Political Economy 2102-ANG-L-D1POEC

Topics covered:
1. Introduction to Economics & Political economy
a. Basic concepts & principles
b. Elements of history of economic thought
2. State and the economy (October 16)
a. Different types of economic systems
b. Economic liberalism & interventionism
c. Social market economy & welfare state
3. Microeconomics: Supply & demand
a. Introduction to supply & demand
b. Concept of elasticity & its application
c. Government policies towards prices
4. Microeconomics: Market organization
a. Perfectly competitive markets
b. Imperfect competition
5. Microeconomics: Production factors
a. Land
b. Labour
c. Capital
6. Macroeconomics: Key concepts of macroeconomics
7. Macroeconomics: Economics of the public sector
8. Macroeconomics: National accounts
9. Macroeconomics: Economic growth & development
10. Macroeconomics: Business cycles and stabilization policies
11. Money and finance
12. Fiscal policies
13. Global economy

Type of course

obligatory courses

Mode

Classroom
Blended learning
Remote learning

Prerequisites (description)

The course aims to familiarize students with the basic topics in microeconomics and macroeconomics (inclusive elements of economic policy), as well as to develop the ability to analyze contemporary economic problems. Students will gain knowledge about the functioning of the market and its participants, with special emphasis on topics related to the role of the state in the economy.

Course coordinators

Marian Haliżak

Learning outcomes

On completion of the unit students should be familiar with:
✓ basic concepts in micro- and macroeconomics
✓ elements of economic thought and history
✓ current policy debates in contemporary macroeconomics
✓ basics of monetary & fiscal policies, and their implications for the functioning of national economies
✓ role of governments in economic systems
✓ theoretical and practical aspects of economic intervention

Assessment criteria

1. Exam: 40-minute written exam – 70 % of total mark, multiple choice + discussion questions;
2. Coursework: active participation in seminars – 30% of total mark (inclusive preparation of a weekly press review), 2 absences during semester allowed.

Practical placement

Non-applicable.

Bibliography

✓ Samuelson, P., Nordhaus, W., Economics, McGraw-Hill Education
✓ Mankiw, N., Principles of Economics, South-Western College Pub
✓ Mankiw, N., Taylor, M., Economics, Cengage Learning EMEA
✓ Acocella, N., Jones, B., Economic Policy in the Age of Globalisation, Cambridge Univeristy Press 2005;
✓ Stiglitz, J.E., Economics of the Public Sector, W.W. Norton & Co 2000.

Additional information

Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system:

Description of 2102-ANG-L-D1POEC in USOSweb