Learning outcomes

By the end of the course, students will be able to:

  • Explain the different economic concepts covered in class concerning the role of institutions in the functioning of the market.
  • Present, where relevant, the formal reasoning behind these concepts.
  • Present the formal reasoning behind the approaches.
  • Present an economics article by explaining its thesis and outlining its strengths and limitations.

Content

The first part of the course will offer a historical overview of how economic theories have addressed the relationship between markets and institutions. It will begin in the 17th and 18th centuries with the Physiocrats and Adam Smith, and continue through to the early 21st century. The main authors and schools of thought studied will be:

- The Physiocrats and Adam Smith.

- Karl Marx.

- The Manchesterian "laissez-faire".

- John R. Commons and institutional economics.

- Karl Polanyi.

- German ordoliberalism.

- New Institutional Economics (in particular Ronald Coase, Harold Demsetz, and Douglas North).

The second part will focus on a number of issues related to the role of institutions, based on important articles in the economic literature. The following topics will be covered (to be adjusted if necessary depending on time):

-    The structure of property, particularly within firms.

-     Private/common/private property and its determinants.

-     The debate surrounding the “Coase theorem” and its limitations.

-     Lobbying and influence on institutions.

-     The moral foundations and moral consequences of the market. 


Teaching methods

Lectures, with significant time allocated for student questions. Course materials will include lecture content, PowerPoint presentations, and texts and articles made available. These texts will sometimes need to be read before class.

Assessment method

The course will be validated by an oral exam and three written assignments throughout the course. The main purpose of these assignments is to help students better assimilate the course material and express their personal reflections throughout the semester. 

The 20-minute oral exam, preceded by a 20-minute preparation period, will focus on points from the work of one or more authors to be presented, as well as broader questions covering the entire course. Students may also be asked to express a reasoned opinion on the strengths and limitations of a particular approach.

The written assignment will consist of a one-page summary of one of the points covered in class and a personal reflection. AI is not encouraged and, in any case, must be clearly acknowledged. During the oral exam, it will be possible to ask questions about certain points of the assignments to ensure that they are indeed the work of the student.

The oral exam will account for 80% of the final grade, and the written assignments for 20%. However, if the oral exam grade is below 10, this grade will be used as the final grade.

Language of instruction

French