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Fall 2007

ISSN 0890-913X

Volume 23, Number 1

Categories: Education | Fall 2007

Knowledge, Discovery, Incentives and Institutions: Teaching Public Policy Analysis with Austrian and Public Choice Insights

Howard Baetjer, Jr. , Towson University

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JournalofPrivateEnterprise,VolumeXXIII,Number1,Fall2007EducationalNotesKnowledge,Discovery,IncentivesandInstitutions:TeachingPublicPolicyAnalysiswithAustrianandPublicChoiceInsightsHowardBaetjer,Jr.TowsonUniversityWhenourstudentsarefacedoutsideofclasswithyetanotherproposalforgovernmentinterventionintheeconomy,howdotheyassessthatintervention?Whattheylearnfromusaboutthevirtuesofmarketsmaymakethemsuspiciousofaproposedintervention,butcantheythinkthroughitsparticularprosandconsandpredictitslikelyunintendedconsequences?ThefollowingdescribesasimplebutIhoperobustandeasyto-rememberapproachforsuchanalysis.ItisadistillationofthemainquestionsIobservemyfavoriteeconomistsfromtheAustrianandPublicChoiceschoolsraisingaboutawidevarietyofpolicies.Fourtermsprovideanoutlineoftheapproach:knowled,o,e,discoveg,incentives,andinstitutions.ForeachIpresentthebasicinsightsandgivestudentsarelatedquestiontoaskthatappliesthoseinsightstopolicy.Thewholecomprisesthreetofivelecturesthattakebetweenthreeandsixclassperiodstopresent,dependingonthecourseandstudentquestions.Iuseashortversioninprinciplesofeconomicsandalongerversionincomparativeeconomicsystemsandpublicpolicycourses.KnowledgeThefirstcrucialinsightforstudentstoknowandapplycomesfromHayek's(1948[1945])"TheUseofKnowledgeinHowardBaetjer,jr.142

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Title	Knowledge, Discovery, Incentives and Institutions: Teaching Public Policy Analysis with Austrian and Public Choice Insights
Authors/Creators:	Howard Baetjer, Jr. , Towson University
Year:	2007
Volume:	23
Number:	1
Pages:	142 - 153
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Educational Notes
Keywords:	Austrian economics, Economic education, Public Choice Theory, Goverment policy

Citation:
Baetjer, Jr., Howard / 2007. "Knowledge, Discovery, Incentives and Institutions: Teaching Public Policy Analysis with Austrian and Public Choice Insights." The Journal of Private Enterprise, 23(1): 142-153.