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CECO 1085A - FREE MARKET INDICATORS

Type d'enseignement : Elective

Semester : Spring 2017-2018

Number of hours : 24

Language of tuition : English

Pre-requisite

Interest in free markets and trade.

Course Description

In this class 3 main indexes will be analysed. The economic freedom of the world, Fraser Institute Mining Survey, Fraser Institute Petroleum Survey. Economic Freedom aims to provide a reliable and objective metric of economic policy throughout the World. It measures the extent to which citizens are able to make their own economic decisions without limitations imposed by the government or by crony elites. The report provides sound empirical measurement of economic policy that can distinguish between phony reform that leaves economic and political power in the hands of crony elites, and real reform that creates new prosperity, entrepreneurship, and jobs, by opening business and work opportunities for everyone. Economic freedom is simply the ability of individuals to take charge of their fate and make their own economic decisions—to sell or buy in the marketplace without discrimination, to open or close a business, to work for whom they wish or hire whom they wish, to receive investment or invest in others. The mining and petroleum surveys will help you identify countries or jurisdictions that have become more open to investment in the natural resource sector, and also the juristiction that have failed to make the necesary reforms.

Teachers

CERVANTES, Miguel (Economist at Fraser Institute, lecturer at Neoma Businesss School)

Pedagogical format

The first weeks I will give a description of the different indicators and how they are built, the different sources. The rest of the sessions there will be students presentations and a discussions.

Course validation

The course validation will be based on oral participation (10%), student presentations (45%) and a short term paper (45%).

Workload

Participation in economic audits, it will be work in groups. Each group will choose a country to work with. They will analyse the country data and compare it to the freest countries. Main conclusions from the groups wil create a set of recommendations that are a crucial to improving economic freedom. Main goal of the work in groups is to pinpoint the most critical areas in the field of public expenditures, rule of law, monetary policy, free international trade, and regulation in order to foster conditions for prosperity.

Required reading

  • Salem Ben Nasser Al Ismaily, Azzan Al-Busaidi, Miguel Cervantes, and Fred McMahon Title: Economic Freedom of the Arab World: 2016 Annual Report, Fraser Institute
  • James Gwartney, Robert Lawson, and Joshua Hall: Economic Freedom of the World: 2016 Annual Report Publisher: Fraser Institute
  • Jackson, Taylor, and Kenneth P. Green (2017). Fraser Institute Annual Survey of Mining Companies 2016. Fraser Institute.
  • Jackson, Taylor, Kenneth P. Green, and Kyle Sholes (2016). Global Petroleum Survey, 2016. Fraser Institute.

Additional required reading

  • Karabegović, Amela (2009) Institutions, economic growth, and the "curse" of natural resources, Fraser Institute
  • North , Douglass C (1994) Economic Performance Through Time
  • The American Economic Review, Vol. 84, No. 3 (Jun.), pp. 359-368