Office:
Office hours:
157 Karpen Hall
Fall 2001:
MWF 2-3pm;
TTH 10-11pm
or almost any time from
10am-4pm by appointment.
(course next offered Spring 2002)
Phone:
828-251-6552
MWF 3:15-4:05 pm
MWF 3:40-4:20 pm (snow schedule).
[
Basic Information | Objectives | Online Course Resources || Instructor: Office: Office hours: |
Chris Bell 157 Karpen Hall Fall 2001: MWF 2-3pm; TTH 10-11pm or almost any time from 10am-4pm by appointment. (course next offered Spring 2002) |
|
|
| E-mail: Phone: |
bell@unca.edu 828-251-6552 |
||
| Prerequisites: | ECON 101 or 102 |
||
| Meets: | Spring 2002: MWF 3:15-4:05 pm MWF 3:40-4:20 pm (snow schedule). |
Required text:
Economics is the study of human interactions involving trade. In addition to the costs of production and distribution, every trade has associated with it the costs of the trade itself: of locating trading partners, of negotiating the terms of the trade (including the price or series of prices), of monitoring and enforcing the terms of the trade (including the quality and timeliness of delivery), and so forth. These costs are called transaction costs, and traders' attempts to limit them explain why many economic, political and social institutions have evolved the way they have. This course will use examples drawn from economics, environmental science, management, political science, and sociology to better understand the wide variety of human institutions that can best be understood as outcomes of transaction cost economizing.
The objectives of this course are fourfold. The first is to broaden your perspective of the scope of economics as a discipline. Despite the impression the news media and your other economics courses may have given you, most real-world economic interactions take place outside the marketplace. As a budding economist it behooves you to know more about such alternatives to the market as the family, the firm, and the government. Though we’ll still spend time discussing markets, the bulk of the semester will be spent looking at their alternatives. Our goal will be to understand the factors that determine which institutions are used to coordinate which trades.
The second objective is to deepen your understanding of the nature of inquiry in economics. Our subject matter -- called "transaction cost economics" by some, "comparative institutional economics" and "the new institutional economics" by others -- is a relatively new field, new enough that in the course of a semester we can read many of its key papers. By reading these papers in chronological order you will watch the economic frontier expand before your eyes, enabling you to observe the steps economists take when seeking to better understand our world.
The third objective is to hone your communication and critical thinking skills. Along with mathematics, these are the skills cited in a survey of employers as the most important (and most often lacking) when recruiting new employees. You will hone these skills through required oral presentations, a significant term paper and the course’s seminar format.
The fourth objective is to provide the opportunity to apply your economic knowledge to a concrete real-world situation. You are encouraged to write your term paper on an economic institution with which you have first-hand knowledge (e.g., the university or your employer). Not only will this be challenging and fun, it will provide you with a writing sample and the basis for a conversation of interest to potential employers.
Ramsey Library's pages include:
Four excellent non-UNCA sources of economic statistics: