Introduction

“Economics, after all, is not all that aesthetic a field. It’s supposed to be a practical field. And if what you’re doing has no relevance whatsoever to actual policy, then… you should question that” –Ben Bernanke, 2019.

This is a crash course in economic problems and public policy; it will move very quickly! Our goal is to build on economic principles and develop an understanding of how modern economist think about problems in the public policy space. This course is designed as a seminar style class, it will require regular and thoughtful participation. At the conclusion of this course, students should be able to read and distill modern applied economic research. This will be accomplished through regular presentation and discussion of economic papers.

In addition to the readings below, students may find Universal Economics by Alchian and Allen (2018) helpful for general microeconomic questions; Macroeconomics by Mankiw (2016) helpful for general macroeconomic questions; and, Causal Inference: The Mixtape by Cunning (2018) and Introductory Econometrics: A modern approach by Wooldridge (2018) helpful for econometric related questions.

Last updated: Summer 2019.

Homelessness

It’s not just about shelter; it’s an economic issue often associated with market failures, income inequality, and the cost of living, impacting productivity and social cohesion. Here we explore what is the economic cost of homelessness and the effectiveness of economic policies designed to reduce it.

Readings

Voting

It’s the mechanism through which citizens express their preferences, shaping economic policies and the allocation of resources.

Readings

Opioid Crises

A public health issue with economic dimensions, it drains productivity, increases healthcare costs, and reflects the societal cost of addiction. Given demand curves slope downward, what can be done?

Readings

Minimum Wage

A popular tool for income redistribution, who does it help and who does it hurt? What are the economic implications of raising the minimum wage?

Readings

Gun Control

An issue of public safety, we explore the causes and consequences of gun control.

Readings

Crime and Police

Crime disrupts economic activity and growth, while policing and criminal justice represent significant public expenditures. What are the economic implications of crime and policing?

Readings

Minority Homes and Lending

Economic mobility for minority groups is low, and the housing market may be a factor. What are the economic implications of minority homeownership and lending?

Readings

Value of Life

A controversial but necessary concept in economics, used to make decisions about healthcare, safety, and environmental policies. How much is a life worth?

Readings

Health care

A major sector of the economy, its efficiency and accessibility impact national productivity and well-being.

Readings

War on Drugs

A costly endeavor with (at best) mixed results, it has significant implications for public spending and public health.

Readings

Prostitution

An often overlooked part of the economy, sex work faces questions about legality, regulation, and the economic impact of such work.

Readings

Trade

The lifeblood of the global economy, it influences domestic industries, job creation, and consumer prices.

Readings

GDP

The standard measure of economic output, but it’s an imperfect reflection of societal well-being and economic health.

Readings

Multipliers

Key to understanding the impact of fiscal policy, they quantify how government spending or tax cuts ripple through the economy.

Readings

NGDP Targeting

A monetary policy approach that could stabilize the economy by focusing on total spending, rather than inflation or unemployment separately.

Readings

Immigration

A complex issue that affects labor markets, public finances, and cultural dynamics, it’s integral to understanding economic growth and demographic changes.

Readings