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Investment in Qualityconfirmed by the fact that Ireland continues to achieve less inprecisely those areas where we have not adapted institutions,policies and arrangements.As in its previous Strategy reports, the Council identifies in thisreport what it sees as the key strategic goals of public policy in thecoming years and the policy priorities that it views as necessary toachieve those goals. But, based on the experience summarisedabove, it recognises that an effective public system is one whichlearns from experience and experimentation to continuouslyimprove policy and implementation. Indeed, it emphasises that thegoals of policy must themselves be revised in the light ofexperience. Rather than see public policy as guided by timelesshigh-level goals, it understands it as a problem-solving processwhich is guided by action-oriented co-ordination and information.This reflects that fact the life of the society—like that of individuals,the public system and the economy—is realised in history.3.4 SEEING IRELAND’S ENDURING VULNERABILITIESAND CHALLENGES3.4.1 The Vulnerabilities of Irish Economic Development andIreland’s Enduring Economic ChallengeThe Council’s analysis and interpretation of our long-run economicdevelopment lead it to conclude that Ireland’s small size, peripherallocation and the type of economic development achieved in recentyears contains undoubted vulnerabilities. The Council believes thatacceptance of the core elements of Ireland’s economic strategydemands a recognition of the vulnerabilities listed in Section 1.3above. Accepting the country’s position as a regional economy,which must retain high-value economic activity, means that we haveto focus on what is necessary to make that economy:i. Competitive in a changing world;ii. Environmentally sustainable;iii. Efficient, through finding and implementing appropriatemarket and regulatory regimes in different areas; and148