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Pandemics are political, social, and health crises. This course examines the economic policy and microeconomics surrounding the economic crisis spurned by the novel-coronavirus. Explore social and economic issues which policy making would need to address in the midst of an unfolding pandemic recession. 

SCEPA and INET are proud to present an online economics class - advanced microeconomics - taught by Duncan Foley, the Leo Model Professor of Economics at The New School.

Learn the basic economic framework of human behavior developed based on the entropy-constrained theory and its advantages over the marginal utility theory of economics.

Learn applicable examples of the behavior model and gain a deeper comprehension of ideas discussed in Class 2.

Review the entropy constrained behavior model, complete lessons on expected utility theory and receive an introduction to social interaction behavior.

Learn the functionality of the canonical social interaction model and examine a major topic in political economics – the tragedy of the commons.

Walk through examples examining the potential effects of modifying the canonical social interaction model.

Learn how the case of quantal response is described by the use of the social interaction model and receive an introduction to classical political economy.