The United States economy is a mixed capitalist economy in which a market system prevails as the key economic institution.
Markets also embody, often in a desirable way, the values held by our society.
And when markets do not achieve socially desirable outcomes, government is likely to become an active participant in their operation. In Economics 320, we will develop a systematic framework for analyzing the supply side of United States markets. We will examine and apply microeconomic theories and concepts within that framework to investigate the basic conditions and structures underlying U.S. and industries and to explore the conduct and performance of these industries and the firms within them. We will also examine and assess, in light of societal values, some of the public policies that have evolved to govern industries and markets in the United States.