Public Economics

This course provides students with the knowledge required to understand government operations in relation to the market economy. In the theory of supply and demand, students explore the pricing mechanism, price elasticity, and the effects of price controls on markets. Efficiency is examined in connection with competition and again in connection with equity, and market failure is considered a reason for government intervention. Cost-benefit analysis is examined in the context of selecting among public investment alternatives. The course also assists students in addressing issues connected with local public goods and economic development.