Content (Syllabus outline)

  1. Selected chapters of microeconomics:
  • Economics of production, theory of costs: production function (CobbDouglas); cost curves; short-run and long-run; optimizing resource allocation; supply (firm-level, sector-level; short-run and long-run equilibrium.
  • Neoclassical theory of Demand and Supply: preferences; indifference curves and utility function; temporal analysis of demand (Slutsky); price volatility, parity.
  • Analysis of General Equilibrium: Pareto efficient allocation of resources; market equilibrium and efficiency; welfare economics.
  • Noncompetitive market structures: causes, price formation in non-competitive markets; welfare effects
  1. Selected chapters of macroeconomics
  • Inflation: price trends and shocks, inflation and unemployment (Phillips curve), inflation and macroeconomic policy.
  • Labour: human capital, returns on training; incentives in the labour market; frictions and monopsony, unemployment, policies for unemployment reduction.
  • National accounts: the interdependence of economic flows, the measurement of economic growth, social accounting matrix and IO tables.
  • Fiscal and monetary policy.
  1. Selected chapters of Natural Resource Economics:
  • Economics of natural resources, renewable and nonrenewable resources
  • Externalities and public goods: the valuation methods, the management of externalities and public goods (ownership and management rights, the state), the effects of public policies and their evaluation.

Prerequisites

1) Prerequisites for inclusion in study process:

- Enrolment in the corresponding year of the study programme.

 

2) Formative coursework and assessment:

a) Two written seminars

b) Written exam