Master of Science in European Economy
and Business Law

Basic knowledge of microeconomics, macroeconomics and statistics.

FOCUS: Is it just that some are poor and others are rich? Is economic growth always desirable? Is it important what goods we produce and how, not just how much of them? Do we work too much? Is education a final good or an intermediate good? Should health care be free for all? These and many other questions are rooted in the two basic questions of economic justice: What makes for a good economic outcome? How should the benefits and burdens of economic cooperation be distributed among the members of society? A preliminary question in a globalized world is: are principles of justice to be applied only at the national level or extend to all of humanity? Is cosmopolitanism an option? The course ill present the answers to these questions provided by the main contemporary theories of justice in political philosophy and at some of their implications in terms of economic policies. The course will be divided in two parts. The first part will start with an exposition of the normative foundations of neoclassical theory (utilitarianism/welfarism/preferences satisfaction UWPS). We will then turn to alternative approaches, ranging across the political spectrum from libertarianism to left/liberalism to egalitarianism. The second part of the course will put the theories encountered in the first part at work in the context of today's economic policy debates. We will see how alternatives theories may yield very different sets of policy conclusions. First we will focus on the increase in income and wealth inequality many countries have been experiencing in the last decades and on possible causes. We will then consider the costs and benefits of automation and the future of work. Coming to remedies, we will discuss wealth and inheritance taxation as well as basic universal income and basic universal services and basic universal capital. We will then move to environmental justice, defined as the fair treatment of people with respect to environmental policies and then to gender equity by examining how policies, products, services & processes have gendered outcomes. Finally in view of the widening scope of markets in the organization of society we ask: should everything be for sale? can we have a market economy without becoming a market society? The course encourages the active participation of students. The list of issues to be discussed in the second part is provisional: it could be modified to incorporate students' suggestions.
The first part of the course, dedicated to the examination of general concepts and theories, will be carried out in 24 hours, the second part dedicated to applications will be carried out in the remaining 12 hours.


Objectives: By the end of the course, students will have acquired an understanding of the main theories of justice and apply the theories to economic policy issues from inequality and taxation, to trade and migration.Students will be exercised through intensive discussion of topics and the critical appraisal of current research.



