COURSE SYLLABUS
School of Management
The University of Texas at Dallas
|
Course: Instructor: Home Page: Semester: Start/End Date: Time: |
FIN
3340.002 25873- REGULATION OF BUSINESS Peter
Lewin http://www.utdallas.edu/~plewin/
Spring
2013 January
14 – May 12, 2013 Mon &
Wed : 10:00am-11:15am/JSOM 2.115 |
| Course Info | Tech Requirements | Access and Navigation | Communications | Resources | Assessments | Course Outline | Scholastic Honesty | Course Evaluation | UTD Policies |
Course Description
All business occurs within a particular legal and regulatory environment. This course will examine the structure and effects of that environment. The general theory of government regulation will be explained as it applies to various specific cases. Included will be such topics as the analysis of government regulations concerning safety, the environment, anti-trust, anti-discrimination, financial trading, health care and price controls. These topics will be examined within a general theoretical framework paying particular attention to comparisons between the impact of these laws and their apparent intent. The role of changes in technology, the political environment and other macro-global influences will be addressed. Prerequisite: MECO 6201/6303.
My goal is to have students emerge from this course with a critical understanding of the regulatory environment in which business occurs. This environment is the result of the interaction between the legal structure and economic realities. Such a critical understanding would consist of the ability to assess the particular legal and regulatory structure and to understand how it works to achieve or fail to achieve its apparent purpose and how it affects other aspects of business life.
Course Format
The course material consists of 8 lessons. See Course Outline for details. Some of the lessons are longer than others. Please consult the accompanying instructions to determine how to listen to the online lessons and view the PowerPoint slides.
Instructor Information
Dr. Peter Lewin
Email: plewin@utdallas.edu
Instructor's Web Site: http://www.utdallas.edu/~plewin
Online Course Site: http:/elearning.utdallas.edu/ (requires login, see instructions below)
You can contact me anytime by phone or email, or by appointment in my office.
Instructor Information
1. Instructor brief biography
I was born and grew up in Johannesburg, South Africa. I received a BA (honors) degree in Economic and History from the University of the Witwatersrand in Johannesburg in 1969. In September 1972, after teaching at the business school there, I left to study at the University of Chicago. I received a Ph.D. in Economics from the University of Chicago in 1979. I was fortunate to have had four Nobel prize winners as teachers. In January 1979 I moved with my family to Dallas, where we have lived ever since. After seven years as an academic, I tried my hand in an entrepreneurial venture and joined a friend in a startup business called Soft Warehouse. Today it is called CompUSA. I was one of its founding shareholders. It was a difficult but very enlightening experience. In 1992 I decided to return to academics and have been with the UTD School of Management since 1997. I love my job. I have a passion for teaching and for economics.
My wife and I were married in December 1969. We have four children and seven grandchildren.
To see more about my professional and personal life visit my website at http://www.utdallas.edu/~plewin/
2. Contact Information
My full contact information
is:
Email: plewin@utdallas.edu
Phone: 972-883-2729
Office: SM 3.223
You can contact me anytime by phone or email, and see me by appointment in my office. Under normal circumstances I prefer email.
Course Materials
I have supplied some audio files for your convenience. These were developed some years ago for an online version of this course. Each audio lesson is accompanied by complementary visual material (in PowerPoint format). These materials contain lesson objectives, information on recommended reading and provide required formulas, diagrams, tables and outlines.
The following texts will serve as a guide to discussions and are required.
·
The
Economics of Public Issues by Roger Leroy Miller et. al., Seventeenth edition,
Addison Wesley, 2012. ISBN # 0-23-802113-9 or 978-13-802113-9
·
The
Antitrust Religion by Edwin S. Rockefeller Cato Institute 2007. ISBN # 1933995092
or 978-1933995090 (also available in kindle edition 193-3995092).
·
Capitalism
and Freedom by Milton Friedman, Paperback - 2nd edition (February 1963)
University of Chicago Press; ISBN: # 0-226-264-01-7
·
Give Me a Break by John Stossel
Harper Collins or Perennial Currents, 2004/5. ISBN:# 0060529156 or # 0060529148
·
Note also Stossel’s other book which I
highly recommend for enjoyable and informative, albeit alarming, reading: Myths, Lies, and Downright Stupidity: Get Out the
Shovel--Why Everything You Know is Wrong (Hyperion, 2006) ISBN:
#1401302548.
