OVERVIEW

The course of Economia Politica offers an introduction to the main theoretical and analytical tools used to understand the functioning of contemporary economic systems. The course covers the fundamentals of Microeconomics, with particular attention to the behavior of economic agents, the functioning of markets, and the role of public institutions. In the final part, the course also introduces some topics of Macroeconomics.

Through the analysis of basic theoretical models and examples drawn from current economics, the course aims at developing students' interpretative skills and critical tools useful for understanding real-world economic phenomena.

The course is intended for students that approach the study of economics for the first time and it does not require any prior economic knowledge.

AIMS AND CONTENT

LEARNING OUTCOMES

The course offers the essential tools for understanding the incentives of individual choices of subjects placed in situations of market interaction or strategic interaction.

AIMS AND LEARNING OUTCOMES

The course introduces students to the main concepts and tools of economics, providing the theoretical foundation for understanding the functioning of modern economic systems.

At the end of the course, students will be able to:

• understand the fundamental principles of microeconomics;
• analyze consumer and business behavior;
• interpret the functioning of markets and price-setting mechanisms;
• understand the role of the state in the economy;
• use simple analytical tools to interpret contemporary economic phenomena.

Knowledge and Understanding
Students will acquire knowledge related to:

• supply, demand, and market equilibrium;
• consumer theory;
• production and cost theory;
• market forms;
• market failures;
• state intervention in the economy.

Ability to Apply Knowledge and Understanding

Students will be able to:

• interpret basic economic data;
• analyze simple economic problems;
• use elementary economic models;
• critically discuss current economic phenomena.

Independent Judgment
The student will develop the ability to critically evaluate economic policies and economic and social phenomena.

Communication Skills
The student will be able to correctly use basic economic language.

Learning Ability
The student will acquire the tools necessary for further study in the economic field.

PREREQUISITES

For a profitable attendance of classes, an elementary knowledge of the main concepts of mathematical analysis and the ability to interpret/reproduce two-dimensional Cartesian diagrams may be desirable.

TEACHING METHODS

Teaching is delivered through frontal lectures.

Students with valid certifications for Specific Learning Disorders (SLD), disabilities or other educational needs and having complied with Unige procedures (described here) who need compensatory measures to prepare the exams or during the exams are invited to contact the teacher at the beginning of the course to agree on any teaching methods that, in accordance with the teaching objectives, take into account individual learning styles. For requesting Unige services for students with disabilities and other information, please visit https://giurisprudenza.unige.it/serv_disabili. For further information, please visit https://unige.it/disabilita-dsa and contact the Department's disability liaison officer (isa.fanlo@unige.it).

SYLLABUS/CONTENT

Part One – Concepts and Mechanisms

I. What We Study, and How
1. Economics, Problems, and Solutions
2. A Way of Thinking
3. Principles and Methods of Economic Analysis
4. Economic Policy
5. Levels of Analysis

II. What is a Market?
1. Market
2. Demand
3. Supply
4. Equilibrium

Part Two – Consumers and Firms

III. Constraints and Choices
1. What Lies Behind the Demand Curve?
2. Set of Possible Alternatives
3. Preferences
4. Consumer Choice

IV. Individuals and the Market
1. Quantity Demanded and Changes in Income
2. Quantity Demanded and Changes in Price
3. Income Effect and Substitution Effect
4. Consumer Surplus

V. How Production Is Done
1. Short and Long Run
2. Production
3. Technological Constraints

VI. Firms and Markets
1. Production and Costs
2. Cost Functions
3. How Much and Whether to Produce

Part Three – How Markets Work

VII. Perfect Competition
1. Determinants of Supply and Demand
2. Equilibrium in Perfect Competition
3. Social Welfare
4. How the Market Reacts
5. Elasticity

VIII. Imperfect Competition
1. Market Power
2. Market Forms
3. Welfare

IX. Risk, Uncertainty, and Information
1. Risk and Uncertainty
2. Managing Risk
3. Asymmetric Information

X. Markets and Government Intervention
1. Rules and Taxes
2. Government Intervention and Market Functioning
3. Even the State Has Problems

XI. Factor Markets and Finance
1. Goods and Services, Labor, Capital
2. Labor Market
3. Production Possibilities
4. Time and Savings
5. Speculation and Finance

Part Four – Macroeconomics

XII. Markets in the Economic System
1. Market Interactions
2. National Accounting
3. Aggregate Prices and Production
4. Macroeconomic Trends

RECOMMENDED READING/BIBLIOGRAPHY

Bertola G., Lo Prete, A. (2020), Istituzioni di economia, seconda edizione, Il Mulino (ISBN: 978-88-15-28496-9)

TEACHERS AND EXAM BOARD

LESSONS

LESSONS START

First semester

Class schedule

The timetable for this course is available here: Portale EasyAcademy

EXAMS

EXAM DESCRIPTION

The exam requires passing a written test consisting of three open-ended questions taken from the syllabus material.

ASSESSMENT METHODS

The evaluation of the answers provided to the written exam questions will take into account:

• understanding of theoretical concepts;
• the ability to apply analytical tools;
• the accuracy of economic language;
• the ability to engage in critical analysis.

FURTHER INFORMATION

Attendance, while not mandatory, is strongly recommended given the technical nature of the covered topics. Any updates will be communicated thorough the Aulaweb portal.