H. Options / H3. Public Sector Economics
Content:
Normative and positive theories of state intervention; public choice and public goods theory; social welfare functions; economics of bureaucracy; principal-agent theory; the "new protectionism"; government failure and market failure.
Learning outcomes:
- Critically assess the scope and limits of market intervention.
- Identify and classify market failures.
- Explain, analyse and critically review efficiency criteria.
- Apply Cost Benefit Analysis to public expenditure decisions.
- Define and evaluate the principal- agent problem in public sector decisions.
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