Revenues and expenditures of federal, state, and local governments and intergovernmental relationships; the effects of expenditures and taxation upon individuals, business institutions, and the national economy. Prerequisites: EC 011, EC 012.
Dates: June 29 - August 7, 2020 Prerequisites: EC 011, EC 012
CREDITS AND PREREQUISITES Public Policy is a 3 credit course. Prerequisites are EC11 and EC12 or instructor permission. Math 19 is not required but strongly recommended. COURSE OBJECTIVE AND DESCRIPTION The objective of this course is to understand the role of the government in the economy, studying the theory, tools and practice of public finance. We answer basic questions such as: When should the government intervene in the economy? How might the government intervene? What are the effects of those interventions? Why do governments choose to intervene the way they do? The course focuses on economic theory and is organized around six sections: • We study the basic theoretical tools of public finance. • We study the first role of the government, which is to address market failures. We discuss those situations as well as the consequences of government attempts to address market failures. The theoretical points are illustrated with examples relative to health and the environment. • We examine the role of the government in providing public goods and how to assess the costs and benefits of government programs. • We study the second and more recent role of the government, which is to provide insurance. After studying the theory of social insurance as well as the benefits and costs of insurance, we review the existing insurance programs in the US (Social security, public and private health insurance, income distribution and welfare programs). • We study how the government raisesrevenue, using taxation. We study the theory of taxation to understand tax policies and their consequences. We focus on the equity and efficiency implications of taxation. We explore the effects of taxation on behaviors and their consequences for potential tax reforms.
REQUIRED COURSE MATERIAL Gruber, J. Public Finance and Public Policy, 6th edition, Worth Publishers. You can either purchase or rent the ebook online, or the loose-leaf version at the UVM bookstore. You do not need to purchase their website access. We will not use their website. Instead, you will complete your homework through Blackboard, which is free. Reference: loose-leaf: ISBN 9781319105266; $165.42 net price to bookstore eBook: https://www.amazon.com/Public-Finance-Policy-Jonathan-Gruberebook/dp/B07RTZFWZ2/ref=sr_1_fkmr2_1?keywords=Gruber%2C+J.+Public+Finance+and+Publ ic+Policy%2C+6th+edition%2C+Worth+Publishers&qid=1563980319&s=digital-text&sr=1-1- fkmr2
COURSE REQUIREMENTS Homework assignments (30% of the semester performance). Tests (40% of the semester performance). Final exam (30% of the semester performance). Standard grade scale: >=97%: A+ >=93%: A >=90%: A- >=87%: B+ >=83%: B >=80%: B- >=77%: C+ >=73%: C >=70%: C- >=67%: D+ >=63%: D >=60%: D- < 60%: F
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Note: These dates may change before registration begins.
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|EC 011 OL1||Economics: Principles of Macroeconomics (online)||to||N/A||See Notes||3||60015|
|EC 012 OL1||Economics: Principles of Microeconomics (online)||to||N/A||See Notes||3||60016|
|EC 012 OL2||Economics: Principles of Microeconomics (online)||to||N/A||See Notes||3||61133|
|EC 040 OL1||Economics: D2:SU:Econ of Globalization (online)||to||N/A||See Notes||3||60057|
|EC 133 OL1||Economics: SU:Economics Envirnmntl Policy (online)||to||N/A||See Notes||3||61522|
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