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Бакалаврская программа «Социология и социальная информатика»

28
Январь

Economics

2021/2022
Учебный год
ENG
Обучение ведется на английском языке
4
Кредиты
Статус:
Курс обязательный
Когда читается:
1-й курс, 1, 2 модуль

Преподаватель

Course Syllabus

Abstract

The course is based on Mankiw’s Principles of Economics and designed for Sociology education program students. The course is taught in the classic format. A distant format could be used due to COVID restrictions. This course present the basic economic concepts of Microeconomics and Macroeconomics. Some technical and conceptual details are planned to be discussed in further course.
Learning Objectives

Learning Objectives

  • The main role of this course is to explore economic way of thinking and the role incentives play in all our lives with applications to our life.
Expected Learning Outcomes

Expected Learning Outcomes

  • 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

  • Major principles and concepts of Economics
    Here we discuss the economic approach to analyse social phenomena, basic behavioral and optimisation principles. We learn some general economic concepts here too. Required readings Mankiw, N.G. Principles of Economics. Any edition. (referred as Mankiw below), Ch. 1-2.
  • Gains from trade
    We discuss here how and why trade enhances our possibilities to consume and satisfy our desires. Required readings Mankiw, Ch. 3.
  • Supply, Demand and the Equilibrium
    a) Demand Here we discuss willingness to pay as a determinant of individual demand. Then we derive market demand from individual demands and discuss factors of both individual and market demands. Required readings Mankiw, Ch. 4 (Demand). b) Supply Here we discuss opportunity costs as a determinant of individual supply. Then we derive market supply from individual supplies, clarify the role of opportunity costs as the determinant of the market supply and discuss factors of both individual and market supplies. Required readings Mankiw, Ch. 4 (Supply). c) Equilibrium Here we combine demand and supply together and discuss market equilibrium and efficiency of markets. We apply comparative statics method to analyse how do factors of demand and supply affect equilibrium. Required readings Mankiw, Ch. 4 (Equilibrium), Ch. 7. d) Elasticity Here I introduce concept of elasticity. Then we discuss problems as follows: - how does price elasticity of demand related to the revenue as dependent on the price; - how does cross-price and income elasticity of demand describe importance of correspondent factors of demand. Required readings Mankiw, Ch. 5. Supply, Demand and the Equilibrium This topic is central in the course. Here we discuss topics as following. a) Demand Here we discuss willingness to pay as a determinant of individual demand. Then we derive market demand from individual demands and discuss factors of both individual and market demands. Required readings Mankiw, Ch. 4 (Demand). b) Supply Here we discuss opportunity costs as a determinant of individual supply. Then we derive market supply from individual supplies, clarify the role of opportunity costs as the determinant of the market supply and discuss factors of both individual and market supplies. Required readings Mankiw, Ch. 4 (Supply). c) Equilibrium Here we combine demand and supply together and discuss market equilibrium and efficiency of markets. We apply comparative statics method to analyse how do factors of demand and supply affect equilibrium. Required readings Mankiw, Ch. 4 (Equilibrium), Ch. 7. d) Elasticity Here I introduce concept of elasticity. Then we discuss problems as follows: - how does price elasticity of demand related to the revenue as dependent on the price; - how does cross-price and income elasticity of demand describe importance of correspondent factors of demand. Required readings Mankiw, Ch. 5. e) Government policies and the market equilibrium Here we discuss how do price policies affect markets and discoordinate consumers and producers and how do taxes and subsidies distort the equilibrium and involve dead-weight losses. We discuss also how do elasticities of demand and supply affect tax burden distribution between consumers and producers. Required readings Mankiw, Ch. 6, 8.
  • Externalities
    Here we discuss the concept of externality and the impact of externalities on efficiency of the market equilibrium. Then we discuss approaches to deal with externalities. Required readings Mankiw, Ch. 10.
  • Public goods and common resources
    Here we consider rivalry and excludability of goods. Lack of rivalry and costly exclusion lead to the inefficient market equilibrium. Therefore, we discuss here the role of property rights and issues with public financing of goods. Required readings Mankiw, Ch. 11.
  • Introduction to cost functions and firm behavior under perfect competition and monopoly
    Here we discuss a simple cost function that describes firms and analyse its behaviour as a price-taker (under perfect competition) and price-setter (under monopoly). We also discuss welfare consequences of the market structures. Required readings Mankiw, Ch. 13.
  • Main macroeconomic indicators
    We talk about national accounting and measuring price levels and inflation and look through datasources. Required readings Mankiw, Ch. 22, 23.
  • Economic Growth
    We talk macroeconomic production function. Then we talk about “growth miracles” and “growth disasters” in different economic systems and discuss their drivers. Required readings Mankiw, Ch. 24.
  • Savings, Investment and the Financial System
    Here we apply demand and supply model to the financial market and thus clarify process of capital accumulation. Required readings Mankiw, Ch. 25
  • Unemployment and its Types
    Here we discuss different natural and cyclical unemployment and the nature of unemployment. Required readings Mankiw, Ch. 26
  • Introduction to Business Fluctuations and Business Cycle Theories
    Finally we talk about empirics and different theories of business cycles. Required readings Mankiw, Ch. 31
Assessment Elements

Assessment Elements

  • non-blocking Homework 1
    Content: Questions and problems, topics 1-3. Grades Assessment Criteria. Calculated as the sum of points for all questions and problems. Zero points for no or completely wrong solution and for plagiarisms. All points for full correct solution with necessary and satisfactory explanations. Partial points for partial solution, errors in calculation, lack of explanation if necessary.
  • non-blocking In-class Participation
  • non-blocking Interim Exam
    Content: Questions and problems, topics 1-6.
  • non-blocking Final Exam
    Content: Questions and problems, topics 1-10. Note: Time = 60+60 minutes with 10-minutes break between the parts. Students return the first parts of their works before the break.
  • non-blocking Homework 2
    Content: Group Project. USA Macroeconomic statistics analysis.
Interim Assessment

Interim Assessment

  • Interim assessment (2 module)
    0.3 * Final Exam + 0.15 * Homework 1 + 0.15 * Homework 2 + 0.2 * In-class Participation + 0.2 * Interim Exam
Bibliography

Bibliography

Recommended Core Bibliography

  • Mankiw, N. G. (DE-588)120973626, (DE-576)164048383. (2000). Macroeconomics / N. Gregory Mankiw. New York, NY: Worth. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edswao&AN=edswao.07890529X
  • Principles of economics, Mankiw, N.G., 2019

Recommended Additional Bibliography

  • N. Gregory Mankiw. (2020). PDF Macroeconomics 10th Edition by N. Gregory Mankiw Download. https://doi.org/10.5281/zenodo.3752461