EC325 Study Guide contains over 200 pages worth of notes and summaries totalling around 10,000 words. This student achieved a high 2:1 class. These notes cover the entire course over the MT and LT.
The first part of Michaelmas term lectures focuses on the issues of equity, efficiency and the role of the state. We begin by looking at questions of equity and alternative theories of the role of the state. We then look at problems of public choice and political economics, and go on to consider the implications of recent research in behavioural economics for welfare analysis. We conclude the first part by discussing issues of market failure, public goods and externalities, including environmental policy. The second part is devoted to the evaluation problem and empirical methods. The third part studies education policies, and the fourth part is devoted to social insurance programs. The final part is devoted to taxation, behavioural responses and the design of tax policy. We begin by examining the effects of taxes and transfers on labour supply and migration, and then go on to consider incomes and behavioural responses at the top of the income distribution. We look at the implications of taxation for economic efficiency and explore the optimal taxation of commodities and income. The final lecture is devoted to the question of development and public finance.