Public Policy and Political Economy

Description

Overview: The course has two goals. The first goal is to introduce the students to models and tools within political economy. Students become familiar with the basic tools of modern microeconomics, which includes the discussion of the neoclassical model and the most important market failures such as the collective action problem and the effects of asymmetric information in decision-making, before they are introduced to the more political questions of the role of the state and of democratic processes in economic outcomes. The second goal of the class is to become familiar and critically engage with the policy-related debates both academic and current-political. Monetary policy, taxation, income inequality, social welfare policies, debt and deficit will be explained through a variety of approaches, namely through the role of policy preferences, political behaviour, political institutions and individual agency. Syllabus: To learn and work with foundational concepts in political economy. • To start to understand the process of policymaking in democracies. • To develop the ability to compare and evaluate concepts drawn from economics and philosophy, for example, efficiency and equity. • To become familiar with the research and policy questions political economy addresses. • To have the necessary foundational knowledge of the ‘classics’ in political economy necessary for advancing to more specialised seminars but also to conduct own research. Assessment: Quizzes: 20% There will be four quizzes (5% each) on Weeks 3, 5, 8, and 10. The quiz will consist of 10 multiple choice questions and you will have 12 minutes to complete it. The quizzes will be on MyPlace and will open on Fridays at noon and close Monday at noon. Coursework: 2 x 300 word papers 20% (10% each) The short papers will be due in Weeks 4 and 8. In the first paper, you should identify the research question and then summarize one article. In the second paper, discuss the impact/legacy of an article. More details will be provided in class. In-Class Midterm: 15% An in-class midterm will be held during the first lecture of Week 5. A brief review session will be held during the final lecture of Week 4. The midterm will consist of definitions and short-answer questions to be answered. More details will be provided in class. In-Class Final: 45% The in-class final will be held during the second lecture of Week 11. A review session will be held during the first lecture of Week 11. The final will consist of 1 essay chosen from a list. More details will be provided in class.