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Regular version of the site
Bachelor 2020/2021

Economics

Type: Elective course (Political Science and World Politics)
Area of studies: Political Science
When: 1 year, 1, 2 module
Mode of studies: distance learning
Language: English
ECTS credits: 4

Course Syllabus

Abstract

The course is based on the online-course «Principles of Economics». Students complete the course in accordance with the schedule set up by the online-platform. Theoretic materials are presented in the form of video-lectures and additional sources. The assessment strategy includes tests. Students support is provided by the platform via online-forum and by the course instructor via classes.
Learning Objectives

Learning Objectives

  • The course is based on the online-course “Principles of Economics” in two parts – Microeconomics and Macroeconomics (URL: https://mru.org/principles-economics-microeconomics; https://mru.org/principles-economics-macroeconomics-0) The main role of this course is to explore economic way of thinking and the role incentives play in all our lives. The first part of the course is microeconomic one. It will cover fundamental microeconomics concepts like supply and demand and equilibrium. It will also answer questions such as: How are prices determined? What did Adam Smith mean when he said the market process works like an “invisible hand”? How is it that we have access to fresh roses in very chilly cities every Valentine’s Day? It will cover all the key topics including competition, monopoly, externalities, public goods and more. The second part of the course is macroeconomic one. It will cover fundamental macroeconomics questions such as: Why do some countries grow rich while others remain poor? How important is a country’s banking system — and what happened during the recent financial crisis? How did Zimbabwe end up with an inflation rate that rose into the quadrillions? This part will also cover important topics like monetary policy, fiscal policy, the Solow Growth Model, institutional analysis, the “economics of ideas,” and more.
Expected Learning Outcomes

Expected Learning Outcomes

  • students will: - acquire the taste of economic way of thinking - understand both coordinating and other roles of market mechanism - be able to see the essential relationships between economic variables - receive the introductory skills concerned with economic modelling
Course Contents

Course Contents

  • Supply, Demand and the Equilibrium
    Here the foundations demand and supply analysis are discussed.
  • Taxes and Subsidies
    The types of taxes and subsidies are discussed; and we analyze how indirect taxation generates deadweight losses
  • The Price System
    Here we discuss different functions of the price system in the market capitalist economy.
  • Price Ceilings and Price Floors
    This topic devotes to an analysis of disequilibria due to both price ceilings and price floors. In particular, we show that deadweight losses emerge again.
  • GD, its Splitting and its Growth
    We talk about what is GDP; what is difference between nominal GDP and real GDP, discuss various methods of calculating GDP. Then we talk about “growth miracles” and “growth disasters” in different economic systems.
  • Savings, Investment and the Financial System
    What are savings? How savings can be transformed into investment? We try to give answers to these and some other questions.
  • Unemployment and its Types
    Here we discuss different types and classifications of unemployment. In particular, we analyze both classical unemployment and Keynesian one.
  • Business Fluctuations and Business Cycle Theories
    Finally we talk about different theories of business cycles, especially we compare Keynesian and monetarist approaches.
Assessment Elements

Assessment Elements

  • non-blocking Test#1
  • non-blocking Test #2
  • non-blocking BigHomework
  • non-blocking Activity-in-the-class
Interim Assessment

Interim Assessment

  • Interim assessment (2 module)
    The total grade is calculated by the following formula. Markfinal. = 0.3*InClassTest#1 + 0.3*InClassTest#2 + 0.25*Activity-in-the-class + 0.15*BigHomework In implies that the final mark depends on: big homework (15% of the total grade) the activity in the class grade (20% of the total grade), in-class test#1 grade (30% of the total frade), in-class test#2 grade (30% of the total grade). Both in-class tests are written working with “open-type questions”. There are no blocking forms of control.
Bibliography

Bibliography

Recommended Core Bibliography

  • N. Gregory Mankiw. (2020). PDF Macroeconomics 10th Edition by N. Gregory Mankiw Download. https://doi.org/10.5281/zenodo.3752461
  • Turner, A. (2012). Economics After the Crisis : Objectives and Means. Cambridge, Mass: The MIT Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=443564

Recommended Additional Bibliography

  • Принципы экономикс : Учебник, Мэнкью Н.Г., 2007