Recognize and Understand Key Concepts in the Foundations of Economics
Instructor Information / Office Hours: Virtual Office, virtually all the time during the day
Contact: Dropbox for assignments, email for other information.
Course Overview / < font>Course Text: Gruber, Jonathan. 2005. Public Finance and Public Policy, New York, NY: Worth Publishers.
The three core areas covered in the text for this course are as follows:
1) Externalities and Public Goods. Externalities are important public policy issues, and provide context to study the public sector and its relationship to the economy. Externality topics covered in this section are current issues in environmental protection and sustainability such as acid rain and global warming, and health externalities. Other key topics are education, fiscal federalism, creating and using a cost/benefit analysis, and political economy/public choice issues.
2) Social Insurance and Redistribution. In this section, issues of wealth, asset, or income redistribution are discussed. Social welfare issues including welfare policy; Social Security; Unemployment Insurance, Workers' Compensation and Disability Insurance and both public and private health insurance are covered.
3) Taxation in Theory and Practice. This section offers a theoretical presentation of public finance that focus on the key sources of current policy debate, including capital gains taxation, estate taxation, and the use of the tax code as a tool of social policy through tax credits for labor supply, childcare, and other activities.
In addition to the course text, several areas of study are required.
4) Budgeting. This section provides an opportunity for the student to create a budget that meets requirements of a group of stakeholders in a public policy or public sector arena. Students will apply the theories in this class to manage the budget creation process.
5) Prerequisite information and economics review: In order to study the topics above, a student must understand basic economics. Therefore, the last section is a review or introduction of basic economics, depending on the prior education of the student. In this section, the student will study supply, demand and equilibrium, utility, marginal change, price elasticity, opportunity cost, scarcity and choice, comparative advantage and specialization, measurement of economic performance, and monetary and fiscal policy basics. If you do not need this primer, you may skip it or refer to it as needed. It will remain open.
6) The Nobel Laureates and other notable economists. To provide perspective, students will study the development of economic thought by researching select economists and Nobel Laureates. This element, along with the following, is included to add a breadth of knowledge, and add a context in which economics and public finance co-exist.
7) Commanding Heights. This PBS documentary and web site provide another form of learning about globalization and the political and economic development of our economy since the turn of the last century. This will be our starting point.
Course Objectives /
- Recognize and understand key concepts in the foundations of economics.
- Notice how economics is in use in everyday life, and form an economic understanding of the choices you make in a situation constrained by scarcity.
- Think in economic terms and apply micro economic concepts on a personal, household, business, or another micro level.
- Think macro economically and apply the concepts of macroeconomics to the discipline of Public Affairs and its components.
- Think in terms of costs and benefits, and think 'on the margin'. Apply theories of Pareto and many other key scholars to your analysis process.
- Apply the concepts of economics, cost/benefit, taxation, and budgeting to your personal experience as a citizen, employee, employer, voter, and taxpayer.
- Gain or hone an ability to decipher through the filter of economics and public finance, information from media, external sources, literature, journals, research, and conversation. Then, apply this filtered information to your academic and other pursuits.
Communication with the Instructor / I do not have regular on campus office hours. As a general policy, I will respond to questions within 72 hours. Typically, I respond within a few hours if it is during the day.
Because this is an online course, it is up to each student to be sure to address questions, comments and concerns to me in a timely manner. Likewise, I will work to quickly answer your questions and ensure you have the information you need to be successful in this course!
All students are responsible for keeping all contact information up to date with the University. University policy is that email is the preferred form of contact. If you do not update your email address, you will be missing important information from the College.
Attendance/Work Completion Policy / Weekly Expectations
Because this is an online class with no required meetings, you are free to complete the work on your own schedule. However, work is due before midnight on the assigned due date.You are certainly able to work ahead of schedule in order to make this course work well with your needs.
You should expect to spend between 4-6 homework hours plus 4 hours of "inclass" work = 6-10 hours per week on this course. This includes the time you will need to complete the readings, as well as any quiz or discussion work that week. Do not expect to succeed in this course if you do not allocate 6-10 hours a week for this class!
