Microeconomics: When Markets Fail
School: University of Pennsylvania
Registration Link: REGISTER HERE
Start Date: November 20, 2017
Workload: Not specified
Instructor: Rebecca Stein
Credentials: Stein is a senior lecturer at the University of Pennsylvania School of Arts and Sciences, where she teaches Introductory Microeconomics and Introductory Macroeconomics (among other courses). Armed with a Ph.D. from Northwestern University, Stein has taught at Penn for nearly two decades, collecting several teaching awards along the way. Her most recent research has been published by the Journal of Economic Education and the Medical Care Research and Review.
Graded: Students must successfully complete all graded assignments to pass the course.
Description: Markets are often celebrated as the solution, a lean-and-mean antidote to bloated bureaucracy. In theory, markets are supposed to reward the innovative and the hard-working, with fairness doled out through competition. However, the marketplace isn’t a perfect system. Sometimes organizations overproduce or people consume too much. At the same time, monopolies can emerge, wielding control over pricing and distribution to stifle competition. Even more, the system can create legions of winners and losers, which ultimately drives poverty and inequality.
In this course, Stein looks into how such “imperfections” creep into the market, along with covering tools, such as regulation, taxation, and government intervention,that can be used to bring back a sense of equilibrium.
Review: “This Economics course is succinct and understandable and it backs up the theory with clearly explained graphical illustrations. The use of simple mathematical equations to back up the graphical assumptions clarified my doubts and the explanations provided were comprehensive. The last few weeks tended to give easy-to- follow examples related to America. I feel like the course is geared more towards those who have at least basic understanding of Economics as otherwise the diagrams may seem confusing at first.” For additional reviews, click here.