The principles of microeconomics are fundamental to any policy analysis, essential for all analytical work in the public sector, and are the foundations for building further skills and knowledge in economics.
The objective of this course is to provide participants with an appreciation of the principles of microeconomics used in public policy analysis. To do this the course will help participants to understand:
- the nature of markets by providing a primer/refresher on basic economic concepts that underpin the economic way of thinking and by discussing supply and demand, consumer, firm and industry behaviour (microeconomics);
- the economic role of government by providing a framework for understanding the limits to markets and the nature of market failure, the rationale and form of intervention including regulation, service provision, and redistribution, and the limits of government action; and
- the economic way of thinking by providing particular economic problems as illustrations and by conveying the nature of the tool-kit that economics profession brings to the analysis of policy issues.