 This course focuses on the inter-relationship between government and the economy in the U.S. Initially we will look at the historical evolution of government involvement in the economy, from pre-history to the founding of the Republic to the present. Next, we will consider the normative perspective: How, if at all, should government be involved in the U.S. economy? How much involvement should there be, and using what rationale? Finally, we will focus on how government actually is involved in the U.S. economy. In this section we look at U.S. fiscal, monetary, and regulatory policy, as well as the institutions responsible for their implementation. The course theme will be the dynamics of interaction between market and democratic allocation systems. Methodologically throughout the course, we will analyze what we know about these processes from empirical evidence, systematic analysis, and data, in the process drawing generalizations whenever possible. We will at times consider the details of particular policies for purposes of exposition. However, this is not a course in particular economic policies. I expect students to take from the course a conceptual understanding of U.S. economic relationships and the institutions of American government.
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