OVERVIEW

Political Economy aims at studying economic phenomena both at the individual level (microeconomics) and at the aggregate level (macroeconomics). The discipline uses inductive and deductive methods based on the construction of abstract theoretical models. These methodological tools represent the analytical foundation for analyzing individual choices, social well-being, public economy, the opportunity of a possible intervention of the State on the economy, as well as economic policies.

AIMS AND CONTENT

LEARNING OUTCOMES

The course of Political Economy offers the essential tools required to understanding the incentives underlying the choices of rational economic agents who find themselves operating in a certain market or in a situation of strategic interaction.

AIMS AND LEARNING OUTCOMES

The course of Political Economy offers the essential tools required to understanding the incentives underlying the choices of rational economic agents who find themselves operating in a certain market or in a situation of strategic interaction.

The course of Political Economy intends to offer the basic notions of microeconomics and macroeconomics by highlighting their practical applicability to current economic issues. Special attention will be paid by the teacher to the aspects of the discipline that lead to a better knowledge of the institutional mechanisms underlying national and international economic policy. At the end of the course, students will be able to have their own orientation within the current economic debate and will have developed a broad awareness of the limits of the discipline. The acquisition of the main tools exploited by the economic theory, will allow students to carry out independent research and analyze current economic events from a new perspective and with greater discernment.

PREREQUISITES

In order to attend in the most profitable way the course of Political Economy, a basic knowledge about relations between algebraic variables strictly necessary. The concepts studied by economists can be often conveyed in numerical form and economic variables can be illustrated by means of graphs (or Cartesian diagrams) which are the main tools for analyzing their patterns. Graphs and diagrams serve mainly two purposes. First, in the formulation of economic theories they offer a synthetic and a visual representation of the theoretical frameworks taken into consideration, which is usually more easily understood than the corresponding analytical expressions that instead relies on systems of equations. Moreover, in the analysis of economic data, graphs allow students to highlight how economic variables are correlated with each other and establishing their temporal trend.

TEACHING METHODS

The course is given through lectures, for a total of 54 hours (equal to 9 CFU), during which the main microeconomic and macroeconomic models will be presented and analyzed.

SYLLABUS/CONTENT

Part 1: Concepts and mechanisms

I. The things we study and how we do it

II. What is a market?

Part 2: Consumers and firms

III. Constraints and choices

IV. People and the market

V. How to produce goods

VI. Firms and markets

Part 3: How markets work

VII. Perfect competition

VIII. Imperfect competition

IX. Risk, uncertainty and information

X. Market and public intervention

XI. Factor markets and finance

Part 4: Macroeconomics

XII. Markets in the economic system

XIII. Expenditure flows and money market

XIV. Growth, progress and crisis

RECOMMENDED READING/BIBLIOGRAPHY

Bertola G., Lo Prete, A. (2020), Istituzioni di economia Second Edition, Il Mulino 

The teacher will eventually provide further readings during the course.

TEACHERS AND EXAM BOARD

Exam Board

MARTA SANTAGATA (President)

ANNA BOTTASSO

MAURIZIO CONTI (Substitute)

LESSONS

LESSONS START

I semester from September 14th to December 4th 2020
II semester from February 15th to May 7th 2021

Class schedule

ECONOMICS A

EXAMS

EXAM DESCRIPTION

With regard to the educational objectives set, the verification of the acquisition of knowledge by the students will be carried out at the end of the course through an oral test. Depending on the number of students attending, written tests may also be scheduled, the results of which may replace all or part of the oral exam.

ASSESSMENT METHODS

Both the written and the oral test aim at verifying the students’ skills and the acquisition of the basic theoretical notions addressed during the course. Through the answers given to general questions, it will be verified whether students are able to:

- identifying and defining economic concepts using the appropriate technical language;

- reasoning in an independent manner by using the conceptual models studied during the course.

During the oral test, addressed to non-attending students, a plurality of questions will be raised by the exam committee with the aim of assessing the proper understanding of the topics collected in the syllabus of the course. After the written test, aimed at attending students, the exam committee will evaluate the understanding of the topics covered during the lectures.

In general, students will have to demonstrate that they understood the importance and the meaning of the various topics covered in the course of Political Economy by discussing microeconomic and macroeconomic models.

Exam schedule

FURTHER INFORMATION

Attending the course of Political Economy is not compulsory. However, given the technical contents of the discipline, attending the lectures is strictly recommended.