Economics of Reforms and Regulations

Welcome to the Economics of Reforms and Regulation course! By the end of this course, you will understand the economics of reforms and regulation, with a focus on contemporary issues and debates. You will be introduced to the rationale for an economic role of the government viz-a-viz imperfections in the real markets and inform them of some of the dimensions of the debate on state-market dichotomy. You will learn to recognize good regulatory practices by carefully considering regulatory structures across the globe. Instruments of regulation, both economic and social, are investigated using examples and case studies from various sectors. In particular, the course examines reforms in the public procurement and financial sector, and regulatory frameworks in the energy sector and will inform you of the need to revisit antitrust laws in the new-economy industries. You will also be able to peek into regulatory designs that were ground-breaking in their use of behavioral economics, new auction formats, and calls for similar creativity in formulating regulations as the world becomes radically uncertain. Lastly, you will be able to re-examine the role of the state taking cognizance of non-traditional views, specifically those from the field of New Institutional Economics, the idea of a Developmental State, and Mariana Mazzucato’s idea of an entrepreneurial state.