Cambridge, UK: Public Finance and Society

This two-week program explores the role of the government in various markets as well as core microeconomic concepts, such as supply and demand, externalities, and public goods.

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Overview

Public Finance is the study of how government taxes and expenditures affect the economy and how these government programs should be designed. Public finance professors teach their students about how government taxes and expenditures affect the economy.

Business, government, and society are deeply interconnected, each influencing and shaping the others. Future business leaders must be skilled in policy analysis and able to incorporate policy issues seamlessly into their overall management approach. Even in the most capitalist and de-centralized economies, the government plays a significant role. In some sectors, such as education, the government may serve as the primary provider. In others, the private sector may operate as the provider, while the government takes on a key role as the payer. The government also acts as a safety net and, in all systems, collects revenue to fund defense, its own operations, and other obligations. 

In this course, we will explore the role of the government in various markets. We will start with understanding core microeconomic concepts, such as supply and demand, externalities, and public goods. Then, we’ll apply these models to explore why governments intervene in markets and examine the range of possible policies.  

This intensive two-week summer program is designed for a select group of high school students currently enrolled in 9th to 11th grades. Working in small groups, you will examine specific policy solutions used in different countries, assess their effectiveness, create a system that reflects your own ideals and values, and pitch it for a vote. 

Wharton Public Finance and Society students will: 

  • Learn basic/core microeconomics concepts (e.g., supply and demand, externalities, public goods) 
  • Understand the role of the government in key markets for the social good 
  • Collaborate in teams to assess government solutions and create your own 
  • Enhance communication and collaboration skills 
  • Experience the breadth and depth of business education provided by the Wharton School 
  • Explore local culture and businesses around the UK 

All participants who successfully complete the program will earn a Wharton Global Youth Certificate of Completion.     

Details

The aim of the course is to provide an understanding of the economic rationale for government intervention, the extent of that intervention, and the response of individuals and firms to the government’s actions. The course will rely on a mix of simple but rigorous analytical models, empirical evidence, and case studies, including but not limited to environmental regulation, education, health care, social insurance programs, budget deficits, and the equity and efficiency consequences of taxation. 

While days vary in format, a typical day might include:  

  • 9:00-10:30am – Lecture by the program instructor
  • 10:30-10:45am – Mid-morning break 
  • 10:45-12:00pm –Guest speaker 
  • 12:00-1:00pm – Lunch 
  • 1:00-2:30 – Case discussion, or practice session
  • 2:30-3:00pm – afternoon break
  • 3:00-4:30 – Simulation, competition, or other small group activity 

Topics featured in sessions include:  

  • The Role of Markets: Supply & Demand 
  • Evaluating Markets and Market Interventions  
  • Externalities & Public Goods 
  • Using Game Theory to understand public goods  
  • The Role of Government in key sectors (Health Care, Labor Markets, Environmental Impact)  
  • Careers in Public Finance 

In the evenings, students will have a number of extracurricular and social activities to choose from, as well as opportunities to explore the art, history, and culture of Cambridge. Students can also opt to work on projects with their group and/or relax at the dorm.   

Please note, some days may not follow this schedule as there could be a site visit off campus or a simulation in lieu of lecture/recitation schedule.  

Requirements

High school students currently enrolled in grades 9-11 eager to gain valuable knowledge of public policy, microeconomics, and the role of governments. Demonstrated understanding of economics or business is highly preferred, though not required. International applicants are welcome.  

Admission  

Admission to this program is selective. Selections are based on a record of academic excellence and a genuine interest in the program content. The program will bring together approximately fifty students per session from across the globe. Interested students are strongly encouraged to submit an application by the priority deadline.   

Please note that participation in this program does not guarantee admission into Penn 

Instructional Team

Program Leaders: Rebecca Stein

Rebecca Stein has taught many students at Penn in her years at the economics department. She is an award-winning innovator in the classroom, teaching both large and small lectures, in person and online. With over 100K learners in her two MOOCs she enjoys connecting with learners from across the world, young and old, as they apply economic principles in their lives and workplaces. 

Dr. Stein was the Executive Director of Penn’s Online Learning Initiative and co-Executive Director of the Center for Excellence in Teaching, Learning and Innovation. She is also an instructor in the Wharton Global Youth Program's Understanding Your Money online program.

Dr. Stein received the Dean’s Award for Distinguished Teaching by Affiliated Faculty, the Provost teaching award and the Kravis Award for excellence in undergraduate teaching. She earned her B.A. from Hebrew University of Jerusalem and her PhD from Northwestern University. 

Dates

  • Jul 19 - Aug 1, 2025

Application Deadlines

Priority deadline:

 

January 29, 2025

 

Final deadline:

 

April 2, 2025

Additional Info

Application Deadlines

Summer 2022 applications are now closed

Contact

For more information, please contact whartonyouth@wharton.upenn.edu or call +1.516.414.5555.