This course provides an introduction to microeconomic theory and its real world applications, as well as alternative perspectives.
What exactly is the economy? Why does it matter? How does economic theory conceptualize markets, prices, choices, and policies? We will cover basic concepts, definitions, models, and problem solving tools in microeconomics. This course will cover key topics such as markets, the model of supply and demand, theory of the consumer, theory of the firm, elasticity, labor markets, market structure and market power. We will also compare mainstream microeconomics to more pluralist approaches such as environmental, behavioral, Feminist, and social justice oriented perspectives. Examining both microeconomic theory and alternative approaches will help us to contextualize and analyze some of the most pressing economic issues of today: labor struggles and unions, wealth and income inequality, climate change, monopoly power, and globalization.
Our course will follow the textbook Microeconomics Economics in Context paired with applied readings from Dollars & Sense’s Real World Microeconomics, which will not only provide the basics of these theories, concepts, and methods, but also apply them contextually to issues in our ever-changing contemporary global economy. Students will need a computer and internet access in order to participate in Zoom meetings for synchronous lectures, activities, and discussions, as well as access to Canvas for reading lists, assignments, and learning modules.