as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
describe the difference between evidence-based policy and convention-based policy.
user
evidence-based policy is policy that is formulated and implemented after careful evaluation, testing and validation of relevant scientific evidence. it is guided by research results and empirical data to inform decision-making. in comparison, convention-based policy involves making policy decisions based on commonly accepted solutions or established trends and practices, rather than on information and research results. this means that the policy decisions may not be based on the best available data, and could potentially be outdated or incorrect.
assistant