4/30/2023 0 Comments Economix transformations quiz![]() ![]() Reviewing the views expressed in these debates will allow students to form their own opinions on major topics in economics where the arguments are largely philosophical. Is it ethical for the state to “nudge” citizens towards desired behaviors? (Thaler and Sunstein v. What are the moral dimensions of economic growth, specifically as it relates to the environment? (B. What are the market consequences of imperfect information? (Hayek v. Is underinvestment in basic research a market failure? (Arrow v. In addition to the four major topics (methodology, rationality, utility, and welfare), we will also devote one class each to four topics debated in journal articles by some of the most important economists in recent history. We also raise the question throughout whether these concepts are rightly used in economics, and whether welfare economics can in fact promote well-being. Finally, we turn to welfare economics, which is the most normative part of economic science, where we consider topics such as preference satisfaction and interpersonal comparisons of utility. Our next topic is the concept of utility, which originates in philosophy but which receives a technical definition in economics. We consider the origins of this concept of rationality, its extension into rational choice theory, and the critiques it has inspired. We then consider three central concepts of economics which have their roots in philosophy: rationality, utility, and welfare, and we examine the philosophical assumptions in each of these economic concepts.Įconomics assumes a form of instrumental rationality by which individuals seek to maximize their utility. We start with a discussion of the definition, scope, and methodology of economics, reading Robbins on the definition of economics, Mill on the science of political economy and Friedman’s essay on methodology, along with some of its critical responses. This course examines some of the ways in which economics as a social science is related to philosophy. Instead we shall see how economics as an applied science influences the well-being of the whole of society. In this way, we shall come to understand economics as more than a social science of laws and theorems. We shall then apply this historical and conceptual framework to discussion topics and case studies drawn from present day economics and contemporary social issues. We will draw from the economic history, political theory, and the history of philosophy in order to acquire a framework for understanding the concepts of justice, liberty, rights, and equality. How can we reconcile these objectives which seem to conflict? Is the protection of individual rights more important than the promotion of the greatest good for all? To what extent can personal liberty and the common good be reconciled? Are current entitlement programs like Medicare unfair to the younger generation? Is our current natural resource usage unfair to future generations? In this course, we will use the philosophical concept of justice to address these and other related questions. But they also have varying degrees of redistribution in order to fund social welfare systems. Is this inequality unjust? Is it a problem economics and public policy should solve? Liberal democracies have traditionally had the protection of private property as a core mandate. This course will also be accepted by the Economics department as an Econ course, to be counted toward the minor in Economics (or as an Econ elective).ĮCON 0460 Economics and Theories of Fairnessįree markets excel at producing wealth, but seem to do so at the cost of economic inequality. However, general numeracy (facility interpreting and doing numerical graphs, tables, and arithmetic calculations) is very important. There will be little formal theory, and the only pre-requisites are some high-school algebra and having taken Econ 1. ![]() Some interactive games will be played in class. This course will introduce and develop some basic ideas from game theory, using illustrations, applications, and cases drawn from business, economics, politics, sports, and even fiction and movies. ![]() Game Theory offers several concepts and insights for understanding such situations, and for making better strategic choices. When making your choice, you have to think what the others will choose, who in turn are thinking what you will be choosing, and so on. In such situations, the outcome of your actions depends also on the actions of others. This course is about strategically interdependent decisions. ![]()
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