- Completing assignments on time is critical to your success in the course!
- Late work is not accepted!
- All written work will be expected in APA format.
- Threaded discussions are written work. Short posts, incomplete sentences and unique style are fine when in spoken discussions, so feel free to be yourself and tobe at ease (within reason). Do remember that your clarity of thought and writing will lend itself to greater understanding by your class partners.
- If you are posting a particular item for grade in a Thread,it must be well written.
Course Due Dates / Date / Topic / Course Outline / Due Date / Notes
Week 1 (June 2-8) / First day Quiz / 6-Jun / Video is 6 hours, or read 500 page book
Commanding Heights / 6-Jun / Entire movie + Week 1 online
Economics Refresher / 6-Jun / As needed, see Econ Primer "week" online
Economist Biography / 8-Jun / Choose your economist and email me name
Discussion / 8-Jun / Threaded discussions on Hayek, Keynes and CommandingHeights
Week 1 Quiz / 8-Jun / Quiz over Commanding Heights
Week 2 (June 9-15) / Select (or be assigned to) Groups / 10-Jun / These groups will be for 4 projects
Economist Reports / 12-Jun / Report is due
Texts / readings / 15-Jun / Gruber 1-2, skim 3-4; weeks 2, 3, 4 online
Week 2 Quiz / 15-Jun / Quiz over chapters 1-4
Economist Discussions / 15-Jun / Free Market Economist conversations
Week 3 (June 16-22) / Texts / readings / 18-Jun / Chapter 5, 6, 7, 8 Weeks 4, 5, 6 online
Week 3 Quiz / 18-Jun / Quiz on 5, 6, 7; Quiz on Free Market Economists
Economist Discussions / 22-Jun / Planned & Mixed Economy economist conversations
Group projects / 22-Jun / Cost / Benefit group homework due
Test / 22-Jun / Test over Chapters 8
Texts / readings / 22-Jun / Chapters 9, 10, 11, Week 7 online
Week 4 (June 23-29) / Group projects / 22-Jun / Topic for Policy paper, Taxpayer projects due (see Policy and Taxpayer "week" online)
Individual project / 22-Jun / Topic for Budget project due (see Budget "week" online)
Texts / readings / 29-Jun / Chapters 12, 13, 14, 15, 16, 17, Weeks 8, 9 online
Week 5 (June 30-July 6) / Texts / readings / 6-Jul / Chapters 18-23, Weeks 10-11 online
Week 6 (July 7-13) / Group project / 10-Jul / Policy Project due, Policy Assessment tab online
Texts / readings / 13-Jul / Chapters 24, 25, Week 12 online
Week 7 (July 14-20) / Individual project / 16-Jul / Budget Outline due
Individual project / 20-Jul / Budget Project due
Week 8 (July 21-27) / Group project / 22-Jul / Taxpayer Outline due
Group project / 27-Jul / Taxpayer Project Due
Important Dates / Students are responsible for knowing all academic dates for each semester they are enrolled. Please see the Registrar’s web site for the full academic calendar.
IMPORTANT: Work each week is due by midnight the day assigned. Each new week starts on the following Monday and runs through Saturday. Although the students are free to access class and study on weekends, the instructor will not usually be available. After many online classes, both as a student and instructor, I have learned that taking the weekend off is better for all concerned. Hopefully, you will be able to keep your weekends for rest and for refreshing yourself, too. To aid this piece, no work will be due on Sundays.
Etiquette and Conduct / An online class requires a significant amount of writing –through assignments and discussion groups. You should remember that your written comments to others, whether in private emails or public discussion groups, should reflect the same sort of courtesy you would use in spoken communication. This includes strict avoidance of sexist, racist or other derogatory language. Also, keep in mind that in written communication it is very difficult at times to determine tone. A playful jab verbally can be read as a harsh criticism in an email.