Some online materials will be included in the PowerPoint presentations and the suggested reading for each lesson will be indicated.
Textbooks and some other bookstore materials can be ordered online through a vendor of your choice or from Off-Campus Books or the UTD Bookstore. They are also available in stock at both bookstores.
In addition here are some helpful links
1. to articles relevant to our
discussion of monopoly and anti-trust. |
· Articles by Armentano and others
in the Freeman on Antitrust – worth reading! |
|
2. to articles relevant to School
Choice |
· The Milton and
rose Friedman foundation on educational choice |
· Milton Friedman editorial on Vouchers in the WSJ
06/09/2005 |
|
3. to other stuff in general. |
|
4. to the Environment |
· To
Drill or Not to Drill: Let the Environmentalists Decide |
· Editorial on Global Warming and Alarmism (2006) – must
read !! |
I will add links relevant to our discussions to the Reading Resources section as we go along.
A. Introduction
There
is no traditional “textbook” for this course. You are encouraged to read freely
in the four texts provided, to seek out the material relevant to the issues in
the lectures and the discussions.
This
Guide is designed to introduce you to the texts and to suggest some
associations between the lessons and the reading material.
B. The Texts
· The Economics of Public Issues by Roger Leroy Miller et. al., Thirteenth edition, Addison Wesley 2012
edition.
This is our most
widely used text. It is clearly written and very accessible. It consists of a
series of chapter-long issues or “cases.” I suggest reading the relevant chapters
once through before the lecture and discussion, once again after listening to
the lecture and participating in the discussion and perhaps going over it
before the tests.
· The Antitrust Religion by Edwin S. Rockefeller. Cato Institute, 2007. ISBN-13:
978-1933995090
This is a sustained and trenchant
analysis of current and past antitrust law as it actually works in practice and
how it is inappropriately modeled on irrelevant neoclassical economic models.
· Capitalism and
Freedom by Milton Friedman, Paperback - any edition
(originally 1963) University of Chicago Press; ISBN: # 0-226-264-01-7
Milton Friedman is perhaps the most
well-known economist of the 20th century. He is also a
political commentator of sorts. This book is a classic, worth reading and
rereading over long periods of time. It is written in the time-honored
tradition of British Liberal thought – the same ideas that inspired the
founders of this nation. Not all students find it easy reading, but I urge you
to persevere.
· Give Me a Break by
John Stossel, Harper Collins or Perennial
Currents, 2004/5. ISBN:#0060529156
This is a popular book
and should be very easy reading. It may infuriate some of you. That’s ok, get
mad. But then try and see if you can point out where Stossel is
wrong. If you can’t, then maybe you ought to rethink getting mad. I urge you to
read this book right through. I believe it to be a rare and refreshing look at
some of the current follies that beset our society and our thinking. But
whether you agree or not its worth thinking
about.
General Outline
The table below outlines
the reading assignments for each class according to the following key
M. is Miller et. al.,
R, is Rockefeller,
F. is Friedman
S. is Stossel
The numbers refer to
the chapters.
Lesson |
Theme |
|
Notes. |
Lesson 1 |
General Introduction |
F. Preface, 1, 2 M. 1, 4 , 5. S. 5,6.7. |
Friedman provides the
general background values for the course. The Miller and Stossel chapters are applications suggested
by the lectures. |
Lesson 2 |
Elementary Regulation |
M. 6,7, 8, 9, 10, 12, 22, 29 S. 8 |
The issues here are
price-controls, taxes, subsidies, tariffs, free trade. |
Lesson 3 |
Regulation of Monopoly |
R. all chapters. M. part 4, + 29 |
Rockefeller provides the detailed
arguments and background. The Miller chapters are applications. |
Lesson 4 |
Regulation of Labor |
F. 7 M. 11, 13, 14 |
Friedman’s chapter was
written before the civil rights and affirmative action initiatives. There is a
huge literature, but I elected not to burden you with extra material. The
lecture will be your main guide. |
Lesson 5 |
Occupational Licensure |
F. 9 M.19 S. 9 |
Friedman’s chapter is the
classic statement of this position. The Miller and Stossel chapters provide applications to
specific aspects. |
Lesson 6 |
Regulation of Capital |
M. 20, 21, 23 |
The Miller chapters are
applications. You need not read all of my paper – read it lightly to get an
idea of the issues involved with inflation. |
Lesson 7 |
Regulation of the Use of
the Environment |
M. Part 6. S. 10 |
The lectures provides the
essential framework. Think hard about the upstream-downstream problem and the
Coase Theorem. The chapters suggested here provide some illustrative cases. |
Lesson 8 |
Conclusion |
M. Part 7. |
I
make extensive use of E-Learning in this course. In addition to a confident
level of computer and Internet literacy, certain minimum technical requirement
must be met to enable a successful learning experience. Please review the
important technical requirements and the web browser configuration
information.
