This document provides the syllabus for an institutional economics course. The course will introduce students to institutional economics as an alternative to mainstream neoclassical economics. It will examine how institutions influence individual economic decisions and behavior. Over 14 meetings, topics will include old vs new institutionalism, asymmetric information, property rights, and non-profit organizations. Assessment will consist of exams, papers, and class participation. The goal is for students to understand institutional analysis and how it provides a more complex view of economic problems than neoclassical approaches.
This document provides the syllabus for an institutional economics course. The course will introduce students to institutional economics as an alternative to mainstream neoclassical economics. It will examine how institutions influence individual economic decisions and behavior. Over 14 meetings, topics will include old vs new institutionalism, asymmetric information, property rights, and non-profit organizations. Assessment will consist of exams, papers, and class participation. The goal is for students to understand institutional analysis and how it provides a more complex view of economic problems than neoclassical approaches.
This document provides the syllabus for an institutional economics course. The course will introduce students to institutional economics as an alternative to mainstream neoclassical economics. It will examine how institutions influence individual economic decisions and behavior. Over 14 meetings, topics will include old vs new institutionalism, asymmetric information, property rights, and non-profit organizations. Assessment will consist of exams, papers, and class participation. The goal is for students to understand institutional analysis and how it provides a more complex view of economic problems than neoclassical approaches.
This document provides the syllabus for an institutional economics course. The course will introduce students to institutional economics as an alternative to mainstream neoclassical economics. It will examine how institutions influence individual economic decisions and behavior. Over 14 meetings, topics will include old vs new institutionalism, asymmetric information, property rights, and non-profit organizations. Assessment will consist of exams, papers, and class participation. The goal is for students to understand institutional analysis and how it provides a more complex view of economic problems than neoclassical approaches.
The main textbooks for economics usually are dominated by neoclassical economics, or sometimes called mainstream economics. The philosophy of neoclassical economics based on individualism and values free when an individual sets an economic decision. Nevertheless, many studies lately revealed that values free is always nonsense. The economic decision of an individual is also influenced by surroundings. In short, institutions have important impact on individual decision in many aspects including economy. Because of these, the institutions studies become more significant in economic analysis and institutional economics should be taught in economic course. Institutional economics focus on how institutions affect economic behaviour. The application of institutional economics almost occurs in every economic aspects. In this course, the institutional analysis mostly applies in industrial organization area. However, students must know that not only industrial organization is the perfect examples of institutional economics but also many other areas such as agriculture, regional, international economics, and many things. After the course, students are expected to understand 1. The economic analysis other than neo classic analysis which is institutional analysis 2. The complexity of economic problems from the institutional point of view.
Required Textbooks: Groenewegen J., A. Spithoven, A. van den Berg, (2010), Institutional Economics: An Introduction, Palgrave Macmillan. Yustika, AE., (2013), Ekonomi Kelembagaan, Penerbit Erlangga.
Prerequisites: Microeconomics
Assessment: - 40% : final exam - 30% : midterm exam - 25% : two papers - 5% : participation
Papers: 1. First paper is to summarize one of four papers below a. Ronald Coase, The Nature of The Firms. b. Alchian and Demzets, Production, Information Cost, and Economic Organization. c. Oliver Williamson, Transaction Cost Economics: The Governance of Contractual Relations". d. Eugene Fama, Agency Problems and the Theory of Firm The papers will be provided in the second meeting. Paper due: October 31, 2014 before starting the class. The length of the paper is not more than 1000 words. 2. Second paper is to summarize and analyse the problems of contracting out or non-profit organization. Second paper due is in the last meeting of the class. The students are expected to find the materials by themselves from internet. The length of the paper is not more than 1000 words.
Course Outline Meeting Topic 1 Introduction of institutional economics 2 Old Institutional vs New Institutional 3 Old Institutional vs New Institutional part 2 4 Asymmetric information dan Bounded Rationality 5 Institutions and economic systems 6 Principal Agent Theory 7 Institutional Change Mid-term Exam 8 Social Capital Theory 9 Property rights 10 Hierarchy 11 Integration 12 Corporate governance 13 Non-profit, charitable, and public enterprise 14 Traditional Market
Academic dishonesty, such as cheating, plagiarism, fabrication, and fraud, is prohibited. There is a severe consequences for the students who violate the dishonesty rules.
Disclaimer: This syllabus is subject to change to facilitate instructional and/or student needs.
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