OVERVIEW

Political economy has as its object the study of economic phenomena at the micro-economic and macro-economic levels. To do so, the discipline resorts to inductive and deductive methods using theoretical models. These methodological tools provide the analytical foundation for investigations relating to individual choice and social welfare, up to and including public economics and the appropriateness of state intervention in the economy, as well as the analysis of macroeconomic models.

AIMS AND CONTENT

LEARNING OUTCOMES

The course of Economics offers the essential tools required to understand the incentives behind the choices of rational economic agents operating in a certain market.

AIMS AND LEARNING OUTCOMES

The Political Economy course is intended to provide the student with a basic preparation in microeconomics and macroeconomics to assist him/her in the interpretation of economic dynmics and policies. Upon completion of this course the stduent will be able to:

Know the basics of political economy through theoretical models and standard theory;

Understand the behavior of economic agents and the functioning of the economic system;

Apply microeconomic and macroeconomic analytical tools;

Understand the economic mechanisms of markets and public and private organizations;

Explain issues related to markets and economic policies;

Provide an economic explanation of laws and institutions.

PREREQUISITES

To follow the course more profitably, basic knowledge of studying mathematical relationships between variables is considered necessary. The concepts studied by economists can be expressed numerically, economic variables are thus correlated with each other, and graphs are one possible way to describe these relationships between variables. Graphs serve two purposes. First, in the formulation of economic theories they offer a concise, visual representation of theories that is more easily understood than the corresponding analytical expression that resorts to mathematical equations or verbalizations. Second, in the analysis of economic data, they allow us to discover how variables are related to each other in reality.

TEACHING METHODS

The teaching consists of lessons, totaling 54 hours (equivalent to 9 CFU), during which the main microeconomic and macroeconomic models will be presented and analyzed.

Exercises are also planned for exam preparation.

SYLLABUS/CONTENT

1. Microeconomics: The notions of scarcity, the relationship between efficiency and equity, opportunity cost, marginal variation, market economy and the causes of market failure. The circular flow diagram and the production possibility frontier. The market forces of supply and demand. Elasticity and its applications. Demand, supply and economic policies. Consumers, producers and the efficiency of markets. A practical application: the cost of taxation. Externalities. Public goods and collective resources. The theory of the firm: production and the cost of production. Firms in a competitive market, the firm in a monopolistic market, firms in a monopolistic competition market and in an oligopolistic market.

2. Macroeconomics: Measuring a nation's income: the measurement of GDP and its components, real GDP and nominal GDP, GDP and economic welfare. Measuring the cost of living: calculation of the consumer price index. Unemployment: minimum wage laws, unions and collective bargaining, and the efficiency wage theory. The monetary system: the role of central banks and the money supply. Money growth and inflation: the classical theory of inflation and the costs of inflation. Short-run economic fluctuations: The IS and LM model, the aggregate supply and demand model, and the influence of monetary and fiscal policy on aggregate demand.

RECOMMENDED READING/BIBLIOGRAPHY

N. Gregory Mankiw, The Essentials of Economics, latest edition, Zanichelli, Bologna.

The parts of the reference text are the following chapters: 1, 2, 4, 5, 6, 7, 8, 10, 11, 12, 13, 14, 15, 16, 17, 18, 22, 23, 24, 25 and 26. Other teaching materials will be uploaded to the course web classroom platform.

In view of some of the analytical and language difficulties that the discipline presents, assiduous class attendance is recommended.

TEACHERS AND EXAM BOARD

Exam Board

GIULIA BIANCHI (President)

RICCARDO FERMO SOLIANI

FABRIZIO GAZZO (President Substitute)

ALBERTO MARCHESELLI (Substitute)

LESSONS

LESSONS START

I semester starting according to the class schedule approved by the Department Council.

Class schedule

ECONOMICS C

EXAMS

EXAM DESCRIPTION

The exam, with an average duration of 90 minutes, consists of a written test structured as follows:10 multiple-choice tests (10 points) , 2 or 3 open questions also in the form of an exercise (20 points).

A minimum score of 18/30 is required to pass the exam. The lecturer reserves a subsequent oral assessment in case he/she has doubts or reservations about the overall evaluation of the written test.

In order to take the exam, it is mandatory to register by following the relevant computer procedure: without registration, you will not be admitted to the exam. Should the student, once registered, decide not to show up for the roll call, he/she is requested, again informatically, to disregister.

ASSESSMENT METHODS

The examination aims to test the student's actual knowledge and acquisition of the theoretical basics as well as his ability to analyze the economic problems studied. Through general theoretical questions, it will test whether the student is able to:

- identify and define economic concepts using appropriate technical language;

- reason independently using the conceptual models studied.

The student will be expected to demonstrate an understanding of the importance and significance of the topics covered in the teaching of Political Economy by discussing in depth the relevant microeconomic and macroeconomic modeling.

Students who have valid certification of disability or Specific Learning Desorders (DSA) on file with the University may request the use of compensatory measures during the exams (e.g. additional time, concept maps, modifications in the written/oral mode), following the guidelines (p. 5) published here. In any case, for further information, please contact the Department's disability liaison: Isa.Fanlo@unige.it

Exam schedule

FURTHER INFORMATION

Registration on the course's Aula web platform is strongly recommended. That site is designed as a place both for interaction between students and lecturer (there is both a forum and a chat room) and as a repository of various materials that students will be able to draw on freely.

All information relevant to the course and the results of appeals will be indicated there.

Those who have certification of DSA, disability or other special educational needs should contact both the department contact person and the lecturer at the beginning of the course to agree on teaching and examination methods that, while respecting the teaching objectives, take into account individual learning patterns and provide suitable compensatory tools.

Further information is also invited on the webpage:

https://unige.it/disabilita-dsa/studenti-disabilità-informazioni-utili