Syllabus Prelude: Facts and values in economics. Why we cannot do without a normative point of view. Part 1. Theories of justice 1. Utilitarianism, Welfarism, Preferences Satisfaction: from Jeremy Bentham to Kenneth Arrow and Gerard Debreu. 2. Contractualism: John Rawls 3. Libertarianism: Robert Nozick 4. The Capability Approach: Amartya Sen and Martha Nussbaum 5. Equality of resources: Ronald Dworkin 6. Equality and community: G.A. Cohen 7, Equality of opportunity: John Roemer. 8: Egalitarian Critics of Distributive Justice: Elisabeth Anderson and Samuel Scheffler. 9 Recognition or Redistribution?: Axel Honneth, Nancy Fraser and Michael Sandel. 10. Why not Cosmopolitanism?: Charles Beitz, Seyla Benhabib and Thomas Pogge. Part 2. Policy issues and Controversies 1.Income and Wealth Inequality: measures and causes. 2.Taxation of wealth and inheritances. 3.Basic Income Basic Capital and Basic Services. 4. Environmental Justice. 5. Gender Equity. 6. Moral Limits to Markets. Recommended Texts There is no single text for the course. For the first part of the course some use will be made of Economic Analysis, Moral Philosophy and Public Policy by Daniel Hausman, Michael McPherson and Debra Satz, Cambridge Unversity Press 2016 and of Contemporary Political Philosophy by Will Kymlicka Oxford University Press 2002. Another important text is Global Political Philosophy by Matthias Risse, Palgrave- Mc Millan 2016. For the second part readings will also be taken from Inequality by Anthony Atkinson Harvard University Press, 2016, A Brief History of Inequality by Thomas Piketty Belknap Press 2021, The Work of the Future by David Autor, David A. Mindell and Elisabeth B. Reynolds the Mit Press 2022, The Triumph of Injustice by Emmanuel Saez and Gabriel Zucman W.W. Norton, 2019. Other readings: Equality of what? On definitions of equality. E. Anderson: "What is the point of equality?", Ethics, 109, 1999, 287-337. N. Fraser and A.Honneth Redistribution or recognition Verso 2003. J. E. Roemer: Equality of opportunity Harvard University Press 2000. M. Sandel The tyranny of merit. Allen Lane 2020. A. Sen Inequality re-examined, Harvard University Press 1992 On inequality of income and wealth: World Inequality Report 2022 (https://wir2022.wid.world) E. Saez "Public Economics and Inequality: Uncovering our Social Nature" AEA Distinguished lecture, American Economic Association, Papers and Proceedings 2021 111 1-26. E. Saez and G. Zucman "Trends in US Income and Wealth Inequality: Revising After the Revisionists" NBER Working Paper No. 27921, 2020 Comments on updated Smith-Zidar-Zwick wealth share 2022 On Basic Income, Capital and Services I Gough .and J Le Grand (22 January 2021). "The case for Universal Basic Capital: a £10k grant for every 18-year-old". P Van Parijs "The Universal Basic Income: Why Utopian Thinking Matters, and How Sociologists Can Contribute to It. Politics & Society. 2013 41 2 171--182. J Elster "Comment on Van der Veen and Van Parijs" Theory and Society 1986 15 5 709-721 On Environmental Justice P. Mohai, D Pellow, D. and J. T Roberts "Environmental Justice". Annual Review of Environment and Resources 2019 34 . E. A. Page "Distributing the burdens of climate change" Environmental Politics 2008 17 4 556-575. https://doi.org/10.1080/09644010802193419 On Gender Equity Okin, S. Moller. "Introduction: Justice and Gender." Chapter 1 in Justice, Gender, and the Family Basic Books 1991. https://www.exploring-economics.org/en/orientation/feminist-economics/ ?msclkid=7fb88e4eaee311ecaf12e93a28d88a0e On Moral Limits of Markets Sandel M. J. 2012. What Money Can't Buy: The Moral Limits of Markets. Farrar, Straus and Giroux.

There is no single text for the course. For the first part of the course some use will be made of Economic Analysis, Moral Philosophy and Public Policy by Daniel Hausman, Michael McPherson and Debra Satz, Cambridge Unversity Press 2016 and of Contemporary Political Philosophy by Will Kymlicka Oxford University Press 2002. Another important text is World Poverty and Human Rights: Cosmopolitan Responsibilities and Reforms 1st Edition by Thomas W. Pogge, Polity 2008. For the second part readings will also be taken from Inequality by Anthony Atkinson Harvard University Press, 2016, A Brief History of Inequality by Thomas Piketty Belknap Press 2021, The Work of the Future by David Autor, David A. Mindell and Elisabeth B. Reynolds the Mit Press 2022, The Triumph of Injustice by Emmanuel Saez and Gabriel Zucman W.W. Norton, 2019.

