Last edited: January 22, 2025

Comparative Economic Systems

Course: Econ 371

Instructor: Enes Işık

Office: Zoom

Office hours: Thursdays 16:00-17:30 or by appointment

Email: eisik[at]umass.edu

Textbook: Not required. Course materials will be provided by the instructor. ****

Semester: Winter 2025 — December 20 through January 29 (6 Weeks)

Final Grades Due ****by 11:59 p.m., February 3

Holidays: Christmas Day-Wednesday, December 25; New Year’s Day-Wednesday, January 1; and Martin Luther King Day-Monday, January 20. Note that Monday, December 30, and Tuesday, December 31, are Campus Closure days—offices will be closed, but classes will still be in session.

Course Description and Goals

Our first task in this course will be to explore whether J.M. Keynes was right in asserting that the goals of any economic system should include economic efficiency, social justice, and individual freedom. Following our analysis of these social objectives, we will investigate different economic systems, capitalism and socialism, in particular. We will examine their various forms to see how effectively these systems meet several social objectives and as well as how each system addresses key economic challenges, including resource allocation, income distribution, and economic stability. A major goal of the course is to develop critical thinking about economic policy for practical use in your daily life and your democratic engagement and participation.

“The political problem of mankind is to combine three things: economic efficiency, social justice, and individual liberty. The first needs criticism, precaution, and technical knowledge; the second, an unselfish and enthusiastic spirit, which loves the ordinary man; the third, tolerance, breadth, appreciation of the excellencies of variety and independence, which prefers, above all else, unhindered opportunity to the exceptional and to the aspiring”

John Maynard Keynes

Requirements

• After completing the readings and lectures on each small topic, students are required to take a short quiz that will cover the material from both. Hints about potential questions will be provided to help guide your preparation. There are a total of 14 quizzes, and the four lowest scores will be dropped. If you miss a few quizzes or readings, don't worry, you will have many opportunities to earn extra credits throughout the course.
• After each major topic, students must submit a 5-minute video responding to the given prompt.
• Students are required to submit a 3-page final term paper (12-point font, double-spaced, with 1-inch margins, and formatted in correct APA style, unless stated otherwise) that responds to the given prompt.

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All assignment details can be found on the Assignments page in Canvas.

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Expectations

• Students should navigate through all the Modules using the Modules page on Canvas and dedicate sufficient time to complete readings, quizzes, short videos, and written assignments by their deadlines to earn full credit. If a delay is unavoidable for any course requirement, please inform the instructor as early as possible.
• The course readings will assist you in developing the content for your video assignments and final term paper. You are also expected to use the course materials to support and strengthen your arguments, provide examples, and develop your ideas. Therefore, make sure to thoroughly read and understand the course materials to make creating your videos and writing your final paper more manageable.
• Students can expect the instructor to provide all the course materials, come prepared for class, review and return assignments promptly, take an active interest in their work, and value the unique backgrounds, experiences, and perspectives each student brings to the course. The instructor is also committed to learning from students, meeting with them individually or in groups upon request, and being accessible in person, via Zoom, and by email.

Course Outline and Readings

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All course materials are available on the Modules page in Canvas.

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I. Social Objectives

#1 Well-Being and Quality of Life (Time to read: ~ 40 minutes)

• Acemoglu, Daron. Chapter 1.1-1.5 in Introduction to Modern Economic Growth. Princeton University Press, 2008, 3-15.
• 1.2. Measuring income and living standards in https://core-econ.org/the-economy/v1/book/text/01.html#12-measuring-income-and-living-standards