A Master's 120 is conceived as the result of work of original research in which the student demonstrates a genuine capacity for understanding of economic reasoning, as taught in master classes, and its application to a specific topic. It is a work of a scientist whose goal is to provide a precise economic analysis to a given problem. This requires a systematic approach, which avoids the repetition of commonplaces to focus on the rigor of argumentation, the presentation of different viewpoints on the issue, the justification of arguments ...