A continuation of PPHA 32300, this course introduces the role of government in the economic system, explores market failures that undermine the useful characteristics of the competitive market, and considers the role of government in these failures. Issues of equity and efficiency and the governments role in influencing the distribution of income are explored. Important economic concepts in policy analysis such as time discounting, opportunities costs, and decision-making under uncertainty are also featured. Differential calculus is used extensively throughout this course. Required of all first-year students.