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Economics is the study of human choice in the conditions of the deep interdependency of people; and the most part of economics is about interactions of people under the regime of market capitalism. In the beginning of the course we will spend time for analyzing this one and some other economic systems, and consider demand and supply analysis.
Learning Objectives
Furthermore, we will discuss both advantages of the market system and its defects: we will speak about various types of market failures. The government can play the important role by dealing with market failures but its activities can generate different kinds of government failure.
After discussing micro level problems we will turn to macro dimension of economics, and it will be the essential part of the course. This dimension is about economic variables like GDP, consumption, investment, inflation, and the rate of unemployment. Another major objective of macroeconomics is to explain the determinants of economic growth and development in the long run.
In the short run en economy experiences nominal rigidities (sticky prices and wages) and expectational errors (differences between actual and expected prices). ). Rigidities and expectations make nominal aggregate demand, which could fluctuate because of some shock, affect real economic activity such as output and unemployment. Therefore, it is necessary to engage in aggregate demand management in order to stabilize the economy. We will study such stabilization policies (fiscal and monetary) and the most efficient ways of performing them.
In the long run, economy’s output is a function of productive capacity (capital and labor inputs) as well as technologies (methods of transforming these resources into output) and institutions (laws and informal rules).
Expected Learning Outcomes
Know the main forms of market failures and government failures
Understand building blocks of the demand and supply model
Understand main features of the capitalism and other economic systems
Know main forms of stabilization policies (fiscal and monetary), and be able to describe their effects graphically
Course Contents
Economic Systems: Markets, Directives, etc.
The Fundamentals of Demand and Supply Analysis
Market Failures and Government Failures
The Foundations of Macro Analysis: Determination of GDP
Short-Run Macro Dynamics: Business Cycles, Unemployment and Inflation
Long-Run Macro Dynamics: Economic Growth and Technical Progress
Introduction to International Macroeconomics
Assessment Elements
Test №1
Test №2
Exam
Interim Assessment
Interim assessment (3 module)
0.6 * Exam + 0.2 * Test №1 + 0.2 * Test №2
Bibliography
Recommended Core Bibliography
Бойцова Е. Ю., Вощикова Н. К. - МИКРОЭКОНОМИКА И МАКРОЭКОНОМИКА: АКТУАЛЬНЫЕ ПРОБЛЕМЫ. Учебник и практикум для вузов - М.:Издательство Юрайт - 2019 - 249с. - ISBN: 978-5-534-11175-0 - Текст электронный // ЭБС ЮРАЙТ - URL: https://urait.ru/book/mikroekonomika-i-makroekonomika-aktualnye-problemy-444718
Бланшар О. - Макроэкономика - Издательский дом Высшей школы экономики - 2015 - 671с. - ISBN: 978-5-7598-1242-5 - Текст электронный // ЭБС ЛАНЬ - URL: https://e.lanbook.com/book/100208
Instructor
Rozmainsky, Ivan V.
Course Syllabus
Abstract
Learning Objectives
Expected Learning Outcomes
Course Contents
Assessment Elements
Interim Assessment
Bibliography
Recommended Core Bibliography
Recommended Additional Bibliography