Other readings: Equality of what? On definitions of equality.
E. Anderson: "What is the point of equality?", Ethics, 109, 1999, 287-337. N. Fraser and A.Honneth Redistribution or recognition Verso 2003. J. E. Roemer: Equality of opportunity Harvard University Press 2000. M. Sandel The tyranny of merit. Allen Lane 2020. A. Sen Inequality re-examined, Harvard University Press 1992
On inequality of income and wealth: World Inequality Report 2022 (https://wir2022.wid.world) E. Saez "Public Economics and Inequality: Uncovering our Social Nature" AEA Distinguished lecture, American Economic Association, Papers and Proceedings 2021 111 1-26. E. Saez and G. Zucman "Trends in US Income and Wealth Inequality: Revising After the Revisionists" NBER Working Paper No. 27921, 2020 Comments on updated Smith-Zidar-Zwick wealth share 2022
On Basic Income, Capital and Services
Gough .and J Le Grand (22 January 2021). "The case for Universal Basic Capital: a £10k grant for every 18-year-old". P Van Parijs "The Universal Basic Income: Why Utopian Thinking Matters, and How Sociologists Can Contribute to It. Politics & Society. 2013 41 2 171--182. J Elster "Comment on Van der Veen and Van Parijs" Theory and Society 1986 15 5 709-721
On Environmental Justice P. Mohai, D Pellow, D. and J. T Roberts "Environmental Justice". Annual Review of Environment and Resources 2019 34 . E. A. Page "Distributing the burdens of climate change" Environmental Politics 2008 17 4 556-575. https://doi.org/10.1080/09644010802193419
On Gender Equity Okin, S. Moller. "Introduction: Justice and Gender." Chapter 1 in Justice, Gender, and the Family Basic Books 1991. https://www.exploring-economics.org/en/orientation/feminist-economics/ ?msclkid=7fb88e4eaee311ecaf12e93a28d88a0e On Moral Limits of Markets Sandel M. J. 2012. What Money Can't Buy: The Moral Limits of Markets. Farrar, Straus and Giroux. An extensive set of lecture notes and of other readings will be made available during the course.

Teaching methods
- Lectures
- Oral presentations by students of chapters of books or scientific articles to be discussed .
Learning methods
- Active class participation
- Studying the indicated textbooks, handouts and journal articles
- Search for materials in the library and on-line for the final assignment.
- Studying these materials and writing the final assignment.

The exam evaluates the overall preparation of the student, the ability to integrate the various notions that have been learnt, the reasoning clarity, analytical skills the thought originality of the student.
Furthermore, language abilities are evaluated, in compliance with the Dublin descriptors (1. Knowledge and understanding) 2. Ability to apply knowledge and understanding; 3. Making judgments; 4. Learning skills; 5: Communication skills.
The student's evaluation includes a final assignment consisting of an oral discussion of a text (approximately 10,000 characters) written by the student as a comment to articles or book chapters, chosen by the student in agreement with the teacher on topics relevant to the course. In writing and discussing this comment, students must demonstrate that they have acquired knowledge of the topics included in the program and developed analytical skills on the topics covered by the course. The score of the exam is attributed by means of a mark expressed out of thirty. The evaluation will take into account aspects such as understanding of the topics covered, competent use of appropriate language, ability to summarize, clarity of presentation, etc. Satisfaction of these aspects is a condition for achieving a rating of twenty-seven. Grades above twenty-seven will be attributed to students whose work, in addition to satisfying the aspects listed above, shows a surplus of research and reflection on the problems addressed in the texts commented on and in general during the course.
The examination will be graded according to the following criteria:
Unsuitable: major deficiencies in knowledge, understanding and exposition of topics;
18-20: Knowledge, understanding and exposition of topics, ability to analyze and synthesize: barely sufficient
21-23: Knowledge, understanding and exposition of topics, analysis and synthesis skills: acceptable.
24-26: Knowledge, understanding and exposition of topics, analysis and synthesis skills: fair.
27-29: Knowledge, understanding and exposition of topics, analysis and synthesis skills: good
30-30L: Excellent level of in-depth knowledge and understanding of topics. Excellent analytical and synthesis skills and independent judgment. Excellent expression skills.

Students should achieve a capacity to recognize and engage normative/ethical theory in the context of economic policy debates. Students should understand the "positive"---"normative" distinction in the social sciences, and how even positive science is informed by normative commitments. Students should acquire a knowledge of three main approaches to economic justice ---utilitarianism/welfarism, libertarianism and egalitarianism. They should acquire an understanding of the main strengths and weaknesses of each of these approaches in assessing economic outcomes. Finally, students should be able to apply the various theories to economic policy issues from inequality and taxation, to trade and migration.
Students will be exercised through intensive discussion of topics and the appraisal of current research.
The array of theories and problems students will be presented with will strengthen their critical capacities in thinking about economics.
KNOWLEDGE AND UNDERSTANDING:
Students will become familiar with a broad range of theories and policy issues related to economic justice.
APPLYING KNOWLEDGE AND UNDERSTANDING:
Learning outcomes from the course can be applied in academic work as well as in the context of International institutions and/or national and local public administrations.
MAKING JUDGEMENTS:

