Junior level standing or above. Disequilibrium, Entrepreneurship and Discovery , by Israel M. Kirzner. Other readings may be assigned. This main objective is pursued by the extension of basic economic principles, the introduction of new tools to understand economic behavior, and the application of these tools to the issues of market behavior.
Emphasis is upon the economics of choice, production, exchange, competition and monopoly.
Consideration will be given to the impact of legal, social, ethical, and political influences on markets. A student who has completed the economics principles sequence should be able to think critically and be able to apply economic reasoning in making personal and business decisions and in analyzing public policies. A student should be familiar with the major U.S. and international economic institutions, a core body of economic literature, and with the major economic issues facing the U. S. and the world. The student should be able to identify the real costs associated with the resource allocation choices we make and recognize that such costs are associated with choices made by individuals, organizations, and governments. The student should understand the important role of self interest as a force which directs resources to their highest and best use.