Students
will use their UTD NetID account to login to the course at: http://elearning.utdallas.edu
Please see more details on course access and navigation information.
If
you need a tutorial to use eLearning, please see the Getting Started: Student eLearning Orientation. UTD
provides eLearning technical support 24 hours a day and 7 days a week. The
improved services include a toll free telephone number for immediate assistance
(1-866-588-3192), email request service, and an online chat service. The UTD
user community can also access the support resources such as self-help
resources and a Knowledge Base. Please use this link to access the UTD
eLearning Support Center: http://www.utdallas.edu/elearninghelp.
Policy
on Server Unavailability or Other Technical Difficulties
The
university is committed to providing a reliable online course system to all
users. However, in the event of any unexpected server outage or any unusual
technical difficulty which prevents students from completing a time sensitive
assessment activity, the instructor will extend the time windows and provide an
appropriate accommodation based on the situation. Students should immediately
report any problems to the instructor and also contact the UTD eLearning Help
Desk: http://www.utdallas.edu/elearninghelp,
1-866-588-3192. The instructor and the UTD eLearning Help Desk will work with
the student to resolve any issues at the earliest possible time.
This
eLearning course has built-in communication tools which will be used for
interaction and communication. Some external communication tools such as
regular email and a web conferencing tool may also be used during the
semester..
Interaction
with Instructor: Students may send personal concerns or questions to me
using the course Email tool or, preferably, by private email address, plewin@utdallas.edu. I will reply
to student emails or Discussion board messages within 3 working days under
normal circumstances.
There will be three timed online
tests, two midterms (25% each) and a comprehensive final (50%). The tests
will be composed of multiple choice questions. In addition 5% can be
added to your grade by participation.
Test 1 |
25% |
Lessons 1, and 2 |
February 15 (12 am) - 17 (11:59 pm) -
1 hour |
Test 2 |
25% |
Lessons 4 |
March 29 (12 am) -
31 (11:59 pm) - 1 hour |
Test 3 (final) |
50% |
Lessons , 5 - 8 (25%), All Lessons (25%) |
May 10 (12 am) - 12 (11:59 pm) – 2
hours |
As
you can see there is very minimal time available for this course. We will have
to stay very close to a tight timetable. The dates of the discussions (which I
will provide as we go along) will not track exactly with the dates provided for
the online tests, since I have made these available over the weekend for your
convenience. So be sure not to fall behind because there is no time to catch
up.
Makeup
tests will be allowed only for very special circumstances. There are NO
extra credit assignments.
Please
see below for further information on the online tests.
You
can check your grades by accessing “My Grade” icon under My Tools on the
Course Menu after the grade for each assessment is released.
Online
Testing
You
can access tests by clicking the "Assessments" link on the course
Menu or the icon on the designated page and then clicking the available test
title links. Each test is timed and can only be taken for ONE TIME within the
scheduled time window. Please read the on-screen instructions carefully before
you click “Begin Assessment”. After each quiz is graded and released, you may
go back to the Assessments page and click “View All Submissions” to review your
exam results.
Self-Tests
There
is a self test available for each lesson module.
Those are non-credit quizzes for self assessment.
Please take the quiz after you finish each lesson. Please see the instruction
above on accessing the self tests.
Lesson 1 |
General Introduction:
Regulation – its origins and effects. Regulation involves the truncation of ownership.