Learning outcomes from the course can be used to assess critically and in a balanced way the activity and the decisions of national and international policymakers.
COMMUNICATION SKILLS:
Students will receive intensive training in exposing facts and theories in a clear and rigorous way to both specialized and non-specialized audiences.
LEARNING SKILLS:
Students in the course are still in a phase in which they are learning to learn. Students are expected to be able to understand official reports and academic articles.
Special care will be given to the development of desirable personal qualities in students such as optimism, integrity and responibility as well as flexibility and interpersonal skills.

Basic knowledge of microeconomics, macroeconomics and statistics.

•
Focus Is it just that some are poor and others are rich? Is economic growth always
desirable? Is it important what goods we produce and how, not just how much of them? Do
we work too much? Is education a final good or an intermediate good? Should health care
be free for all? These and many other questions are rooted in the two basic questions of
economic justice: What makes for a good economic outcome? How should the benefits and
burdens of economic cooperation be distributed among the members of society? A
preliminary question in a globalized world is: are principles of justice to be applied only at
the national level or extend to all of humanity? Is cosmopolitanism an option? The course
ill present the answers to these questions provided by the main contemporary theories of
justice in political philosophy and at some of their implications in terms of economic
policies. The course will be divided in two parts. The first part will start with an exposition
of the normative foundations of neoclassical theory (utilitarianism/welfarism/preferences
satisfaction UWPS). We will then turn to alternative approaches, ranging across the
political spectrum from libertarianism to left/liberalism to egalitarianism. The second part
of the course will put the theories encountered in the first part at work in the context of
today's economic policy debates. We will see how alternatives theories may yield very
different sets of policy conclusions. First we will focus on the increase in income and wealth
inequality many countries have been experiencing in the last decades and on possible
causes. We will then consider the costs and benefits of automation and the future of work.
Coming to remedies, we will discuss wealth and inheritance taxation as well as basic
universal income and basic universal services and basic universal capital. We will then
move to environmental justice, defined as the fair treatment of people with respect to
environmental policies and then to gender equity by examining how policies, products,
services & processes have gendered outcomes. Finally in view of the widening scope of
markets in the organization of society we ask: should everything be for sale? can we have a
market economy without becoming a market society? The course encourages the active
participation of students. The list of issues to be discussed in the second part is provisional:
it could be modified to incorporate students' suggestions.
The first part of the course, dedicated to the examination of general concepts and theories,
will be carried out in 24 hours, the second part dedicated to applications will be carried out
in the remaining 12 hours.


•
Objectives . By the end of the course, students will have acquired an understanding of the
main theories of justice and apply the theories to economic policy issues from inequality
and taxation, to trade and migration.Students will be exercised through intensive
discussion of topics and the critical appraisal of current research.



