85823 - Sem. a Genealogy of Public Economics: a Critical Inquiry

Learning outcomes

At the end of the seminar, students will have acquired some understanding of the history of economic thought as well as economic policies over the area of public economics.

Course contents

The seminar will be held by prof. Fikret Adaman (Boğaziçi University) in six meetings (2,5 hours each) in the period 12-23 of May, 2017. 

The seminar is articulated in three parts. The first part will make an attempt to present the theoretical developments internal to public economics as both in the context of and as the context of the transition from social democracy to neoliberalism (from the days of the European social-democratic governments of the 1950s-1970s to the rising Neoliberal approach that started with Margaret Thatcher).

The second part continues with a methodological inquiry on the different ways of theorizing the set of activities that can be captured by neither the price mechanism of the markets nor by governmental transactions (such as gift exchange, self-help organizations, domestic work), which are getting increased attention within the economics discipline—mainstream and heterodox alike.

The third part considers the ways in which the economics discipline tackles with ecological problems as a concrete/applied case. After a brief introduction as of why valuation of environmental goods and services that come with no monetary prices is of great importance, the course will go over the “revealed preferences” and “stated preferences” methods within the mainstream thinking (such as “travel cost”, “hedonic pricing”, “contingent valuation”—all of which relying on statistical and econometric techniques), with ample references to application, and then will focus over the assumptions that are required so as that such methods function properly. The course will then engage with the critiques of these methods within as well as outside the mainstream thinking, and consider alternative valuation methods (such as “multi-criteria”) that have been proposed and applied in some areas.

Readings/Bibliography

Adaman, F. and Madra, Y.M. (2002) “Theorizing the Third Sphere: A Critique of the Persistence of the Economistic Fallacy”, Journal of Economic Issues.

Adaman, F. and Madra, Y.M. (2010) “Public Economics after Neoliberalism: A Theoretical-historical Perspective”, European Journal of History of Economic Thought, 2010.

Özkaynak, B., Adaman, F. and Devine, P. (2012) “The Identity of Ecological Economics: Retrospects and Prospects” , Cambridge Journal of Economics.

Teaching methods

The instructor (prof. Adaman) will present topics and stimulate class discussion. Students are expected to read suggested materials before each meeting and to actively participate in discussion by raising questions and opening up debates.

Assessment methods

Attendance of at least 70% of the seminar (at least 4 meetings) is required. Students will have to sign the participants' list of each meeting they attend.  

Assessment will be based on participation to class discussion and on a short paper on one of the topics covered in the seminar, to be agreed with prof. Adaman before the end of the seminar, and to be sent to prof. Berti Ceroni within two weeks from the end of the seminar.

Office hours

See the website of Carlotta Berti Ceroni