This course will introduce students to political economy through a study of the nature of markets. Markets shape our lives in profound ways, yet understanding how they function (or fail to function) requires sophisticated knowledge of philosophy, politics, and economics. In this course we will aim to avoid a simplistic understanding of markets as wholly good or bad; instead, we will ask under what conditions markets work well, and whether there are things that even well-functioning markets cannot or should not do.

In the first unit, we will consider a number of arguments regarding how markets succeed in improving human life and coordinating action. In the second unit, we will consider arguments about market failure, which specify conditions under which markets require regulation in order to function well. In the third unit, we will ask what the boundaries of the market should be: Should there be a market for sex, reproductive labor, and human kidneys? Then, in the fourth unit, we will apply this knowledge of markets to a controversial area of public policy: healthcare markets.

By the end of the course, students will be familiar with concepts like market failure, the prisoner’s dilemma, and the free-rider problem. Along the way, we will read a number of historically important political economists, including Adam Smith, Karl Marx, and Friedrich Hayek, as well as contemporary scholars like Elizabeth Anderson and Debra Satz.

Intended Audience:

All students interested in exploring political economy are welcome. Course is not restricted to PPE majors.

Class Format:

There will be 2 hours of lecture & 2 hours of discussion each week.