Economics 450:
Seminar in Economics

[ Basic Information | Objectives | Online Course Resources |
| A. Course Requirements | B. Grading Policy | C. Attendance Policy |
| D. Cheating and Plagiarism Policy | E. Snow Policy | F. Disability Policy | G. Schedule ]

 

G.

Schedule (Fall 2002)
I. Introduction
1. 8/14 Instructor presents information on course organization and content.
2. 8/16 Guest presentation by Econ 450 alumnus.
 
II. The Market as an Economic Coordinator
3. 8/19 No class:  Instructor out of town
4. 8/21 Instructor presents lecture on the market as an economic coordinator. Read: "How a Market Economy Operates," by LLoyd Reynolds and "Economic Systems," by Heinz Kohler.
5. 8/23 Instructor leads discussion of "The Use of Knowledge in Society," by Friedrich von Hayek.
6. 8/26 Instructor leads discussion of "The Entrepreneur," by Israel Kirzner.
7. 8/28 Discussion: "Hurricane Hugo and The Spontaneous Coordination of the Market."
8. 8/30 Discussion: The Market as an Economic Coordinator. Read: "Preface" and pages 1-3 of The Reason of Rules: Constitutional Political Economy, by Geoffrey Brennan and James Buchanan.
 
III. The Firm as an Economic Coordinator
9. 9/2 No class:  Labor Day
10. 9/4 Instructor leads discussion of "The Nature of the Firm," by Ronald Coase.
11. 9/6 Instructor leads discussion of "Vertical Integration, Appropriable Quasi-Rents, and the Competitive Contracting Process," by Benjamin Klein, Robert Crawford, and Armen Alchian.
12. 9/9 Instructor leads discussion of "Transaction-cost Economics: The Governance of Contractual Relations," by Oliver Williamson.
13. 9/11 Instructor leads discussion of "The Economics of Organization: The Transaction Cost Approach," by Oliver Williamson.
14. 9/13 Instructor presents lecture on transaction cost economics. Read: "Selection from The Wealth of Nations," by Adam Smith, "Transaction Cost Economics: An Introduction," by Chris Bell and "Rethinking Thinking," from The Economist.
15. 9/16 Instructor continues lecture on transaction cost economics.
16. 9/18 Student leads discussion of "Comparative Institutional Economics: The Governance of Rail Freight Contracting," by Thomas Palay.
17. 9/20 Student leads discussion of "Vertical Integration and Long-term Contracts: The Case of Coal-burning Electric Generating Plants," by Paul Joskow.
18. 9/23 Student leads discussion of "United States Steel’s Acquisition of the Great Northern Ore Properties: Vertical Foreclosure or Efficient Contractual Governance?," by Joseph Mullin and Wallace Mullin.
19. 9/25 Schedule appointment to discuss ideas for term paper the week of September 30-October 4
Student leads discussion of "The Maine Lobster Market: Between Market and Hierarchy," by James Acheson.
20. 9/27 Discussion: What Contributes to a Quality Research Paper?
21. 9/30 Instructor leads discussion of "The Limits of Firms: Incentive and Bureaucratic Features," by Oliver Williamson.
22. 10/2 Instructor leads discussion of "The Boundaries of the Firm Revisited," by Bengt Holmstrom and John Roberts.
23. 10/4 Discussion: Transaction Cost Economics.
 
IV. The Government as an Economic Coordinator
24. 10/7 Instructor presents lecture on market failure.  Read: "Problem Areas for the Market," by James Gwartney and Richard Stroup.
25. 10/9 No Class:  Fall Break
26. 10/11 No Class:  Fall Break
27. 10/14 Instructor leads discussion of "The Problem of Social Cost," by Ronald Coase.
28. 10/16 Instructor presents lecture on government failure. Read: "The Economics of Government Failure," by James Gwartney and Richard Stroup.
29. 10/18 Draft term paper proposal due.
 Discussion: student term paper proposals.
30. 10/21 Instructor leads discussion of "Rent Seeking and Profit Seeking," by James Buchanan and "Rent-Seeking as a Negative-Sum Game," by Gordon Tullock.
31. 10/23 Student leads discussion of "Information Distortion and Competitive Remedies in Government Transfer Programs:  The Case of Ethanol," by Ronald Johnson and Gary Liebcap. 
32. 10/25 Student leads discussion of "The Political Economy of Milk," by John Donahue.
33. 10/28 Discussion: The Government as an Economic Coordinator.
 
V. Institutional Choice and Economic Outcomes
34. 10/30 Final term paper proposals due.
Instructor presents lecture on neoclassical welfare economics.
35. 11/1 Instructor leads discussion of "A Contractarian Paradigm for Applying Economic Theory," by James Buchanan and "The Constitutional Perspective," by Geoffrey Brennan.
36. 11/4 Instructor presents lecture on acid rain and alternative policy strategies. Read: "Introduction" and "Overview of Control Strategies for Acid Rain" by Roger Raufer and Stephen Feldman.
37. 11/6 Laboratory experiment on permits and pollution control. Read the handout and prepare to play "The Permits Game," by Mark Walbert and Thomas Bierma.
38. 11/8 Continuation of laboratory experiment on permits and pollution control.
39. 11/11 Instructor leads discussion of "The Clean Air Act Acid Rain Program: Lessons for Success in Creating a New Paradigm," by Joseph Goffman and Daniel Dudek and "The Market for Sulfur Dioxide Emissions," by Paul Joskow, Richard Schmalensee and Elizabeth Bailey.
40. 11/13 Student leads discussion of "The Economics of Compensating Property Owners," by Richard Stroup.
41. 11/15 Student leads discussion of "The Islamic Commercial Crisis:  Institutional Roots of the Delay in the Middle East's Economic Modernization," by Timur Kuran.
42. 11/18 Student leads discussion of "A Transaction Cost Analysis of Fiscal Federalism," by Chris Bell.
43. 11/20 Discussion: Institutional Choice and Economic Outcomes.
44. 11/22 Term papers due
Student presentations of term papers (2).
45. 11/25 Student presentations of term papers (2).
46. 11/27 No Class:  Thanksgiving Break
47. 11/29 No Class:  Thanksgiving Break
48. 12/2 Student presentations of term papers (2).
49. 12/4 Student presentations of term papers (2).
50. 12/6 Student presentation of term paper (2).
51. 12/9 Cumulative exam
 
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Copyright © 2002 [Chris Bell, Department of Economics, UNC Asheville].
All rights reserved.  Revised: September 08, 2003.