Course description
The course concentrates on complex economic processes in straightforward terms so that they can be understood without the use of mathematics. The course includes concepts from microeconomics and macroeconomics, but the focus is on real-world applications of economics without relying excessively on assumptions, theorizing, and abstract models. We apply the concepts we learn to contemporary controversial topics such as minimum wage legislation, the function of unions, and why healthcare is excessively expensive. We explore why Nobel Prize winning economists such as Paul Krugman and Joe Stiglitz are so critical of the contemporary economy's dizzying inequality, its endemic underemployment, enormous trade and government deficits, lagging wages, and inability to provide a decent life for millions. Mainstream economists do not have the answers to the challenges of globalization, technological unemployment, and racial disparities, because they are unable to think creatively about new institutional structures that would enable us to transition to a full-employment, high quality-of-life economy. In contrast, this course weaves ideas from psychology, sociology, and political science into a common-sense economic perspective in order to explore these issues. We also assess our current economic situation, including the analysis of the COVID-19 recession.
