ECON 3508 - Public Economics III

North Terrace Campus - Semester 2 - 2014

This course investigates the role of the public sector in the economic arena. We will attempt to explain why government intervention is needed, how it influences the behaviour of the private sector and what the welfare effects of such influences are. We will also survey political economy, which regards actions of the public sector as determined by political processes. Topics covered may include welfare economics, market failures, and political economy. Students are expected to be familiar with one variable calculus and optimization techniques at the level required in Intermediate Microeconomics.

  • General Course Information
    Course Details
    Course Code ECON 3508
    Course Public Economics III
    Coordinating Unit School of Economics
    Term Semester 2
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week
    Prerequisites ECON 2506
    Incompatible ECON 3024
    Course Description This course investigates the role of the public sector in the economic arena. We will attempt to explain why government intervention is needed, how it influences the behaviour of the private sector and what the welfare effects of such influences are. We will also survey political economy, which regards actions of the public sector as determined by political processes. Topics covered may include welfare economics, market failures, and political economy.

    Students are expected to be familiar with one variable calculus and optimization techniques at the level required in Intermediate Microeconomics.
    Course Staff

    Course Coordinator: Dr Eran Binenbaum

    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

  • Learning Outcomes
    Course Learning Outcomes
    On successful completion of this course students will be able to:
    1 Students learn the basic tools, concepts and models required to understand key topics in Public Economics
    2 Students learn to appreciate policy challenges facing governments around the world, learn about potential solutions to these challenges, and also learn to appreciate the difficulties involved in solving these challenges
    3 Students learn a set of perspectives into the economic activities of the government sector that will help them become enlightened participants - engaged citizens, voters, politicians, and/or civil servants - in society
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. 1,2
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 1,2
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 1,2,3
    Skills of a high order in interpersonal understanding, teamwork and communication. 1,2
    A proficiency in the appropriate use of contemporary technologies. 1,2
    A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. 1,2,3
    A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 3
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 2,3
  • Learning Resources
    Required Resources
    Intermediate Public Economics, second edition (2013), by Jean Hindriks and Gareth D. Myles (MIT Press)
    Recommended Resources
    A recommended textbook is Economics of the Public Sector by Joseph Stiglitz (Norton).

    It is strongly recommended that students read at least one prominent newspaper/magazine (e.g. The Australian or the Australian Financial Review or the New York Times) to familiarise themselves with the important policy debates of the day. Additional readings will be provided as the course progresses.
    Online Learning
    The course makes extensive use of MyUni to post notes, assignments and for communication with the students
  • Learning & Teaching Activities
    Learning & Teaching Modes
    The course will be delivered in the standard lecture-mode. Students are expected to actively participate in the lectures, which includes doing the requisite reading, answering questions and participating in the conversations. Tutorials will use the problem-solving approach to underscore the concepts covered in the lectures.
    Workload

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    Typical weekly workload for the course is 12 hours per week, distributed as follows: 2 hours for the lecture, 1 hour for the tutorial, 3 hours for requisite revision/required readings, 4 hours for homework problems and 2 hours for additional readings.
    Learning Activities Summary
    The tentative lecture schedule is as follows:
    Week 1 Introduction and Overview
    Week 2 General Equilibrium
    Week 3 Welfare Economics: Efficiency, Welfare Theorems, Social Welfare Functions and
    Nonmarket Valuation
    Week 4 Players: The Basic Building Blocks of Analysis
    Week 5 Midterm Review lecture
    (NOTE: last lecture before the in-class MIDTERM exam)
    Week 6 Subsystems, Political Philosophy and Rent-Seeking
    (NOTE: first lecture after the midterm exam)
    Week 7 Public Goods
    Week 8 Theories of the Public Sector
    Week 9 Incentive Problems and the Theory of the Second Best
    Week 10 Innovation and the Role of Government
    Week 11 Final Review lecture
    Small Group Discovery Experience
    The homework problems will be closely related to Eran Binenbaum's research. Through discussion in the tutorials, the students will gain an appreciation of the lecturer's work as a researcher.
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary
    Midterm Exam 20%
    Final Exam * 80% if essay option is not chosen
    * 55% or 80% if essay option is chosen
    Optional Essay 25% if mark is higher than Final Exam mark
    Assessment Detail
    The mid-term exam is scheduled for Wednesday 3 September, 2014. It is a 2 hour long, closed-book exam to be held in class. It will cover material taught in the first 5 lectures.

    The final exam will be held during the University exam period (at a date to be announced). It will be a 3 hour long, closed-book exam.

    The optional essay is between 5 and 16 pages long. The student first submits a topic for approval. The student may then submit a draft version of the essay before the dealine so as to get feedback. The final version of the essay is due by 5 November 2014. More details on the essay are provided in class.
    Submission

    No information currently available.

    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

  • Student Feedback

    The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

  • Student Support
  • Policies & Guidelines
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