Syllabus Prelude: Facts and values in economics. Why we cannot do without a
normative point of view. Part 1. Theories of justice 1. Utilitarianism, Welfarism,
Preferences Satisfaction: from Jeremy Bentham to Kenneth Arrow and Gerard Debreu. 2.
Contractualism: John Rawls 3. Libertarianism: Robert Nozick 4. The Capability
Approach: Amartya Sen and Martha Nussbaum 5. Equality of resources: Ronald Dworkin
6. Equality and community: G.A. Cohen 7, Equality of opportunity: John Roemer. 8:
Egalitarian Critics of Distributive Justice: Elisabeth Anderson and Samuel Scheffler. 9
Recognition or Redistribution?: Axel Honneth, Nancy Fraser and Michael Sandel. 10.
Why not Cosmopolitanism?: Charles Beitz, Seyla Benhabib and Thomas Pogge. Part 2.
Policy issues and Controversies 1.Income and Wealth Inequality: measures and causes.
2.Taxation of wealth and inheritances. 3.Basic Income Basic Capital and Basic Services.
4. Environmental Justice. 5. Gender Equity. 6. Moral Limits to Markets.
Recommended Texts There is no single text for the course. For the first part of the course
some use will be made of Economic Analysis, Moral Philosophy and Public Policy by Daniel
Hausman, Michael McPherson and Debra Satz, Cambridge Unversity Press 2016 and of
Contemporary Political Philosophy by Will Kymlicka Oxford University Press 2002. Another
important text is Global Political Philosophy by Matthias Risse, Palgrave- Mc Millan 2016.
For the second part readings will also be taken from Inequality by Anthony Atkinson
Harvard University Press, 2016, A Brief History of Inequality by Thomas Piketty Belknap
Press 2021, The Work of the Future by David Autor, David A. Mindell and Elisabeth B.
Reynolds the Mit Press 2022, The Triumph of Injustice by Emmanuel Saez and Gabriel
Zucman W.W. Norton, 2019. Other readings: Equality of what? On definitions of
equality. E. Anderson: "What is the point of equality?", Ethics, 109, 1999, 287-337. N.
Fraser and A.Honneth Redistribution or recognition Verso 2003. J. E. Roemer: Equality of
opportunity Harvard University Press 2000. M. Sandel The tyranny of merit. Allen Lane
2020. A. Sen Inequality re-examined, Harvard University Press 1992 On inequality of
income and wealth: World Inequality Report 2022 (https://wir2022.wid.world) E. Saez
"Public Economics and Inequality: Uncovering our Social Nature" AEA Distinguished
lecture, American Economic Association, Papers and Proceedings 2021 111 1-26. E.
Saez and G. Zucman "Trends in US Income and Wealth Inequality: Revising After the
Revisionists" NBER Working Paper No. 27921, 2020 Comments on updated
Smith-Zidar-Zwick wealth share 2022 On Basic Income, Capital and Services I
Gough .and J Le Grand (22 January 2021). "The case for Universal Basic Capital: a £10k
grant for every 18-year-old". P Van Parijs "The Universal Basic Income: Why Utopian
Thinking Matters, and How Sociologists Can Contribute to It. Politics & Society. 2013 41 2
171--182. J Elster "Comment on Van der Veen and Van Parijs" Theory and Society 1986
15 5 709-721 On Environmental Justice P. Mohai, D Pellow, D. and J. T Roberts
"Environmental Justice". Annual Review of Environment and Resources 2019 34 . E. A.
Page "Distributing the burdens of climate change" Environmental Politics 2008 17 4
556-575. https://doi.org/10.1080/09644010802193419 On Gender Equity Okin, S.
Moller. "Introduction: Justice and Gender." Chapter 1 in Justice, Gender, and the Family
Basic Books 1991.
https://www.exploring-economics.org/en/orientation/feminist-economics/ ?
msclkid=7fb88e4eaee311ecaf12e93a28d88a0e On Moral Limits of Markets Sandel M.
J. 2012. What Money Can't Buy: The Moral Limits of Markets. Farrar, Straus and Giroux.

There is no single text for the course. For the first part of the course some use will be
made of Economic Analysis, Moral Philosophy and Public Policy by Daniel Hausman,
Michael McPherson and Debra Satz, Cambridge Unversity Press 2016 and of
Contemporary Political Philosophy by Will Kymlicka Oxford University Press 2002. Another
important text is World Poverty and Human Rights: Cosmopolitan Responsibilities and
Reforms 1st Edition by Thomas W. Pogge, Polity 2008. For the second part readings will
also be taken from Inequality by Anthony Atkinson Harvard University Press, 2016, A Brief
History of Inequality by Thomas Piketty Belknap Press 2021, The Work of the Future by
David Autor, David A. Mindell and Elisabeth B. Reynolds the Mit Press 2022, The Triumph
of Injustice by Emmanuel Saez and Gabriel Zucman W.W. Norton, 2019.

