Public Sector Economics
- Social Sciences
- 400 level
- 2 credit units
- 136 pages
- 11 units
This course provides an in-depth exploration of public sector economics. It covers essential topics such as public goods, externalities, public debt, and budgeting. Students will learn to analyze government spending, taxation, and resource allocation. The course also examines theories of public finance and the role of cost-benefit analysis in policy decisions. Emphasis is placed on understanding market failures and the economic principles that guide public sector policies. Students will develop critical thinking skills to evaluate economic arguments.
About this course
- Difficulty
- Intermediate
- Study hours
- 156 hours
- Maths
- Intermediate
- Content
- Theoretical, case study, problem solving
- Practical work
- No
- Basic Economics
- Microeconomics
- Macroeconomics
- Assignments
- Tutor marked assignments
- Final examination
What you'll read
The real module and unit structure of ECO447, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ECO447 · MODULE ONE: Understanding Public Sector Analysis
But the very nature of the ‗public‘ sphere has recently changed. In particular, we need to take account of political economy: how alternative economic theories are used to provide intellectual justification for ideological, moral and ethical beliefs.
What you should be able to do
- Define and explain the scope of public sector economics and public finance.
- Analyze the theories of public goods and their implications for resource allocation.
- Evaluate the impact of externalities on market efficiency and potential policy solutions.
- Understand the principles of public debt management and budgeting.
- Apply cost-benefit analysis to assess the effectiveness of public projects.
- Identify and analyze the causes and consequences of market failure.
What it prepares you for
- Public Finance Analyst
- Policy Analyst
- Government Economist
- Budget Analyst
- Public Sector Consultant
- Government Agencies
- Non-profit Organizations
- Consulting Firms
- Financial Institutions
- Research Institutes
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 2: Theories of Public Goods
Unit 2: Theories of Public goods
The Samuelson Model requires a strong understanding of mathematical economics and welfare analysis.
- Module 3: Public Debts, Budgeting and Public Expenditure
Unit 1: Public debts
Understanding the complexities of public debt redemption methods requires careful analysis of economic implications.
A suggested way through it
13 weeks, about 28 hours in total. Yours will differ.
- Week 1Module 1: Understanding Public Sector Analysis
Unit 1: Public Sector · 2 hours
Read the definition of Public Sector Economics and understand its scope.. Identify the advantages and disadvantages of Public Corporations.. Compare and contrast the Private and Public sectors..
Unit 2: Public Finance · 2 hours
Define Public Finance and understand its meaning.. Explore the concept of Functional Finance and its applications..
- Week 2Module 1: Understanding Public Sector Analysis
Unit 3: Principles of public Finance · 2 hours
Understand the principles of Public Finance and their importance.. Examine the level of Government Spending and its impact.. Identify the sources of revenue for the government..
- Week 3Module 2: Theories of Public Goods
Unit 1: Public goods analysis · 2 hours
Define Public goods and understand their characteristics.. Identify the challenges in identifying public goods.. Explore the types of public goods..
- Week 4Module 2: Theories of Public Goods
Unit 2: Theories of Public goods · 2 hours
Understand the theories of Public goods.. Study the Voluntary Exchange Model and its implications.. Analyze the Samuelson Model and its applications..
- Week 5Module 2: Theories of Public Goods
Unit 3: Differences between Public Goods and Private Goods · 2 hours
Differentiate between Public Goods and Private Goods.. Understand the advantages and disadvantages of Public goods.. Compare Public goods with Merit goods..
- Week 6Module 2: Theories of Public Goods
Unit 4: Allocation of Resources · 2 hours
Define Allocation of Resources and its importance.. Identify the key players: consumers and producers.. Analyze the advantages and disadvantages of Resources in a free market Economy..
- Week 7Module 3: Public Debts, Budgeting and Public Expenditure
Unit 1: Public debts · 2 hours
Define Public debts and understand its meaning.. Understand the meaning of Classification of Public Debt.. Explore the methods of Redemption of Public Debt..
- Week 8Module 3: Public Debts, Budgeting and Public Expenditure
Unit 2: Public Budget · 2 hours
Define Public Budget and understand its meaning.. Understand the reasons why the account of the budget may be split up.. Explore the kinds and types of Government Budget..
- Week 9Module 3: Public Debts, Budgeting and Public Expenditure
Unit 3: Public Expenditure · 2 hours
Define Public Expenditure and understand its meaning.. Know the causes of increase in Public Expenditure.. Understand the principles of Governing Public Expenditure and its importance..
- Week 10Module 3: Public Debts, Budgeting and Public Expenditure
Unit 4: Budgeting · 2 hours
Understand the Wagner's law of increasing state activities and Wiseman-Peacock Hypothesis.. Define Budgeting and understand its meaning.. Explore the types of budgeting..
- Week 11Module 4: Externalities
Unit 1: Meaning of Externalities · 2 hours
Define Externalities and understand its meaning.. Know the types of Externalities.. Understand the effects of Externalities and Allocative Efficiency..
- Week 12Module 4: Externalities
Unit 2: Market Failure · 2 hours
Define Market Failure and understand its meaning.. Know the types and the nature of Market Failure.. Understand the meaning of externalities and nature of exchange..
- Week 13Module 4: Externalities
Unit 3: Cost-Benefit Analysis · 2 hours
Define Cost-Benefit Analysis and understand its meaning.. Understand the steps/cost incurred in cost-benefit analysis.. Understand the cost and benefit in controlling pollution..
Preparing for the exam
- Review all key definitions and concepts from each unit.
- Practice applying cost-benefit analysis techniques to real-world scenarios.
- Create summaries of the main theories of public goods and externalities.
- Focus on understanding the different types of market failures and their policy implications.
- Review all Tutor Marked Assignments (TMAs) and their solutions.
- Allocate study time proportionally to the weight of each module in the final exam.
- Create concept maps linking different topics within each module.
- Practice answering past exam questions under timed conditions.
Questions students ask about this course
What is ECO447 about?
This course provides an in-depth exploration of public sector economics. It covers essential topics such as public goods, externalities, public debt, and budgeting. Students will learn to analyze government spending, taxation, and resource allocation. The course also examines theories of public finance and the role of cost-benefit analysis in policy decisions. Emphasis is placed on understanding market failures and the economic principles that guide public sector policies. Students will develop critical thinking skills to evaluate economic arguments.
How many units does ECO447 have?
ECO447, Public Sector Economics, has 11 units across 4 modules, over 136 pages of course material. You can read it one unit at a time.
How many credit units is ECO447?
ECO447 carries 2 credit units, at 400 level in Social Sciences.
Is ECO447 hard?
ECO447 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical, case study and problem solving work.
How long does ECO447 take to study?
About 156 hours of study, spread across its 11 units.
How is ECO447 assessed?
ECO447 is assessed by assignments, tutor marked assignments and final examination.
What do I need before starting ECO447?
Basic Economics Microeconomics Macroeconomics
What can I do with ECO447?
Public Finance Analyst, Policy Analyst, Government Economist, Budget Analyst and Public Sector Consultant.