Requirements of the Major
- Identify the role of demand and supply in a market economy in allocating resources and generating the distribution of incomes to factors of production.
- Articulate the advantages of a market system and the role of prices in achieving allocational and productive efficiency.
- Identify the sources and consequences of “market failure.”
- Critically evaluate controversies about the appropriate scope of, and approaches to, government regulation in conditions of market failure.
- Critically evaluate controversies from an economic efficiency and distributional equity perspective over the use of government tax and transfer policies to redistribute income
- Critically evaluate controversies over attempts to use fiscal policy and/or central bank monetary policy to maintain aggregate growth consistent with full employment and inflation stability.
- Effectively demonstrate their ability to apply economic theory to the framing and analysis of economic problems using graphs, algebra, and quantitative statistical methods.
- Demonstrate knowledge of relevant historic data and empirical findings in at least one of the content areas listed in outcomes 4-6.