The course "Economics of Why Nations Prosper" focuses on economic systems and investigates why some nations prosper while others do not based on differences in these systems Regardless of whether a country is rooted in free markets or a command control economy, incentives matter. The institutions that make up each economic system creates incentives that influence decisions across households and businesses. Some rules, regulations, and policies are more likely to create wealth and fuel prosperity for the masses than others. The tools of economics are useful in understanding why growth and prosperity are more likely in free economies than in centrally planned economies.
On completion of this course, 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.