Political ideologies inform economic policy by shaping beliefs about the role of government, markets, and social welfare. For instance, advocates of liberalism may favor free markets and minimal government intervention, while socialists might emphasize wealth redistribution and state involvement in the economy. These ideological stances influence policy decisions on taxation, regulation, and social services. Economic policies rooted in specific ideologies can have profound impacts on income inequality, economic growth, and overall societal well-being. Understanding these ideologies allows policymakers to better frame their approaches to address economic challenges.