A new report, Public Policy: An Introduction , released today by the New Zealand Business Roundtable, explores the topic of public policy and its importance for national success.

The report is being released at a public policy symposium for emerging business leaders presented by the Business Roundtable this week at the Dunes on Waiheke Island (for more information see www.nzbr.org.nz ). The symposium is being attended by around 40 senior executives from major New Zealand firms.

Commenting on the report, chairman Rob McLeod said: “Public policy is the core business of the Business Roundtable and has been since its inception. Chief executives and other business leaders join the organisation to promote better public policies for New Zealand.”

The report cites research findings that a country's long-run economic performance is not determined primarily by factors such as size, location or endowment of natural resources but by the quality of the institutions and policies it adopts. Differences in quality may account for as much as 75-85 percent of the variations in the per capita incomes of countries around the world.

By institutions, the report refers to formal institutions such as the system of government, electoral arrangements, property rights and the rule of law, as well as informal institutions such as cultural norms and the family.

Public policies comprise the laws and programmes laid down by parliament, the executive and the judiciary.

Good public policy aims to maximise what people value, and thus human flourishing in a general sense. It embraces values such as freedom, fairness and environmental quality as well as material standards of living.

People can seek to obtain what they value essentially in three ways: through informal cooperation, market transactions, and political processes. A key issue for public policy is to determine which matters are best left to private initiative and which should be matters for governments.

“Good public policy is not the same thing as good business practice”, Mr McLeod said. “A country is not a company, and governing each well requires different skills and experience.

“Also there can be legitimate differences of view on public policy issues. However, research and empirical evidence provide considerable guidance on what constitutes good policy, especially the importance of economic freedom for entrepreneurial endeavour and economic prosperity.

“The Business Roundtable has published Public Policy: An Introduction as a resource for those interested in understanding public policy and its role in shaping New Zealand's future”, Mr McLeod said.

For more information, contact:

Rob McLeod
Chairman
Ph: +64 9 302-8563

Roger Kerr
Executive Director
Ph: 04 499 0790
Email: rkerr@nzbr.org.nz

Web: www.nzbr.org.nz