Principles of Economics
Main language of instruction: English
Other languages of instruction: Catalan, Spanish
| Sem.1 | MO | 17:00 19:00 | b503 | |
| Sem.1 | WE | 17:00 19:00 | b503 |
Head instructor
Dr. Pablo AGNESE - pagnese@uic.es
Office hours
- Pablo Agnese (pagenese@uic.es)
Office hours: At any time, having contacted previously by e-mail.
- Juan Antonio Astorga (jastorga@uic.es)
Office hours: At any time, having contacted previously by e-mail.
This course aims at providing law students with the main concepts of Economics and Business. The assimilation of these notions permits students to better understand other subjects included in their curriculum, especially those related with the financial and economic environment and with the public sector.
There are not previous requirements.
The purpose of this subject is making the students familiar with the manner in which markets and economies operate. The course deals with some of the most important economic topics adopting the usual approach that economists apply to the study of economic facts and policies. The program addresses the main issues drawing the attention of policy-makers nowadays, and stresses the issues linked to the field of public economics.
Part I. Main Macroeconomic Concepts
Chapter 1. Main Economic Issues
1.1. The economic way of thinking.
1.2. The circular flow and the theory of income.
1.3. Macro-magnitudes and their calculation.
Chapter 2. The Monetary System
2.1. Nature and origin of money.
2.2. Financial accounts and banking system.
2.3. Amount of money, inflation and the CPI.
Chapter 3. Labour Market and Unemployment
3.1. Population groups in the labour market.
3.2. Concept, types and size of unemployment.
3.3. Labour market and per capita income.
Chapter 4. Growth and Economic Development
4.1. Growth and distribution of wealth.
4.2. Population and development.
4.3. The role of institutions in economics.
Part II. Firms, Markets and Intervention
Chapter 5. Theory of the Firm and Competitive Markets
5.1. Consumers and the concept of demand.
5.2. Opportunity cost and the supply of goods.
5.3. Price setting and market equilibrium.
Chapter 6. Market Power and Regulation
6.1. The effect of price controls, taxes and subsidies.
6.2. Market power and price discrimination.
6.3. Social costs of the Monopoly.
Chapter 7. Externalities and Public Goods
7.1. Positive and negative externalities.
7.2. Market failures and public goods.
7.3. Public choice theory.
Part III. Issues on Economic Policy
Chapter 8. Economic Policy Debates
8.1. Goals and instruments of fiscal and monetary policies.
8.2. Alternative perspectives on stabilization policy.
8.3. Current debates on economic policy.
Chapter 9. Open Economy and International Trade
9.1. The gains from trade and competitive advantage.
9.2. Reasons for protectionism.
9.3. Balance of payments and exchange rate.
Chapter 10. Financial Sector and Global Crises
10.1. Events leading to the great recession and policy intervention.
10.2. Bank behaviour, credit crunch and business cycles.
10.3. Cryptocurrencies and the future of the financial system.
| TRAINING ACTIVITY | COMPETENCES |
| Presenting concepts and their practical application in the classroom | 27 31 |
| Classroom activities in order to follow up on students (both individual and in a group) | 10 27 29 |
| Student independent study | 11 12 27 28 29 31 |
| Individual and group projects | 10 11 12 27 28 |
| Tutorials | 12 |
Textbook:
– Gregory Mankiw (2016), 8th edition, “Principles of Economics”. South-Western College Pub. (ISBN-13: 9780538453059. Previous editions are also valid). There is also a Spanish version: (2017), 7th ed.: «Principios de Economía». Ed.: Cengage Learning. ISBN13: 9781305585126.
Other References: