In this module, you will gain an understanding of the regulatory institutions and structures that exist to facilitate the functioning of markets while protecting larger social interests. You will be introduced to the role of economic regulation in promoting competition, consumer protection, and economic efficiency.

This module focuses on the roles and functions of regulatory institutions in ensuring public health, safety, and environmental protection, as well as the legal and policy frameworks that guide their decision-making processes. In this module, you will be introduced to policy assessment tools offered in cost-benefit analysis with more emphasis upon non-market valuations. The module concludes with discussions on some known (and some not so) regulatory instruments that are used to lower environmental pollution.

This module will introduce you to major regulatory policies and reforms in the public finance sector, specifically those undertaken in the banking sector and in public procurement processes. The module stresses upon the need for good quality regulation in the banking sector which is significant to the financial systems and the health of the economy as a whole. You will also be able to learn the workings of public procurement systems and how governments need to prioritize reducing corruption in public purchases of goods and services by implementing efficient and competitive designs.

In this module, you will be introduced to the key reforms and regulations in the energy sector and in new economy industries. Beginning with various policy instruments that are used to regulate the energy sector, the module also discusses the rationale for government intervention in energy and examines power regulations in the UK, following privatization. You will also be introduced to the meaning and importance of the new economy and the need for government regulations to adapt in the context of technological revolutions in data mining and communications.

In this module, you will gain insights into regulatory frameworks that were innovative in their use of techniques and insights from behavioral economics and novel auction formats. The module emphasizes the need for regulators to adopt similarly inventive approaches to regulation as the world becomes radically uncertain.

This module discusses the role of the state through two alternative thought processes that challenge the conventional views offered in mainstream economics. One through the lens of a subdiscipline of economics called “New Institutional Economics” and the other through the lens of “the Entrepreneurial State” as developed by Mariana Mazzucato. In a similar vein, the idea of a developmental state is explored where the state takes a more active role and pursues industrial policies.