This course specifically focuses on the role of government and the operation of the political process. Both market failure and government failure are explained and analyzed. As in the case of markets, the tools of economics are used to address how the political process works, how it supports growth and prosperity, why it sometimes works poorly, and what might be done to improve the process.
On course completion, learners will:
- explain why government officials and policymakers cannot have all the goods, services, and resources that they want because of the condition of scarcity;
- describe how governments and market fail; and
- identify how responsible and accountable individuals in governments, businesses, and households can act and interact in ways that promise to advance standards of living across time and industries.
Target Audience: Students and instructors of economics; K-12 educators; and life-long learners.
Course is offered by Florida State University and Northern Michigan University.