Year of entry: 2018
Course unit details:
|Unit level||Level 1|
|Teaching period(s)||Semester 2|
|Offered by||School of Social Sciences|
|Available as a free choice unit?||Yes|
See course Blackboard pages.
|Unit title||Unit code||Requirement type||Description|
NOT available to students who have previously taken ECON10041/42 or ECON10081/82.
This module will introduce students to the basics of industrial organization, individual decision making, the role of markets and how they fail as well as issues around the measurement and study of inequality.
Students will develop a build on the Microeconomics learned in Term 1 to more fully be able to study and discuss some of the main ideas and issues in micro.
Choice Theory 2
- Revisit classic models of individual agent’s decision making and newer developments allowing for agent’s uncertainty and irrationality.
Understanding Markets 2: Market Failure Due to Market Conditions
- Public goods and the role of the state.
- Funding the provision of public goods with taxes.
- Efficiency loss and gain from taxation.
- The moral limits of markets.
Externalities, Under/Over Provided Goods, Social Costs
- Theory of externalities.
- Applications to (e.g. Environmental and Education policy).
- Moral Hazard.
- Adverse selection.
- Cheap talk and Signaling.
- Applications to Public policy and information provision.
The Distribution of Gains from Markets
- Inequality and redistribution.
- Debates and policies.
- Normative issues: Rawls and Nozick.
- Redistribution as a public good.
- Power and Economic Policy.
- Institutions and development.
Teaching and learning methods
Lectures and tutorial classes.
- Analytical skills
- Oral communication
- Problem solving
|Written assignment (inc essay)||10%|
- Online quizzes.
- In text (in the CORE) questions.
- Office hours.
- Revision sessions.
- Discussion boards.
The main text for this module is CORE Economics. Students should register (it is free) at www.core-econ.org/.
Other readings will be provided on Blackboard.
|Scheduled activity hours|
|Assessment written exam||1|
|Independent study hours|
|Peter Backus||Unit coordinator|