The course covers the fundamental concepts of principles of economics and integrates them in the context of managerial decision making. Micro and Macro principles are incorporated through real world examples of theory and policy and how they influence the decisions of managers as they struggle to operate efficiently and profitably.
Economics is fraught with socially and ethically interesting issues. These issues are introduced via discussions of market failures (public goods, externalities, moral hazard, etc) through the semester. However, social and ethical issues are typically discussed in depth via example. Students provide academic or nonacademic articles that they think raise important or interesting issues relating to economics. We then discuss the incentives and consequencese of the situation presented in the article. For example, a student recently suggested an article discussing the global market for human eggs. We spent the better part of a class period discussing the way that market works, the ethics of that market, and the social implications of its existence.
There are a number of other ways in which social and ethical issues work their way into the discussion. We spend time discussing the consequences of discrimination on economic efficiency, labor markets, and education. We analyze transfer programs and their consequences. We discuss the redistributive properties of various tax schemes and fiscal policies. Again, students are expected to submit articles relating to these topics. Another example: a student submitted an article analyzing the redistribution properties of the "Cash for Clunkers" program.
