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Regular version of the site
Bachelor 2018/2019

Economics

Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Category 'Best Course for New Knowledge and Skills'
Area of studies: Business Informatics
When: 1 year, 3, 4 module
Mode of studies: Full time
Instructors: Danil Fedorovykh
Language: English
ECTS credits: 4

Course Syllabus

Abstract

Economics is a science of decision making under resource constraints. In this introductory course, students learn how households, businesses, and governments make choices and interact in the economy. Students learn introductory economics without complicated mathematical models and develop the understanding of the subject from a general standpoint, see the big picture. The course aims to introduce the central concepts from various fields, including micro- and macroeconomics, game theory, institutional and development economics, behavioral economics.
Learning Objectives

Learning Objectives

  • Introduce the central concepts from various fields, including micro- and macroeconomics, game theory, institutional and development economics, behavioural economics
Expected Learning Outcomes

Expected Learning Outcomes

  • Be aware of the basics of economics, economic systems
Course Contents

Course Contents

  • What Economics is About
    A brief history of economic thought. Fields of studies. Positive and normative economics. Models and as if principle. Common myths about economics and economists
  • Choice
    How people make decisions. Trade-offs and opportunity costs. Rationality assumption. Incentives
  • Game Theory
    Definition of a game. Pure and mixed strategies. Nash Equilibrium. Normal and extended form games. Subgame perfection. Commitments
  • Specialization and Trade
    Absolute and comparative advantage. Gains from trade. Morden view on international trade
  • Markets
    Perfect competition and the invisible hand. Market power and imperfect competition. Government interventions
  • Market Failures
    Information asymmetry. Externalities and public goods. Coase theorem
  • Macroeconomic Data
    National accounts. Measuring income, inflation and unemployment
  • Development
    Growth and the role of technology. Description of the Solow model. Growth in different countries. Institutions — inclusive and extractive
  • Cycle
    Economic fluctuations. Crises. Keynes, Friedman and the Great Depression
  • Finance and Money Market
    Financial markets and instruments. Efficient market hypothesis. Bubbles. Banking system and market for money
  • Inequality
    Measuring inequality. Types of inequality and resulting incentives. Methods of reducing inequality
  • Economics and Friends
    Happiness studies. Normative criteria. Limited rationality and behavioral economics. Cross-disciplinary studies
Assessment Elements

Assessment Elements

  • non-blocking Essay 1
  • non-blocking Essay 2
  • non-blocking Project
  • non-blocking Exam
Interim Assessment

Interim Assessment

  • Interim assessment (4 module)
    0.2 * Essay 1 + 0.2 * Essay 2 + 0.3 * Exam + 0.3 * Project
Bibliography

Bibliography

Recommended Core Bibliography

  • Riccardo Rebonato. (2018). The Economy: Economics for a Changing World. Quantitative Finance, (2), 183. https://doi.org/10.1080/14697688.2017.1406681

Recommended Additional Bibliography

  • Abraham, C. (2018). Principles of Macroeconomics. New Orleans, LA, USA: White Press Academics. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=2267924