Введение в экономику
- To introduce students to the main analytical tools which are used in economic analysis.
- To introduce students to the main conclusions derived from economic analysis, and develop their understanding of their organizational and policy implications.
- To explain the core concepts of economics.
- To provide an analysis of the behavior of economic agents, both at micro- and macro- levels.
- Students should be able to define the main concepts and describe the models and methods used in economic analysis
- Students should be able to assess the potential and limitations of the models and methods used in economic analysis
- Students should be able to formulate real world issues in the language of economic concepts and models
- Students should be able to apply and use economic concepts and models to analyze these issues
- Introduction to Basic PrinciplesWhat is economics?, Opportunity costs, Cost-benefit principle, The invisible hand principle, Trade
- Supply and DemandEquilibrium, supply shortage, supply surplus, difference between a change in quantity demanded/supplied and a change in demand/supply
- Market efficiency and Government policiesEquilibrium, consumer surplus, producer surplus, total surplus, price ceilings, price floors
- ElasticitiesOwn price elasticity of demand, Own price elasticity and total revenue, Other demand elasticities, Price elasticity of supply, An application: taxes
- Production and CostsFixed input, variable input, marginal product, diminishing marginal returns to the variable input, marginal costs, efficient scale
- Competitive outputMarket structures, Short-run competitive output, Long-run competitive output
- Firms with market powersMonopoly, Monopolistic competition, Pricing with market power
- Public Goods, Common Resources and ExternalitiesRival good, excludable good, common resource, free-rider problem, externalities, public goods
- Introduction to Macroeconomics.The problem of aggregation, the circular flow of income, leakages and injections, national income accounting, value added, real and nominal gross domestic product (GDP).
- The goods market in the closed economyActual and potential output, consumption, investment, government expenditure. Taxation and disposable income. Income determination, equilibrium, the multiplier, the paradox of thrift.
- Financial marketsThe role of money, real balances, the supply of money (banks and the various multipliers), central banks and monetary control, equilibrium in the money market. Deriving the LM (the liquid assets market)
- General equilibrium, employment and government policy.Using policy mix. How does IS-LM model fit the facts?
- The labour market. Phillips curve.Natural rate of unemployment. Movements in unemployment.
- The open economy.Trade balance, foreign exchange market, J curve.
- Weekly offline quizzes for the second part of the courseIn-class quizzes (typically written at the start of each class).
- Open book Tests
- Blanchard, O., Amighini, A., & Giavazzi, F. (2013). Macroeconomics: A European Perspective (Vol. 2nd ed). Harlow: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1418008
- Lipsey, R., & Chrystal, A. (2015). Economics. Oxford University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.oxp.obooks.9780199676835