You are responsible for the content of your writing. Please be aware that you have the responsibility to keep your communication civil, friendly and professional.
Code of Conduct
As a University of Colorado at Denver student (or taking a UCD class) you are expected to abide by the University of Colorado at Denver Student Code of Conduct. The following is a link for the University of Colorado at Denver Student Code of Conduct:
Department Grading Standards / The following grading standards apply across all multimedia and fine arts courses in the GraduateSchool of Public Affairs:
Grades for assignments, projects and the course will reflect student performance in the following criteria:
- “A” is for exceptionally excellent work; clearly better than very good and reflecting special research, aesthetics, theory, design, innovation, excellence, abilities and effort. Excellent quiz and test scores. Perfect attendance.
- “A-” is for very good, reflecting strong performance on all course requirements and for making regular and important contributions to the course. Work shows extra research, aesthetics, and application of theory, design to projects. Work displays exceptional attention to detail. Attendance is extremely good – perhaps missing only one class all semester.
- “B+’’ is for finishing all the course requirements and doing a very good job on each of them or doing a good job on some of them and an exceptionally job on a few of them. Student exemplifies attention to detail and going beyond the assignment guidelines to display initiative and creativity on all assignments. Attendance is extremely good
- “B” is for completing all course requirements in an extremely consistent manner that displays inspired creative work and a continued desire to improve and push ones abilities to the next level. A student has at least redone one assignment to those ends. Attendance is very good. Good quiz and test scores. Simply completing all the assignments is not sufficient to earn an “A”, “A-“, “B+”, “B” in the course
- “B-“ is for slightly above standard performance on all course requirements. Student shows potential and some effort but has not pushed their execution and ability to the next level.
- “C” is for completing all course requirements without special distinction in terms of creativity, aesthetics, theory, execution or presentation. Attendance was fair.
- “D” and lower are for poor performance and generally means that the student is not progressing well in their course.
Grading Scale / Final grades will be assigned on the following scale (based on points achieved divided by total possible points):
- A = 94-100%
- A-= 90-93%
- B+= 88-89%
- B = 84-87%
- B-=80-83%
- C+=78-79%
- C = 74-77%
- C-=70-73%
- D = Failing
- Grades on a break point (such as 90%) will not be rounded up and may be rounded down at the discretion of the professor with total student and class performance considered.
- Grades at points other than a break point (89.99%) will be rounded DOWN.
- Students can view their current grade inside side the course gradebook (see menu above).
Assessment Criteria / Grading Area / Percent
Individual Discussion and Participation = 25%
Mid-Term discussion (class participation through middle of semester)
5 Discussions @ 2% / 10%
Final discussion (class participation through last half of the class)
5 Discussions @ 2% / 10%
Individual Contribution to group work as assessed by group peers / 5%
Economist Research & Report = 10%
Economist - Reports and lead discdiscussion> / 10%
Group Projects = 30%
Chapter 8 Homework turned in / no grade
Other Homework turned in / no grade
Taxpayer Project - Group Report / 15%
Municipal Budget Project - Group Report / 15%
Individual Objective Assessments: Quizzes, Chapter Assignments = 35%
Midterm (Cumulative Quizzes and Chapter assignments except Chapter 8)
5 Chapters @ 2 % / 10%
Chapters 1- 12 Self-Check Quizzes / no grade
Cost/Benefit Test Chapter 8 / 5%
Self-Check Chapter 8 Quiz / no grade
Individual Policy Assessment and Recommendations Paper / 10%
Chapters 13 - 24 Self-Check Quizzes / no grade
Final (Cumulative Chapter assignments since Midterm)
5 Chapters @ 2 % / 10%
TOTAL / 100%
Technical Requirements / Students are responsible for maintaining or accessing a computer system capable of participating in all aspects of this course. This includes, but is not limited to, running the eCollege software, running the Tegrity streaming lectures, Real One player and Web browsing.
