Microeconomic analysis of the causes of income differences across countries.
Econ 431 students will be able to
- Discuss the labor and consumption patterns among the world’s poor.
- Demonstrate an understanding of how modifying the neoclassical assumptions learned in Econ 380 can affect the welfare implications of markets. In particular, how the welfare implications are affected by
- Externalities and Public Goods
- Fixed Costs or Increasing Returns
- Poorly Enforced Property Rights.
- Discuss the functioning of the credit and capital market:
- How it relates to alleviating poverty and stimulating economic growth.
- Why it may be prone to information problems and the implications of those problems.
- Explain the potential role of government in economic development, especially as it relates to:
- Public Goods and Externalities
- Enforcing Contracts
- Explain the importance of labor, health, and education to the lives of those in developing countries and how these fields relate to improving outcomes among the poor.