A study of aggregate economic variables and economic activity, including gross domestic product, national income, unemployment, inflation and economic growth. The effects of fiscal policy (government spending and taxes) and monetary policy (money supply and interest rates) upon employment, growth, and prices are also examined. Open economy, trade impacts are included in the analysis.
Field WorkCountry: Mauritius
With its stable rule of law, well defined and enforced property rights, and unicameral legislature, Mauritius is among the world's most developed nations. Its economic freedom is ranked 8th worldwide, highest among African nations. This field lab will incorporate visits from its Judicial Department and Supreme Court, the Ministry of Finance & Economic Development, and Mauritius Travel and Promotion Authority (MTPA), allowing students to see the role that fair courts, sound currency, and private property have had in advancing human well-being. The conversion of Mauritius from a historically distant plantation to an integrated business and tourism hub reflects the residents’ ambition and recognition to trust markets to allocate resources. This focused tour of Port Louis is in Africa's richest nation (as measured by per capita GDP). Academic Objectives
- Understand the role Embassies and consulates play in foreign countries and the differing responsibilities of embassies in free, repressed, (economically) developed and lesser developed countries.
- To gain an appreciation for public data collectors, their methods, and role of economic statistics and predictions in determining appropriate fiscal and monetary policies.
- To observe the influence that governmental agencies might have in economic development, a nation's business climate, and macroeconomic stability.