ECON 459(F) Economics of Institutions
Why are some countries rich and others poor? There are numerous candidate
explanations emphasizing factors ranging from demography to technological
innovation to unequal international relations. However, some economists like
Douglass North and Mancur Olson have argued that beneath the profusion of
proximate causes the quality of a country's "institutions" fundamentally determines its economic prospects. The word "institutions" is used broadly; it can refer to micro-structures like households or macro-structures like the state. The
course will survey the literature on institutions and economic development, discussing both developed and developing countries. Readings will largely consist
of published journal articles and unpublished work of similar quality. Students
should expect to use microeconomic theory and econometrics learned in previous courses. Evaluation will be based on four short papers of 7-10 pages each.
Format: seminar.
Pre-requisites: Economics 251, Economics 253 or 255 or the equivalent. Enrollment limit: 19 (expected: 19). Preference will be given to senior Economics majors. Students who have already taken Economics 502 will not be admitted.