Completing an Independent Study by Brooke Lytle '22

Winterim 2021

Independent Study: Economics

January 25, 2021

For Winterim 2021, I completed an economics course taught by Professor Timothy Taylor of Malacaster College. The course studied both microeconomics and macroeconomics in depth. For example, I analyzed the effectiveness of price floors and price ceilings as well as federal monetary policy. My favorite lesson was positive externalities, which occur when an unrelated third party is positively affected by an exchange. For example, when airlines implement technology that reduces noise pollution on their aircrafts, residents living near airports will benefit, whether they have flown with that airlines or not. Other topics included price elasticity and antitrust enforcement. These topics are interesting to me, as I will be able to apply this new knowledge in my daily life. I was not sure what to expect taking this course, but I now feel that I have a better understanding of economic principles.