Economics

Garant předmětu:

Aliya Algozhina

Lecturer:

Aliya Algozhina, Petr Makovský

Tutor:

Aliya Algozhina, Petr Makovský

Supervisor:

Institute of Economic Studies

Synopsis:

This course combines selected topics from microeconomics and macroeconomics to give a general view of the main principles in economics working at the household, firm, and country levels. Households maximize their utility by consuming goods and supplying labor to firms. Firms maximize their profit by producing goods and demanding labor from households. Countries are governed to maximize the welfare of their population by maintaining low inflation, high aggregate output, low unemployment, and stabilizing short-run economic fluctuations. The Micro section of this Economics course focuses on consumption choice theory, individual demand function, theory of the firm, demand for inputs, cost minimization and profit maximization, perfect competition, monopoly, and oligopoly. This is taught by Petr Makovský every two weeks: on February 19, March 4, 18, April 15, 29, and May 13 with an exercise session in the same week. The Macro section provides an integrated view of macroeconomic theory by presenting an underlying model developed around a country's goods market, financial market, and labor market instead of being a collection of different macroeconomic models. It distinguishes the short-run and medium-run horizons and extends the baseline closed-economy framework with the open-economy specifics. This is taught by Aliya Algozhina every two weeks: on February 26, March 11, 25, April 8, 22, May 6, and 20, with no exercise sessions.

Requirements:

Each section has its own midterm and/or final written exams and contributes to 50% of a grade. Attendance at lectures is expected to pass successfully the course. Each lecturer at their first class provides more details about their assessment. The final grade is given after summing up all points from both the Micro and Macro sections of this course. Students may improve their grade by taking an oral exam on the Macroeconomics section at the end.

Syllabus of lectures:

Microeconomics section

•Optimal consumption choice theory

•Individual demand function

•Theory of the firm: technology choice, costs, and revenues

•Cost minimization and profit maximization

•Input market, demand for inputs

•Perfect competition, monopoly, and oligopoly

Macroeconomics section

•Aggregate output (GDP), unemployment, and inflation

•Goods and financial markets in a closed economy

•The IS-LM model

•Labor market, the Phillips curve, the IS-LM-Phillips Curve model

•Goods and financial markets in an open economy

•The Mundell-Fleming model, Policy Trilemma, and exchange rate regimes

Syllabus of tutorials:

Study Objective:

The goal is to enable students to analyze the rational behavior of households, firms, and not only past macroeconomic events but also those that unfold in the future by understanding the mechanisms behind main economic concepts.

Study materials:

Blanchard, O. (2021). Macroeconomics. England, Harlow: Pearson Education, 1-539.

Mankiw, G. (2022). Macroeconomics. New York: Worth Publishers, 11th edition, 1-557.

Nicholson, W., & Snyder, C. M. (2014). Intermediate Microeconomics and its Applications. Cengage Learning, 1-648.

Note:

Time-table for winter semester 2023/2024:

Time-table is not available yet

Time-table for summer semester 2023/2024:

	06:00–08:0008:00–10:0010:00–12:0012:00–14:0014:00–16:0016:00–18:0018:00–20:0020:00–22:0022:00–24:00
Mon	roomDEJ:120 12:30–14:00 (lecture parallel1) Dejvice Multimediální
Tue	roomDEJ:301 14:15–15:45 EVEN WEEK (parallel nr.101) Dejvice Jazyková
Wed
Thu
Fri

The course is a part of the following study plans: