Comparative Economic Systems

3 credit hours · Undergraduate

An examination of how different economic systems choose to solve the basic economic problems of resource allocation and distribution of income and wealth. Theoretical models of (idealized) economic systems as developed by the Classical economists (e.g., Smith, Ricardo, Mill), Marx, Schumpeter, Lange, Keynes, etc., will be studied. The structure and performance of past and existing systems will be analyzed, with emphasis on diverse institutional arrangements.