It is both the product and cause of changes in economic incentives. An
examination of various theories of government and regulation. |
Lesson 2 |
Elementary Regulation: Price
controls, tariffs, taxes, subsidies and quotas. Minimum wages, rent controls,
salary caps. Prohibition of certain transactions – drugs, labor immigration,
body parts, etc. |
Test 1 - Lessons 1 and 2 |
|
Lesson 3 |
Regulation of Monopoly: The
development of anti-monopoly law in America. The current anti-trust
environment. |
Lesson 4 |
Regulation of Labor:
anti-discrimination, equal pay and equal employment opportunity, labor safety
laws, unemployment insurance, labor unions. |
Lesson 5 |
Occupational licensure: The
economics of health care and other professions. |
Test 2 - Lessons 3, 4, and 5 |
|
Lesson 6 |
Regulation of Capital: the
regulation of the monetary and financial sectors –the regulation of financial
institutions, money, inflation and foreign currencies. |
Lesson
7 |
Regulation of the use of the
Natural Environment: The economics of the environment. Air pollution,
hazardous materials, preservation of wildlife, depleteable
resources. |
Lesson
8 |
General Conclusion: The
Ethical Foundations of Business Behavior Politics, Economics and the
way of the world. |
Test 3 (final) - Lessons 6, 7,
8 (25%) All Lessons (25%) |
The University has policies and discipline procedures
regarding scholastic dishonesty. Detailed information is available on the UTD Judicial
Affairs web page. All students are expected to maintain a high
level of responsibility with respect to academic honesty. Students who violate
University rules on scholastic dishonesty are subject to disciplinary
penalties, including the possibility of failure in the course and/or dismissal
from the University. Since such dishonesty harms the individual, all students
and the integrity of the University, policies on scholastic dishonesty will be
strictly enforced.
As
required by UTD academic regulations, every student must complete an evaluation
for each enrolled course at the end of the semester. An online instructional
assessment form will be made available for your confidential use. Please look
for the course evaluation link on the course Homepage towards the end of the
course.
University Policies Relevant
for Students:
Scholastic Honesty
The University has policies and
discipline procedures regarding scholastic dishonesty. Detailed information is
available on the UTD Judicial Affairs web
page. All students are expected to maintain a high level of responsibility with
respect to academic honesty. Students who violate University rules on
scholastic dishonesty are subject to disciplinary penalties, including the
possibility of failure in the course and/or dismissal from the University.
Since such dishonesty harms the individual, all students and the integrity of
the University, policies on scholastic dishonesty will be strictly enforced.
Course Evaluation
As required by UTD academic
regulations, every student must complete an evaluation for each enrolled course
at the end of the semester. An online instructional assessment form will be
made available for your confidential use. A link to an online instructional
assessment form will be emailed to you towards the end of the semester.
Online
behavior - Virtual Classroom Citizenship
The same guidelines that apply to
traditional classes should be observed in the virtual classroom environment.
Please use proper netiquette when interacting with class members and the
professor.
Policy on Server Unavailability or Other Technical Difficulties
The
university is committed to providing a reliable online course system to all
users. However, in the event of any unexpected server outage or any unusual
technical difficulty which prevents students from completing a time sensitive
assessment activity, the instructor will extend the time windows and provide an
appropriate accommodation based on the situation. Students should immediately
report any problems to the instructor and also contact the UTD eLearning Help
Desk: http://www.utdallas.edu/elearninghelp,
1-866-588-3192. The instructor and the UTD eLearning Help Desk will work with
the student to resolve any issues at the earliest possible time.
University Policies
General policies, including policies on Academic Honesty and
Integrity.
Please go to http://go.utdallas.edu/syllabus-policies for these policies.
Student Conduct & Discipline
The University of Texas System and The University of
Texas at Dallas have rules and regulations for the orderly and efficient
conduct of their business. It is the responsibility of each student and each
student organization to be knowledgeable about the rules and regulations which
govern student conduct and activities.
The University of Texas at Dallas administers student
discipline within the procedures of recognized and established due process.
Procedures are defined and described in the Rules
and Regulations of the Board of Regents of the University of Texas
System, Part 1, Chapter VI, Section 3, and in Title V, Rules on Student Services and Activities of
the Course Syllabus Page 8, University’s
Handbook of Operating Procedures. Copies of these rules and
regulations are available to students in the Office of the Dean of Students,
where staff members are available to assist students in interpreting the rules
and regulations (SSB 4.400, 972/883- 6391).
A student at the university neither loses the rights nor
escapes the responsibilities of citizenship. He or she is expected to obey
federal, state, and local laws as well as the Regents’ Rules, university
regulations, and administrative rules. Students are subject to discipline for
violating the standards of conduct whether such conduct takes place on or off
campus, or whether civil or criminal penalties are also imposed for such
conduct.
© Peter Lewin 2012-3.