The objective of this course is to equip participants with the essential knowledge and skills to understand and apply the public economic principles and methods to real-world situations. By the end of the course, participants will be able to:

• Explain the rationale and objectives of government intervention in the economy
• Apply the social welfare function approach to assess the equity and efficiency of public policies
• Identify and measure the sources and consequences of market failure, such as public goods, externalities, asymmetric information, and imperfect competition
• Evaluate the effects of taxation and public spending on economic behavior and outcomes
• Compare and contrast different public choice models and their implications for political economy
• Conduct cost-benefit analysis of public projects and programs

This course is designed for professionals who are interested in learning about public economics, its applications and implications. It is suitable for those who work in or interact with the public sector, such as policymakers, regulators, consultants, analysts, or educators. It is also relevant for those who want to enhance their general knowledge and skills in economics and finance.

By taking this course, participants will benefit from:

• Gaining a comprehensive and up-to-date understanding of public economics
• Developing analytical and critical thinking skills to deal with public issues
• Enhancing their professional competence and confidence in the public sector
• Expanding their network and learning from peers and experts in the field

Day One:

Introduction to Public Economics

• What is public economics and why does it matter?
• What are the main goals and challenges of public economics?
• What are the key concepts and principles of public economics?
• What are the main sources of data and information on public economics?

Day Two:

Social Welfare Analysis

• What is social welfare and how is it measured?
• What are the main social welfare functions (e.g., utilitarian, Rawlsian, Bergson-Samuelson)?
• How do social welfare functions compare different social states?
• How do social welfare functions incorporate equity and efficiency considerations?

Day Three:

Market Failure

• What is market failure and how does it affect social welfare?
• What are the main types of market failure (e.g., public goods, externalities, asymmetric information, imperfect competition)?
• How can government intervention correct or mitigate market failure?
• What are the potential drawbacks or limitations of government intervention?

Day Four:

Taxation and Public Spending

• What are taxation and public spending and how do they affect social welfare?
• What are the main types of taxes (e.g., income tax, consumption tax, wealth tax) and their features (e.g., progressivity, efficiency)?
• What are the main types of public spending (e.g., education, health care, infrastructure) and their effects (e.g., human capital, productivity, growth)?
• How can taxation and public spending be designed to achieve optimal outcomes?

Day Five:

Public Choice

• What is public choice and how does it affect social welfare?
• What are the main models of public choice (e.g., median voter theorem, rent-seeking theory, bureaucracy theory)?
• How do political institutions (e.g., democracy, dictatorship) influence public policies?
• How do behavioral factors (e.g., altruism, fairness) affect public choices?

Cost-Benefit Analysis

• What is cost-benefit analysis and why is it useful?
• How can costs and benefits of public projects or programs be identified and measured?
• How can costs and benefits be discounted over time?
• How can uncertainty or risk be incorporated into cost-benefit analysis?

To enhance learning and practical application of concepts, the training course will use a combination of interactive lectures, case studies, group discussions, practical exercises, and real-world examples. Participants will also get the chance to collaborate on group projects and create action plans adapted to the needs of their respective organizations.