Předmět Public Policy: An Economic Perspective (HASC2)

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Sylabus

ERASMUS Public Policy: an Economic Perspective Lecturer: Ing. Helena Chytilova, M.A., Ph.D. Course DescriptionThe course aims to provide students with basic knowledge of economic issues and economic principles. It studies behaviour on the part of consumers and firms, how markets work, market efficiency and market failure, public policy issues such as taxation, trade policy,the problems of unemployment, inflation, and economic growth, and the instruments of monetary and fiscal policy.  Student Learning OutcomesUpon completion of this course, students will be able to:Understand basic economic concepts Understand the role of economics in public and private decision-makingUnderstand effects of economic policiesUse this knowledge in everyday business-law dealings to make more effective decisions Course ScheduleMICROECONOMICSI. Homo Oeconomicus and its Behaviorprinciples of economics, consumer choice, market demandproducer choice, specialization and comparative advantagesupply, demand and market equilibriumII. Government Regulationstate price interventions, taxes and subsidiesmonopoly, regulation, cartels, antitrust lawIII. Market for Factors of Productionlabor demand, labor supply, equilibrium wage, minimum wage laws, trade unions and unemploymentcapital markets and the interest rate, usury lawsIV. Market Failuresproperty rights, externalities, transaction costs, Coase theorem, free common resources, free goods, public goods, free rider problemMACROECONOMICSV. Measuring a Nation´s IncomeDomestic product, price index, aggregate expendituresVI. Economic Growthproductivity, physical and human capitalVII. Money and Inflationmoney, money supply and state monopoly over money creation, money demand, inflation, nominal and real interest rateVIII. Open Economy and Trade policyexport, import, exchange rate, flows of capital, international trade regulationsIX. Business Cycle and Macroeconomic Regulationaggregate demand and aggregate supply model, monetary policy, fiscal policy, Phillips curve, short run and long run Selected Readings:Mankiw, G. N., Principles of Economics, 2004, Mason: Thomson, course book, (a different edition may also be used)Becker, G., Nobel lecture, The Economic Way of Looking at Behavior, Journal of Political Economy, Vol. 101, No. 3, Jun., 1993, pp. 385-409, (Section I.).Smith, A. an Inquiry into the Nature and Causes of the Wealth of Nations, Chapter 1 (pp.10-17), an Electronic Classics Series Publication, Jim Manis, Editor, PSU-Hazleton, Hazleton, PA 18202, Pennsylvania University, 2005, (Section I.) Coase, R.H., The problem of Social Cost, Journal of Law and Economics, Vol. 3, Oct., 1960, pp. 1-44, (Section IV.)Acemoglu, D., Robinson, J., The Making of Prosperity and Poverty, Chapter 3, in book: The Origins of Power, Prosperity and Poverty, Why Nations Fail? Crown Business; Reprint edition, Sep. 17, 2013, ISBN-13: 978-0307719225, (Section VI.).Friedman, M., Friedman, R., The Anatomy of Crisis, The Journal of Portfolio Management Fall 1979, Vol. 6, No. 1: pp. 15-21, (Section IX.). Assessment and Course RequirementsScore on final written exam will determine 100% of the final grade in this course.Minimum requirement for passing the course is 60% and grades will be assigned according to the following table:1 Excellent (90 - 100 %)2 Very good (75-89%)3 Good (60-74%)4 Insufficient (0-59%)The final test is based on lectures and readings, (see the syllabus).Understanding of acquired concepts and theories is tested. Questions are inspired byMankiw’s coursebook, "Questions for Review" and "Problems and Applications" (at the end of each chapter). In addition, students are expected to have completed assigned readings before particular session. General Requirements and School PoliciesAttendance is required.If students miss more than 40% of the classes for this course, they cannot be registered for the final exam and grade "insufficient" automatically applies. Excuses: a make-up exam is allowed only if a valid excuse and proper confirmation is submitted to the office explaining why the student could not attend the originally scheduled exam. The following are not acceptable excuses: scheduled flights or trips, scheduled non-emergency doctor appointments, job interviews, etc.