- The main role of this course is to explore economic way of thinking and the role incentives play in all our lives. 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.
- Supply, Demand and the EquilibriumHere the foundations demand and supply analysis are discussed.
- Taxes and SubsidiesThe types of taxes and subsidies are discussed; and we analyze how indirect taxation generates deadweight losses
- The Price SystemHere we discuss different functions of the price system in the market capitalist economy.
- Price Ceilings and Price FloorsThis 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 GrowthWe 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 SystemWhat are savings? How savings can be transformed into investment? We try to give answers to these and some other questions.
- Unemployment and its TypesHere we discuss different types and classifications of unemployment. In particular, we analyze both classical unemployment and Keynesian one.
- Business Fluctuations and Business Cycle TheoriesFinally we talk about different theories of business cycles, especially we compare Keynesian and monetarist approaches.
- Interim assessment (1 module)Both in-class tests are written working with “open-type questions”. There are no blocking forms of control.
- 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
- Экономикс: принципы, проблемы и политика : Учебник, Макконнелл, К.Р., 2005