A systems approach to U.S. fiscal and monetary policies
Kolley, Chester M.
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The subject matter of this project and report is the application of systems engineering principles to this country's fiscal and monetary policies. The project demonstrates the use of systems engineering principles in the analysis of the current economic problems and in the formulation of possible solutions to these problems. A basic overview of current fiscal and monetary systems provides a foundation for understanding the problems and possible solution approaches. Many systems engineering tools and techniques are useful in solving the nation's economic problems. Systems analyses, including verbal modeling, causal diagramming, and simulation modeling are capable of finding the root causes of current economic difficulties. The principles of life-cycle cost analysis are excellent tools for improving the federal budgetary process. Multiattribute decision analysis methods are invaluable when prioritizing competing projects. Benefit-cost analyses ensure that a given project yields benefits that are worth the cost to the taxpayers. Functional analyses and decision making techniques are useful in eliminating waste from federal agencies, and they ensure critical resources are employed in the most productive manner. Mathematical modeling techniques are used to project the results of proposed fiscal and monetary policies.