All economic activity takes place within a framework of institutions (i.e. laws, and social norms) that constrain individual behavior and thereby affect resource allocation, income distribution, and economic growth. This course examines the many forms in which institutions affect economic outcomes. The course emphasizes recent scholarship on political institutions and institutional change discussing, among other topics, the credible commitment problem, and the obstacles to the development and consolidation of democratic institutions. After completing this course, students will be able to: - define the concept of institutions and discuss how institutions impact the behavior of economic actors - discuss and show how effective institutions can stimulate the functioning of markets -critically discuss various theories on the emergence of private property rights - predict how transaction costs affect firms and other organizations - familiarize themselves with the dilemma of the strong state -predict how politicians will behave under alternative sets of institutions -critically discuss the potential impact of democratic institutions on economic performance -analyze the effects of alternative cultural traits (e.g. trust) on economic performance. -familiarize themselves with theories purporting to explain institutional change -discuss how institutions affect long-term growth trajectories
Dates: July 6 – August 13, 2021; Prereqs: EC 011 and EC 012;
Please contact the instructor for information about this course.
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|EC 012 OL1||Economics: Principles of Microeconomics (online)||to||N/A||See Notes||3||60012|
|EC 116 OL1||Economics: Comparative Economic Systems (online)||to||N/A||See Notes||3||61731|
|EC 220 OL1||Economics: Rise of State Capitalism (online)||to||N/A||See Notes||3||61749|
|EC 230 OL1||Economics: Economic Behavior&Institutions (online)|
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