One effective way to handle errors and exceptions in Python is by using try-except blocks. This allows us to catch and handle specific exceptions and execute fallback code if an exception occurs. Additionally, we can use the else block to specify code that should be executed only if no exceptions were raised. Finally, the finally block can be used to specify code that should be executed regardless of whether an exception occurred or not.

Another approach to handling errors and exceptions is to use the 'logging' module in Python. Instead of directly raising exceptions, we can log the error messages using different logging levels (e.g., info, warning, error) based on the severity of the exception. This allows us to track and analyze errors, helping us improve the overall stability and reliability of our codebase.

In addition to try-except blocks, Python provides a mechanism called 'raise' to manually raise exceptions. This can be useful when we want to handle certain conditions as exceptional cases. By raising specific exceptions at appropriate points in our code, we can make it more robust and improve error handling.