11.203
Microeconomics

Students develop a suite of tools from economic theory to understand the mutual processes of individual action and structural constraint. Students apply these tools to human interaction and social decision-making. Builds an understanding of producer theory from the collaborative possibilities and physical constraints that unfold as production is scaled up. Presents consumer theory as the process of individuals doing the best for themselves, their families, and their communities -- subject to the sociostructural constraints under which they operate. Considers alternative frameworks of social welfare, with a specific focus on marginalization and crisis, as well as common policy interventions and their implications under different constructions of welfare.