Other readings: Equality of what? On definitions of equality.
E. Anderson: "What is the point of equality?", Ethics, 109, 1999, 287-337. N. Fraser and
A.Honneth Redistribution or recognition Verso 2003. J. E. Roemer: Equality of opportunity
Harvard University Press 2000. M. Sandel The tyranny of merit. Allen Lane 2020. A.
Sen Inequality re-examined, Harvard University Press 1992
On inequality of income and wealth: World Inequality Report 2022
(https://wir2022.wid.world) E. Saez "Public Economics and Inequality: Uncovering our
Social Nature" AEA Distinguished lecture, American Economic Association, Papers and
Proceedings 2021 111 1-26. E. Saez and G. Zucman "Trends in US Income and Wealth
Inequality: Revising After the Revisionists" NBER Working Paper No. 27921, 2020
Comments on updated Smith-Zidar-Zwick wealth share 2022
On Basic Income, Capital and Services
Gough .and J Le Grand (22 January 2021). "The case for Universal Basic Capital: a £10k
grant for every 18-year-old". P Van Parijs "The Universal Basic Income: Why Utopian
Thinking Matters, and How Sociologists Can Contribute to It. Politics & Society. 2013 41 2
171--182. J Elster "Comment on Van der Veen and Van Parijs" Theory and Society 1986
15 5 709-721
On Environmental Justice P. Mohai, D Pellow, D. and J. T Roberts "Environmental
Justice". Annual Review of Environment and Resources 2019 34 . E. A. Page
"Distributing the burdens of climate change" Environmental Politics 2008 17 4 556-575.
https://doi.org/10.1080/09644010802193419
On Gender Equity Okin, S. Moller. "Introduction: Justice and Gender." Chapter 1 in
Justice, Gender, and the Family Basic Books 1991.
https://www.exploring-economics.org/en/orientation/feminist-economics/ ?
msclkid=7fb88e4eaee311ecaf12e93a28d88a0e On Moral Limits of Markets Sandel M.
J. 2012. What Money Can't Buy: The Moral Limits of Markets. Farrar, Straus and Giroux.
An extensive set of lecture notes and of other readings will be made available during the
course.

Teaching methods
- Lectures
- Oral presentations by students of chapters of books or scientific articles to be
discussed .
Learning methods
- Active class participation
- Studying the indicated textbooks, handouts and journal articles
- Search for materials in the library and on-line for the final assignment.
- Studying these materials and writing the final assignment.

The exam evaluates the overall preparation of the student, the ability to integrate the
various notions that have been learnt, the reasoning clarity, analytical skills the thought
originality of the student.
Furthermore, language abilities are evaluated, in compliance with the Dublin descriptors (1.
Knowledge and understanding) 2. Ability to apply knowledge and understanding; 3. Making
judgments; 4. Learning skills; 5: Communication skills.
The student's evaluation includes a final assignment consisting of an oral discussion of a
text (approximately 10,000 characters) written by the student as a comment to articles or
book chapters, chosen by the student in agreement with the teacher on topics relevant to
the course. In writing and discussing this comment, students must demonstrate that they
have acquired knowledge of the topics included in the program and developed analytical
skills on the topics covered by the course. The score of the exam is attributed by means of
a mark expressed out of thirty. The evaluation will take into account aspects such as
understanding of the topics covered, competent use of appropriate language, ability to
summarize, clarity of presentation, etc. Satisfaction of these aspects is a condition for
achieving a rating of twenty-seven. Grades above twenty-seven will be attributed to
students whose work, in addition to satisfying the aspects listed above, shows a surplus of
research and reflection on the problems addressed in the texts commented on and in
general during the course.
The examination will be graded according to the following criteria:
Unsuitable: major deficiencies in knowledge, understanding and exposition of topics;
18-20: Knowledge, understanding and exposition of topics, ability to analyze and
synthesize: barely sufficient
21-23: Knowledge, understanding and exposition of topics, analysis and synthesis skills:
acceptable.
24-26: Knowledge, understanding and exposition of topics, analysis and synthesis skills:
fair.
27-29: Knowledge, understanding and exposition of topics, analysis and synthesis skills:
good
30-30L: Excellent level of in-depth knowledge and understanding of topics. Excellent
analytical and synthesis skills and independent judgment. Excellent expression skills.