ECONOMICS 305

MARKETS, CAPITALISM, AND ETHICS

SPRING 2020

Professor Marianne Wanamaker

Stokely Management Center 527B
865.974.1700
wanamaker@utk.edu
Office hours: Wednesday – 1:00-2:00, or by appointment.
This course meets Mondays and Wednesdays from 9:40-10:55 in HBB402.

COURSE DESCRIPTION
Over the course of the semester, we will study decision-making processes and outcomes in
a capitalist economy emphasizing their moral and ethical implications. We will divide this
topic up into issues concerning the function of the economy as a whole, issues of the
individual in a capitalist economy, and issues involving the ethics of the firm. Specific
topics will include market failure and government intervention, corporate responsibility,
individual freedom, and social welfare. Diverse perspectives on the virtues and limits of
capitalism will be considered.

COURSE MATERIALS

 Cassidy, John. 2009. How Markets Fail: The Logic of Economic Calamities.
Farrar, Straus and Giroux: New York.

In addition, there are a number of online articles and a few Canvas-based readings that you
will be responsible for. It may be easiest to purchase a Wall Street Journal subscription to
complete the readings. The cost may be as low as $1 for the semester, but beware of
automatic renewal. (Visit https://store.wsj.com/shop/US/US/wsjstudenteos19/)

We will also be using a few cases from Harvard Business School, and it will be the
student’s responsibility to purchase these cases. The price will be approximately $20.

The course has no textbook.

We will also use student response technology (“clickers”) extensively in this class. You
may use cell phones in lieu of clickers themselves. More information on this will be
forthcoming in the first few days of class.

STATEMENT ON INCLUSION
I will try my best to foster an inclusive classroom environment. If you wish to speak to
me regarding any personal issue, please come to office hours or schedule an appointment.

TEACHING AND LEARNING METHOD

The best strategy for doing well in this course is to read the assigned texts before arriving
in class. To ensure that each of you is doing this, there will be a mini-quiz assignment on
Canvas due every Monday before class to test your comprehension of the reading
assignments. I will occasionally post lecture notes online, but for the most part you will
need to be in class to take notes on the information.

COURSE POLICIES
Electronic devices:
There is a NO LAPTOP POLICY in this class. Phones may be utilized only for
participation in Clicker response questions. I will enforce this strictly.

Students with disabilities:

If you have a documented disability and require accommodations, please notify me within
the first week of the course. Special accommodations will be handled as discreetly as
possible. If you have not notified the Office of Disability Services on campus, you should
do so immediately.

Honor policy:
Students will be held responsible for acting in accordance with the University’s Honor
Statement (see the Student Code of Conduct). Note that the honor statement applies to acts
of plagiarism, dishonesty in completing weekly online quizzes, and clicker malfeasance.
Violations of the honor code, no matter how severe, will result in a minimum penalty of
failure of this course. Absolutely no exceptions. I am likely to also recommend expulsion
from the University.

Course page on Canvas:

During this course, I will make extensive use of the Canvas system. Readings, some
abbreviated lecture notes, weekly quizzes, etc. will be posted on the course site. Please
ensure that your @utk.edu email address is functioning and that you are checking it
frequently.

Exams:
Please note the times of Exams I and II NOW. I will not give makeup exams because of
travel, weddings, or other foreseeable conflicts. Makeup exams will only be given for
excuses deemed valid by the Dean of Students office. Exam I is scheduled for Monday,
March 2. Exam II (the final exam) is scheduled for Friday, May 1.
COURSE STRUCTURE AND GRADING:
Your final grade will be determined as follows:

Online Quizzes: 10%

Short mini-quizzes will be given through Canvas every Monday. I will drop the lowest
quiz grade from the calculation. That dropped grade is meant to cover all the unforeseeable
circumstances: family emergencies, broken computers, oversleeping, incarceration,
whatever.

Class Participation: 20%

Comprised largely of daily clicker questions, but also occasionally of in-class exercises.
Your lowest clicker points day is excused for the same list of reasons as above. Clicker
questions will be spread throughout the class period. If you arrive late or leave early, your
attendance grade will reflect those missed clicker questions. Class participation is a simple
average of your daily clicker average.

In-Class Simulation Exercise: 15%

Wednesday, April 22

Exam I: 25%
Monday, March 2

Exam II: 30%

Friday, May 1 (8 to 10 a.m. in HBB 402)

GRADING SCALE
A grade >= 94
A- 90 <= grade < 94
B+ 88 <= grade < 90
B 84 <= grade < 88
B- 80 <= grade < 84
C+ 78 <= grade < 80
C 74 <= grade < 78
C- 70 <= grade < 74
D+ 68 <= grade < 70
D 64 <= grade < 68
D- 60 <= grade < 64
F grade < 60