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I would say that this effect explains a considerable majority of "promised" economic policies -- however, since politicians frequently renege on campaign promises, it likely explains a comparatively small majority of actual economic policies.
But perhaps a bigger problem is the fact the short terms that executives and legislators typically face, combined with the fact that the most sound economic policies usually include making short-term sacrifices which will yield larger long-term gains. Unfortunately a politician's economic policy is usually judged by the economy only during his or her own term, but the best policies will not yield immediately evident benefits. Thus a politician who wishes to be perceived as having good economic policy has an incentive to pursue less than optimal policy. A corollary of this rule is also that politicians are often rewarded reputationally for policies that will cause long-term problems, such as paying for national expenses on credit rather than by raising the needed funds through taxation or other means.
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