Dear Students,
Unfortunately, our class had to be interrupted, but you have already learned that, the prevention of the spread of the COVID-19 disease is a positive consumption externality that affects all agents in society and as such the social optimum prevention level should be determined and implemented by national governments and supranational agencies. Thus, we should follow orders and listen carefully to the advice of government. If we do not do this, most likely we will help creating negative consumption externalities, with a significant damage to society.
The University and myself will do all we can to minimize the damage you incur from the loss of teaching hours. The technology can be really helpful here. The course description, the lecture notes, the exercises and the links for some additional readings were on the eclass from the very beginning. So, you know what were the topics that I was going to cover in the March 11 and March 18 lectures and what you had to study, as well as what exercises to solve. In fact, during most of the March 11 class I was going to answer questions on the exercises I had assigned. And, half of the March 18 class was to be devoted to a midterm exam. This exam will be cancelled, now. And, the course grade will be the grade of the final exam in June. However, there is no need to change much else.
In particular,
- The material of Lecture VI on local public goods you will study on your own.
- Any questions you may have with respect to the first six lectures you can send me an email and I will put a Q&A note on the eclass.
- Any questions you may have on the exercises of the first six lectures you can do the same as in (b), above. However, I will not give full answers to the exercises. I will just give you hints on answering them.
Use this adverse effect to do some good. Stay healthy. Explain to others negative consumption and production externalities and why they should follow government advice and orders, if the situation arises. (The last part has two meanings, but they both seem OK to me.) Use the extra time you have available to study and reflect on life, in general, and your life in particular.
Greetings,
TK