At this point, a Windows PC is required to access all of the course material. If you use a Macintosh or other system, you will need to find access to a PC to view the streaming course lectures. The other course content, including reading guides, quizzes and discussions should work fine without a PC.
While a broadband connection to the Internet is not required for this course it is highly recommended that you access the course with a DSL or cable modem Most of the materials for this course are available online. Many of these materials are large streaming media files. Access of this course over a dial-up connection may require significant waiting periods for download.
If for any reason you are having technical difficulties that are limiting or preventing your full participation in the class, please notify the instructor immediately! I will work with you to ensure that your online learning experience is not hampered by technical issues.
IW/IF Policy / According to college policy, in order to receive an IF or IW the following five items must have been completed or approved:
- Student must have completed at least 75% of the course with a passing grade and there must be compelling extraordinary verifiable circumstances beyond the student’s control which made the completion of the course impossible.
- Student must submit a copy of the syllabus and verification of reason (e.g., doctor’s note, letter the dean explaining situation, etc.).
- Form must be signed by faculty and have attached documents before being submitted to the Associate Dean.
- Paperwork must be processed and approved by the dean before grades are assigned.
- Student has one academic year to complete the work as noted by the instructor.
Submission of Assignments / All assignments should be submitted through the tools provided in the eCollege interface. APA format is required on written work.
Academic Honesty / You are expected to do you own work. All work submitted should include citations or other indications when other's work is included with your own. Representation of other's work as your own is considered cheating. This includes plagiarism, work purchased from "paper mills" and sharing of test answers.
- If the instructor suspects cheating she may, at his discretion, provide an alternate or make-up assignment.
- In the case that a student submits works with inconsistencies in answers--such as correctly identifying a person on a multiple-choice question and misidentifying the person in an essay question--the instructor may deduct points for both questions.
- This course of action will be taken when the instructor determines that the student has provided a correct answer that was not based on their knowledge of the material.
- The instructor may make use of anti-cheating services to ensure that submitted work is original.
- Finally, cheating diminishes the value of your learning. If you find yourself struggling in this course, please contact the instructor!
Other Policies / It is University of Colorado at Denver and the GraduateSchool of Public Affairspolicy that all materials created by a student for this course must adhere to proper and correct applications of spelling, punctuation and grammar. Deviations from these expectations can result in student work being rejected for evaluation and/or grading.
You must not produce inflammatory, profane, plagiarized or otherwise inappropriate material for this class. Failure to comply with this policy will result in an "F" for the semester and immediate dismissal from class. You may also face other repercussions from the GraduateSchool of Public Affairsand the University of Colorado. When in doubt, ask the instructor.
Textbooks / Public Finance and Public Policy -Second Edition
Cloth Text, 700pgs.
ISBN: 0-7167-6631-0
ISBN-13: 978-0-716-76631-5
/ Dr. Jonathan Gruber is a Professor of Economics at the Massachusetts Institute of Technology, where he has taught since 1992. He is also the Director of the Program on Children at the National Bureau of Economic Research, where he is a Research Associate. He is a co-editor of the Journal of Public Economics, and an Associate Editor of the Journal of Health Economics.
Dr. Gruber received his B.S. in Economics from MIT, and his Ph.D. in Economics from Harvard. He has received an Alfred P. Sloan Foundation Research Fellowship, a FIRST award from the National Institute on Aging, and the Kenneth Arrow Award for the Best Paper in Health Economics in 1994. He was also one of 15 scientists nationwide to receive the Presidential Faculty Fellow Award from the National Science Foundation in 1995. During the 1997-1998 academic year, Dr. Gruber was on leave as Deputy Assistant Secretary for Economic Policy at the Treasury Department. Dr. Gruber was elected to the Institute of Medicine in 2005, and in 2006 he received the American Society of Health Economists Inaugural Medal for the best health economist in the nation aged 40 and under. In 2006 he was appointed to the board of the Massachusetts Insurance Connector, the main implementing body for the state’s ambitious health care reform effort, and was named the 19th most powerful person in health care in the United States by Modern Healthcare Magazine.