Economics: Public Policy

Revenues and expenditures of federal, state, and local governments and intergovernmental relationships; the effects of expenditures and taxation upon individuals, business institutions, and the national economy. Prerequisites: ECON 1400, ECON 1450.

Prereqs enforced by the system: ECON 1400 and 1450. PACE students with permission and override.

This course teaches the use of tools and models from economics to analyze public policy issues. We will apply economic thinking across multiple policy domains, including education, health, income redistribution, and the environment. The course combines traditional in-class lectures with exercises to demonstrate how to apply economic modeling in understanding the implications of public policies and how existing economic policies affect individual, household, and firm decision-making. We will be able to answer questions such as: How are policies designed to incentivize behaviors and choices? How should we weigh the potential benefits of certain policies against their costs? What are the promises and pitfalls of market-based reforms in government? And how can policies and programs positively affect the welfare outcomes of a society and reduce inefficiencies?

By the end of this course, we will develop a well-rounded understanding of public policy through economic analysis and critical thinking. Specifically, we will: 1. Explain key characteristics of major public policies, especially those in the United States. 2. Enhance technical abilities in data interpretation to address public policy challenges from an economic perspective. 3. Use economic frameworks to evaluate the outcomes of government interventions in the economy. 4. Critically assess the advantages and limitations of government programs and policy reforms by applying analytical reasoning and economic models.

The course grade is determined by the following components: Exam 1 20% Exam 2 25% Exam 3 25% Problem sets (Quizzes and short-answer questions) 10% Attendance 10% Projects 10% Total 100% Exam 1 and 2: The exam format will include short-answer questions. Exam 3: This exam will be administered at the end of the semester. Class Question: In-class quizzes will be completed on paper or using Class Question (https://classquestion.com/students). To join sign up for an account, use your ID and the following code: TTLVN. Answers to in-class discussion questions and end-of-the-week questions will be submitted on Brightspace. Each week will comprise of a combination of the mentioned assessments and on the Brightspace gradebook, each week will receive. Attendance: Attendance data will be collected from Class Question. If we do not take any quiz during a given lecture, we can either conduct a brief partial roll call or use attendance sheet to have you sign your names. Please know that class attendance means you are present throughout the entirety of the class meeting, keeping any exit time limited. Taking the quiz and then leaving before the class meeting ends will not give you the attendance points. The same logic applies for arriving too late in the class. As per UVM policy, some absences can be excused which are due prolonged illness, military service, religious holidays, intercollegiate sports participation . I understand that you may have to stay absent due to reasons not covered under the UVM policy. Life is full of uncertainties, but we can prepare for what is expected. Throughout the semester, do your best to maintain good mental and physical health to avoid missing classes. If you cannot attend a class and miss a few sessions, I understand. Unforeseen events, such as getting sick, your dog running away, or your car breaking down, may be excused, but I cannot guarantee how many missed days will be excused. Please understand that guaranteeing a specific number of excused absences may create an unintended incentive to miss that number of classes. Therefore, if you're having a rough day and cannot attend, whether an absence will be excused depends on your overall attendance record. Excusals will be considered at the end of the semester. If you ever miss a class or need to leave early, send me an email (even if you inform me in person, email is required for record-keeping). Focus on your well-being, and don’t worry—minimal absences won’t affect your grade. Projects Throughout the semester, we will work on small projects that will require you to give brief presentations on various topics, such as the history of a public policy, a summary of an article or paper focusing on a policy's implementation, and an evaluation of its impact. During the last two weeks of the semester, we will complete one or two final projects and present the findings. These projects will primarily involve evaluating public policies and informing your audience about their outcomes and effectiveness.