Am in agreement with your definition and understanding of the 2 terms.

In economic research, "effects" and "impacts" describe different aspects of outcomes stemming from economic events or policies. Effects involve immediate, direct changes linked to a specific cause, emphasizing observable, short-term consequences with a narrower focus. In contrast, impacts have a broader, longer-term perspective, encompassing indirect consequences that unfold over time. While the distinction isn't always strict, effects are more closely tied to causation, while impacts consider a comprehensive range of outcome.

I agree with the researcher and the responses offered by other colleague researchers regarding the distinction between "effects" and "impacts". Effects refer to, often localised short-term outcomes or results of an intervention, phenomenon, event or policy action. They are often directly associated or linked with the phenomenon or action that stimulated them. If I refer to COVID-19 as an example, the effects of the pandemic were immediate and diverse. These included high morbidity and mortality in some countries. That stimulated wide outcry that led many countries to take policy actions, including closure of their national borders and airports. That led to even more socio-economic effects such as gross unemployment due to loss of jobs, massive closure of businesses and education institutions etc. As another example, some countries have enacted and implemented policies of affirmative action, whose effects (immediate) are reflected in the massive numbers of women educated or placed in high positions of responsibility. The impacts of such policies manifest much later as those empowered women are well-remunerated and make far-reaching policy decisions.

On the other hand, impacts are consequences of an action, intervention, phenomenon or event that extend beyond the immediate or short-term horizon. They are long-term in outlook and more far-reaching than effects. They tend to cause long-lasting and profound changes (positive or negative) and can affect diverse aspects of life such as communities, the economy and the environment. Additionally, manifestation of impacts may not be direct or immediately observable. Again using Covid19 to illustrate the point, the impact of the pandemic is being felt by many economies now and years to come.

The terms "effects" and "impacts" are often used in various fields, including economics, environmental science, and policy analysis. While your understanding is generally on the right track, it's important to clarify the distinctions between these terms:

1. Effects:

- Effects typically refer to the direct and immediate consequences or results of a specific action, policy, or event. These are often quantifiable and are usually more focused on specific, measurable changes.

- Effects are often specific, isolated, and can be either positive or negative. They can relate to a single aspect or a particular variable of interest.

- Effects may not take into account the broader or long-term implications of a policy or event.

2. Impacts:

- Impacts, on the other hand, are a broader and more comprehensive concept. They encompass a wider range of effects, both direct and indirect, as well as long-term and short-term consequences.

- Impacts are often used to assess the overall or systemic effects of a policy, program, or event on multiple aspects, including social, economic, environmental, and cultural factors.

- Impacts consider the immediate changes and how these changes might ripple through different sectors or over an extended period.

You are correct in your understanding of these terms. "Effects" typically refer to more specific and direct outcomes, while "impacts" are more comprehensive and take into account the broader, often indirect, and longer-term consequences. When conducting policy analysis or impact assessments, it's crucial to consider both the effects and broader impacts on society, the economy, and the environment to make informed decisions and policies.

In economics: impact is the resulting state in dimensions or variables of interest generated by an intervention; In the case of public intervention, it refers to the medium and long-term change in the living conditions of the target population.

En économie, l'impact correspond, dans le cas d'une politique publique, au résultat de l'intervention. Les effets, pour leur part, font référence à des incidences observées dans le court et moyen terme. De plus, le plus souvent, l'impact est observé dans le long terme.

The main difference between the two is that effects refer to the consequences or outcomes of an action.

On the other hand, impacts refer to the influence of an action or a phenomenon on something or someone.

Please open this link, it will help.

https://www.impactio.com/blog/defining-the-difference-between-impact-and-outcome

"Impact and Effect are two words that are often confused when it comes to their meanings".

The impact has a broader connotation than the effect. The impact in positive terms, is a change, for example the public problem: school dropouts and the granting of scholarships, the effect is the decrease in students who abandon their studies; The impact is qualitative because the monetary aid will allow them to continue studying.

• Effects: These involve immediate, direct changes linked to a specific cause, emphasizing observable, short-term consequences with a narrower focus. They are often directly associated or linked with the phenomenon or action that stimulated them.
• Impacts: These have a broader, longer-term perspective, encompassing indirect consequences that unfold over time. Impacts are more closely tied to a comprehensive range of outcomes.

I am confused about Effects and Impact,

I found this example:

The economic impacts of the COVID-19 crisis, source World Bank

"The economic impacts of the pandemic were especially severe in emerging economies where income losses caused by the pandemic revealed and worsened some preexisting economic fragilities. As the pandemic unfolded in 2020, it became clear that many households and firms were ill-prepared to withstand an income shock of that scale and duration". source World Bank. World Development Report 2022

I understand, Impact is deeper than Effects.