Public Economics and Decision Making

The basics of economics and either Microeconomics I or Macroeconomics I.

Understand the role of public sector in economy and taxation in its allocative, distributive role and efficient way of collecting tax revenues. Understand public expenditures, services and public goods and basic infrastructure as part of the Nordic welfare society. Manage the impact of economics, institutions and regulation on market performance. Understand the difference between the fields of economics and law, learn how legal arrangements enable or impede the functioning of markets, acquire the skills to assess the role of regulations and legal rules in reaching socially efficient outcomes.

1. Tuomala, M.Julkistalous. Gaudeamus, 2010.
   I. Introduction to Fundamentals of Economics and Law Cooter and Ulen: chapter 1, 2, 3, Posner, Richard: Economic Analysis of the Law (5th ed.). New York: Aspen Publishers, 1998 pp. 3-31.
   II. Externalities, Coase theorem and Pigou solution, Cooter and Ulen, chapter 4 Coase, Ronald H., The Problem of Social Cost. Journal of Law and Economics, Vol. 3 (1960) III. The Economics of Property Cooter and Ulen: chapter 5, Friedman, David: Defining and Enforcing Rights: Property, Liability, & Spaghetti, in Law’s Order: What Economics Has to do with Law and Why It Matters, 2003, chapter 5.
   IV. Institutions and Economic GrowthAcemoglu, Daron, Johnson Simon and Robinson James
   A. Institutions as a fundamental cause of long-run growth. In Philippe Aghion and Stephen
   N. Durlauf (Eds.), Handbook of economic growth: volume 1A, 2005, (pp. 386–464). Amsterdam: Elsevier.
   2.Luennoilla osoitettu muu materiaali.

Visiting lecturer vice rector Helena Chytilová from Skoda Auto University will lecture 8 hours about regulation and institutions.

Right to attend: all students