, or always follow well-defined precedents. The argument for preferring rules to discretion is that if the authorities act at their discretion it is difficult for other parties to predict what they will do. Actions of the monetary and fiscal authorities which cannot be forecast constitute a further source of disturbances in the economy, and are thus liable to destabilize rather than stabilize it. The main argument for discretionary policies rather than exclusive reliance on rules is that rules can only cope with types of disturbance which were thought of in advance, at least as possibilities. If anything really new occurs, such rules will be impossible to apply. Even in reacting to disturbances of types whose possibility has been anticipated, rules for policy can only be as good as the model of the economy on which they are based. Many economists doubt whether the working of the economy is sufficiently well understood for it to be desirable to adopt binding policy rules: considerable discretion needs to be left to the policy-makers. |
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