Seoul, South Korea
Area of Study
Taught In English
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Recommended U.S. Semester Credits3
Recommended U.S. Quarter Units4
Hours & Credits
?Public finance is the study of the role of the government in the economy.?(Gruber) Government collect tax and spend it. Why? We can consider two traditional roles of government: 1) provision of public goods and 2) redistribution. Market mechanism is believed not to be so successful in providing the proper level of public goods. Market outcome is also believed to be efficient in some senses, but equity is not guaranteed in it. We will consider government expenditure programs serving these two purposes. To fund these programs, tax revenue should be collected. We will also consider what the
effect of the tax is and how it should be imposed.
We will mainly focus on microeconomic analysis. The discussion on the actual government programme will complement the theoretical analysis. First and second year levels of microeconomics are prerequisite. It is also recommended that students are equipped with mathematical skills taught in math for economists.
There is no required textbook, but you can refer the following books:
Harvery S. Rosen and Ted Gayer, Public Finance, 9th edition, McGraw Hill.
Joanthan Gruber, 2011, Public Finance and Public Policy, 3rd edition, Worth.
Joseph Stiglitz, 2000, Economics of the Public Sector, 3rd edition, Norton.
The following topics will be covered in the order listed below.
A. Structure of government finance
B. Fundamental theorem of welfare economics
2. Government Expenditure 1 (Public goods)
A. Public goods
C. Political Economy
D. Programs: Education
3. Government Expenditure II (Social Insurance and Redistribution)
A. Health Insurance
B. National Pension
C. Income distribution and Welfare Policy
4. Government Revenue (Taxation)
A. Tax and Income Redistribution (tax incidence)
B. Tax and Efficiency (optimal taxation)
Courses and course hours of instruction are subject to change.
Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.
Please reference fall and spring course lists as not all courses are taught during both semesters.
Availability of courses is based on enrollment numbers. All students should seek pre-approval for alternate courses in the event of last minute class cancellations
Please note that some courses with locals have recommended prerequisite courses. It is the student's responsibility to consult any recommended prerequisites prior to enrolling in their course.