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Unit information: The Economics of Public Policy in 2020/21

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Unit name The Economics of Public Policy
Unit code SPOLM1062
Credit points 20
Level of study M/7
Teaching block(s) Teaching Block 2 (weeks 13 - 24)
Unit director Dr. Yiming Wang
Open unit status Not open
Pre-requisites

None

Co-requisites

None

School/department School for Policy Studies
Faculty Faculty of Social Sciences and Law

Description

This unit examines key ideas from mainstream economics, their relevance to public policy, and their application to public policy analysis.

The unit also introduces alternative perspectives, such as behavioural economics, to complement the mainstream approach.

The specific topics covered in the unit include, but are not limited to, the welfare economics of market intervention, the economic critique of government, the marketisation of public services, the ethics and economics of public policy, and the application of economic thinking to practical public policy issues, such as labour market transition and minimum wage, transport infrastructure development and land value capture, and the financialisation of urban economy in general and the housing market in particular.

The unit seeks to set the economic approach to policy alongside other criteria that could be used to inform thinking about public policy.

Intended learning outcomes

On successful completion of this unit, the student should:

  1. Understand a selection of concepts that are key to the mainstream economic approach to policy
  2. Identify key differences in the approach that mainstream and alternative economics take to assess policy issues
  3. Apply economic reasoning to practical public policy contexts
  4. Compare the economic approach to policy with other criteria that could inform policy thinking.

Teaching details

The unit will be delivered through blended learning involving a combination of lectures, group discussion and self-directed exercises.

Assessment Details

1 x written assessment of 4,000 words (100% and linked to ILO 1-4)

Reading and References

  • Akerlof, G. and R. Shiller (2010). Animal Spirits: How Human Psychology Drives the Economy and Why it Matters for Global Capitalism, Priceton University Press
  • Krugman, P. and Wells, R. (2013) Economics, 3rd ed, Macmillan
  • Le Grand, J. Propper, C. and Smith, S. (2008) The Economics of Social Problems, 4th ed, MacMillan
  • Stiglitz, J (2000) The Economics of 'the Public Sector, 3rd ed, Norton
  • Thaler, R. and Sunstein, C (2008) Nudge: Improving 'Decisions about 'Health, 'Wealth and 'Happiness, Yale University Press

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