Public Policy Economics

Overview

All of us as citizens are affected by government policies, and governments place particular emphasis on economic policies. These are therefore prominent in political debate and in the news. Yet few people have the knowledge to be able to evaluate claims and counter-claims. This Public Policy Economics course at University of Oxford covers some of the most important questions about the aims and tools of economic policy, ranging from competition policy and regulation to industrial policy, from public spending choices to incorporating behavioural psychology 'nudges' in policy decisions. It covers the role of the state versus the market, and the government's responsibility for sustainability. It will equip students to evaluate the economic arguments made about public policy choices.

Course aims

This course aims at University of Oxford to:

• Explore the rationale for public policy interventions in the economy.
• Provide an overview of a wide range of areas of applied microeconomics used in public policy, including relevant historical and international experience.
• Discuss the role of economics in the political process; (iv) provide an introduction to the evaluation of economic policies. It will have some interdisciplinary elements, in touching on political economy and behavioural economics.

This course will enable participants to:

• Demonstrate an understanding of the criteria for successful microeconomic public policy interventions.
• Show understanding of the reasons for the variation in policy interventions over time and in different contexts.
• Evaluate critically policy proposals, including demonstrating awareness of sources of empirical evidence.
• Demonstrate knowledge of specific topics in public policy economics.
• Contribute to public and policy debates about a range of economic issues.

Learning outcomes

By the end of this course the participants will understand:

• The importance of definitions and ethics in framing policy questions and public debate.
• The limitations of both states and markets in collective action.
• The many trade-offs and choices that inevitably arise in economic policy.

By the end of this course students will be expected to have gained the following skills:

• Critically evaluate data, evidence and arguments about economic policy questions.
• Contribute to debates themselves in a more evidence based way.
• Link policy choices to social welfare, or ethical, goals.
• Connect economic trade-offs with issues of political choice and practical implementation.

Accreditation

FHEQ level 4, 10 CATS points