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Economic Theory

2020/2021
Academic Year
ENG
Instruction in English
6
ECTS credits
Course type:
Elective course
When:
1 year, 3, 4 module

Instructors

Course Syllabus

Abstract

The course “Economic Theory” is aimed at the freshmen of the undergarduate programme in Political Science & World Politics with an introductory background in economics. The course contains 19 lectures (38 hours) and 20 seminars (40 hours). Lectures cover all the topics from both micro- and macroeconomics. The first part includes consumer behavior models and demand functions, costs taxonomy and supply functions, firm behavior under various market organizations such as perfect competition, oligopoly, monopolistic competition, and monopoly. In addition, the micro- part includes policy-related topics such as social welfare, public goods and politics analysis using political economy. The second part includes topics of economic growth and business cycles, unemployment and inflation, monetary and fiscal policies, exchange rates and international trade. All the topics are considered from the perspective of their relevance for a potential agenda for policy makers. While lectures provide students with the theory, some technical details are left for self-study of students with the use of the presentations and literature. Seminars involve solving applied tasks with the use of simulated and real data.
Learning Objectives

Learning Objectives

  • Student is capable of executing applied analysis of the economic phenomena and processes - by using economics methods - and in support of practical decision-making process.
Expected Learning Outcomes

Expected Learning Outcomes

  • Able to learn and demonstrate understanding fundamentals of economic theory in its main parts of microeconomics and macroeconomics.
  • Able to discuss economic, social, and political topics using relevant economics models and tools of analysis. Have skills in using economics means of visualization like plots and graphs.
  • Work with information: find, define and use the relevant economics-related information from different sources which required for solving of research and professional problems (including the system approach)
  • Have skills in using economics means of visualization like plots and graphs
  • Capable of determining, collecting, and processing economics-related information from various sources
  • Capable of analyzing data relevant for decision-making in the professional field
  • Able to perform an applied analysis of the economic phenomena from the perspective of economic theory
Course Contents

Course Contents

  • Consumer behavior and demand
    The first part includes consumer behavior models and demand functions, costs taxonomy and supply functions, firm behavior under various market organizations such as perfect competition, oligopoly, monopolistic competition, and monopoly.
  • Costs and production
  • Perfectly competitive markets
  • Imperfect competition
  • Oligopoly
  • Factor markets
  • Market failures
  • International trade
  • State and economic performance
  • Macroeconomic indicators
  • Economic development
  • Business cycles
  • Unemployment and inflation
  • Open-economy macroeconomics
  • Macroeconomic policies
  • Economic growth
    The second part includes topics of economic growth and business cycles, unemployment and inflation, monetary and fiscal policies, exchange rates and international trade.
Assessment Elements

Assessment Elements

  • non-blocking In-class Participation (seminars)
    20% comes from the students’ work in class during the DGs (which, of course, includes the assessment of their quantitative and qualitative contribution to the discussions, etc.).
  • non-blocking Test 1
    Tests contain 5 problems to be solved in 75 minutes. These problems are based on the class materials (lectures and mandatory readings for the DGs) for each topic. The grade for each problem is calculated as a number of points obtained for all correct answers (one correct answer equates to 2 points).
  • non-blocking Test 2
    Tests contain 5 problems to be solved in 75 minutes. These problems are based on the class materials (lectures and mandatory readings for the DGs) for each topic. The grade for each problem is calculated as a number of points obtained for all correct answers (one correct answer equates to 2 points).
  • blocking Exam
    The exam adds the last 40% to the overall grade. The exam lasts 1 hour 20 minutes and include multiple choice quizzes, open questions, and quantitative problems.
Interim Assessment

Interim Assessment

  • Interim assessment (4 module)
    0.4 * Exam + 0.2 * In-class Participation (seminars) + 0.2 * Test 1 + 0.2 * Test 2
Bibliography

Bibliography

Recommended Core Bibliography

  • Economics, Samuelson, P., Nordhaus, A., 1992

Recommended Additional Bibliography

  • Ivan V. Rozmainsky. (2018). Reflections about the Book by A. S. Skorobogatov “Society as a Contract Between the Strong and Week. Essays on Economics of History” (M.: HSE Publishing House, 2018). Žurnal Institucionalʹnyh Issledovanij, 10(3), 180–192. https://doi.org/10.17835/2076-6297.2018.10.3.180-192
  • Paul L. Heyne, Peter J. Boettke, & David L. Prychitko. (2013). The Economic Way of Thinking: Pearson New International Edition. Pearson.