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.

Your grade will be based on homework assignments (35%), one midterm exam (30%) and a final exam (35%). The final exam is cumulative.