POLITICAL ECONOMY AND MARKET REGULATION
The course aims at providing general and issue-specific knowledge of the institutional and theoretical motivations of public action in the economic system. The emphasis is on the microeconomic dimension of public policies. Learning objectives are directed towards three main areas: policies aimed at shaping and regulating the functioning of the market system; evaluation of policy programs through cost-benefit analysis.
Expected learning outcomes
Knowledge and understanding: the student should be able to understand the themes and problems related to the public intervention in the economic system and to the market regulation; should also know the main instruments used to asses and analyze the rational behind the main program of intervention affecting the markets functioning.
Applying knowledge and understanding: the student should be able to apply the acquired knowledge to the main intervention schemes and to the principal microeconomic policies. To this end the teacher will discuss and illustrate some different examples and specific cases of microeconomic and regulation policies during the lessons; for non-attending students, assistance time will be provided.
Making judgements: the student should be able to use the acquired knowledge also in an autonomous way, by also applying them to specific issues and problems, such as specific regulation schemes for markets affected by specific forms on competition (or lacking thereof), or to different ways of internalizing externalities of kwon relevance.
Communication: the student should be able to answer in a clear and thorough way to the questions of the written examination and to those of the possible oral examination.
Lifelong learning skills: the student should be able to show a good learning ability, by widening, for example, his/her knowledge with use of relevant bibliographic references. The student should also be able to analyze and evaluate the impact and the constraints related to the policy schemes in relevant economic sectors.
General knowledge and reasoning ability. Some basic knowledge of microeconomics, if previously acquired by the student, can facilitate the learning process; this is basically covered by the first-level courses offered by the university Parthenope in the economic area. For students coming from different first-level degree programs, an integration including a relevant bibliographic references will be provided.
Nature, objectives and tools of microeconomic policies. Markets regulation. Policies for development.
I block (24 hours):
• Market failures: microeconomic aspects
• Government failures
• Property rights
• Competition policies
• Industrial and regional policies; redistributive policies
II block (24 hours):
• Trade policies: free trade and protectionism
• Development and trade organisations
• Régional public institutions: the European Union
• The internationalisation of private institutions
• The challenges of globalisation for public policies
Lectures. In addition, follow-up on specific topics might happen, especially after receiving feedback on specific topics by students.
Acocella N. (2005) Economic Policy in the Age of Globalisation, Cambridge University Press (chapters 1, 2, 5, 6, 7, 8, 15, 17, 18, 19, 20).
Additional readings provided by the lecturer upon students' request.
Written exam after the first block of lectures: 2 questions to be answered in 60 minutes. Written and voluntary oral exam after the second block of lectures.