Policy in a Rapidly Changing World: Insights from Laveesh Bhandari

In a recent speech, Laveesh Bhandari, an environmental researcher and founder of the Centre for Study of Finance and Policy, delved into the challenges and opportunities of policymaking in today’s rapidly changing world. Bhandari argued that traditional methods of policymaking, which rely on a small group of experts, are no longer adequate in the face of evolving societal dynamics. He advocated for a more inclusive and iterative approach that incorporates a diverse range of perspectives.

Key Trends Driving Change in Policymaking

Bhandari identified several key trends that are reshaping the landscape of policymaking:

• Accelerating Pace of Change: The emergence of new technologies, such as artificial intelligence, is rapidly transforming society. Policymakers must adapt quickly to these changes to effectively address emerging challenges.
• Accessible Information: The internet has democratized access to information, empowering citizens to engage in the policymaking process and hold policymakers accountable.
• Distributed Expertise: Complex policy challenges require input from a wide range of stakeholders with diverse expertise. Policymakers must tap into this distributed expertise to develop effective solutions.

Key Changes Needed in Policymaking

Bhandari outlined three key changes necessary to enhance the effectiveness of policymaking:

• Inclusivity: Policymaking processes must be more inclusive, engaging a broader spectrum of stakeholders, including marginalized communities.
• Iterative Approach: Policymaking should be iterative, with policies constantly reviewed and updated based on new information and feedback.
• Relevance of Research: Research should be conducted in a manner that is relevant and useful to policymakers, addressing real-world challenges.

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Additional Insights from Bhandari’s Speech

In addition to the main points outlined above, Bhandari raised several thought-provoking ideas:

• Limitations of Traditional Economic Models: Bhandari suggested that traditional economic models may not adequately capture the complexities of modern policy challenges.
• Role of Communities: He emphasized the importance of understanding the role of communities in the policymaking process, highlighting their unique perspectives and needs.
• Transparency and Accountability: Bhandari stressed the need for policymakers to be transparent and accountable to the public, fostering trust and collaboration.

Bhandari’s speech serves as a call to action for policymakers and researchers to rethink traditional approaches to policymaking and embrace new strategies to address the complex challenges of the 21st century. His insights are sure to spark dialogue and debate among stakeholders, paving the way for innovative solutions to pressing societal issues.

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Laveesh Bhandari with ISPP Scholars