Economic Perspectives for Policy Making

This course demonstrates how contemporary discussions about economic and social policy are influenced and framed by the ideas and concerns of classical political economy and early 20th-century economic thought, through a survey of the diverse traditions in economics. Since Adam Smith, economists have pondered the organization of society and the role of markets, governments, and institutions. The discipline is in a continual flux, shaping and reshaping its core ideas. As economic systems evolved, so have the theories used to explain different economic phenomena and problems, as well as the policies designed to address them. In this course, students will study several intellectual traditions, including Classical Political Economy, Marxian, Neoclassical, Old American Institutionalist, Post Keynesian, Modern Monetary Theory, Black Political Economy, Radical Political Economy, Feminist, and Ecological and Green economics. The aim of this course is for students to gain a broad understanding of the methods and specific problems that these traditions emphasize, and the contributions to theory and policy that they have made. Thus, we will examine not only the evolution of these ideas and theories, but also their practical application today. Some of the issues we will cover include economic stability, the causes and cures for unemployment, the interactions between markets and government policy, the nexus between ethics and markets, the evolution and interaction of culture, technology and money in shaping the modern world. As we contemplate alternative proposals, it is critical to appreciate the intellectual roots of the policy solutions on offer. To this end, we will pay close attention to the underlying assumptions of these different theories and their relevance to real-world issues. The “great conversation” of economic ideas through the ages is not only the key to understanding present debates, but also a well of ideas from which to draw inspiration for today’s policies.

This course counts toward the certificate in Public Policy and Economic Analysis.