What determines the cost of a ton of coal? Is OPEC an oligopoly? Should we subsidize low-carbon energy or tax fossil fuels? Do Prius owners drive more?
These are among the questions I cover in my Economics of Energy class. I’ve taught this class at Columbia University’s School of International and Public Affairs for the past five years. I hope to receive your feedback on how to improve this course.
The course has two goals: to provide a set of tools to approach these and many other fundamental questions in energy economics, and to do so in plain English. Last year’s syllabus reflects this philosophy, but there’s always room for improvement. The topics, elaborated in the syllabus, are:
Week 1: Demand basics
Week 2: Supply basics
Week 3: World oil supplies
Week 4: Oil market behavior
Week 5: Energy security
Week 6: Electricity
Week 7: Curbing pollution: How far and how fast?
Week 8: Designing mitigation policies
Week 9: Clean energy
Week 10: Energy paradox
Week 11: Development
Week 12: Green Paradox
Are these the right topics to begin with? Which ones are missing? Which should be dropped?
Moreover, what are the right reading materials for each of the topics? Are there more recent ones? Are there some classic readings that are missing? Is there a book or two worth adding?
The course syllabus already reflects the collected wisdom of five years of teaching and inputs—direct and indirect—by many others who have come before. It includes an extensive acknowledgment section at the end. My objective is to help students develop a holistic view of energy policy by teaching a class that’s both comprehensive and focused on economic tools.
To prepare future energy leaders, I would suggest adding a class on the psychology of climate change and the personal and societal blocks to understanding and dealing with the problem.… Read more »
Great offering. Have a look at the Clean Energy Leadership Institute as well. It is a broader sweep (more than just economics) and covered for young practitioners, but certain there… Read more »
Leaders should have enough technical background to cross-examine expert opinions on the technical merits. A candid “for dummies” level summary of the facts and science relevant to air pollution could… Read more »
I currently teach a similar course at the Center for Global Affairs at New York University. You are certainly covering all the bases. My one suggestion is that you include… Read more »
Gernot: A very important post. I taught such a course at Yale more than thirty years ago. I will not go back and find my syllabus because I would be… Read more »
Phillip: There are well thought out policies for putting a fee (tax) on carbon. With a Fee and Dividend policy, the fee is collected at the well, mine, or port… Read more »
I know your course is focused on the basic supply and demand economics of energy and not intended to go into advanced mathematical analysis of energy markets and policy issues.… Read more »
Gernot, Delighted to see you’re raising and teaching these important questions. I still keep my copy of “But Will the Planet Notice?” in my office. I think the critical question… Read more »
I have taught courses on specific energy sources, and there are several areas and fundamental concepts that are misunderstood by many people: 1. Capacity is the not the same as generation.… Read more »
It was great to read so many excellent suggestions …. the psychology of Climate Change, the Energy-water nexus, the missing externalities in price/cost analysis, tax/market interactions, understanding basis of models,… Read more »
As I graduated last year I looked back on the syllabus from a few of my Energy Economics classes at MIT and hope they might help with topic ideas. We… Read more »