Economics: Strategy, Organization & Mrkts

Focus on the internal organization of firms and their strategic choices under imperfectly competitive market structures, as well as welfare implications and public policy responses to imperfect competition. Topics covered may include the theory of the firm, theories of oligopoly, and public policy responses to address imperfect competition, such as natural monopoly regulation and antitrust law. Prerequisites: ECON 1400, ECON 1450.

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

This course will use economic theory to understand the organization of economic activity. We will develop the tools of transaction cost economics to show how property rights and transaction costs shape economic organization. These tools will be systematically applied to understand contractual choice, the nature of the firm, and the role of non-market institutions and the law in a variety of historical and contemporary settings.

Although there is no required textbook, this is a reading intensive course that will require you to read at least two journal article per week and to come to class prepared to discuss each article.

You will be evaluated on the basis of in class participation, two in-class tests, and a final exam. The tests will consist of essay questions and short answer questions. The participation portion of your grade will be based on how actively you take part in class discussion.