- Docente: Fabio Nuti Giovanetti
- Credits: 9
- Language: Italian
- Teaching Mode: Traditional lectures
- Campus: Bologna
- Corso: Single cycle degree programme (LMCU) in Law (cod. 0659)
Learning outcomes
No previous knowledge is required.
Course contents
In general terms, the course covers the following topics:
A) The Market: Definition - Historical overview about the origins and development of market societies di mercato - Market and non-market goods - Interdependence - Uncertainty
B) MICROECONOMICS
Production and Cost Theory: the inputs of the production process; causes behind productivity; economies & diseconomies of scale; short- and long-run costs; producer's equilibrium; genesis of supply curve; the firm and its modern developments.
Consumer Theory: consumer's equilibrium; consumer's choice theory (normative & descriptive); in particular: cognitivist approach; roile of advertising.
Demand Theory: the demand curve; elasticity; index-numbers of citizen's well-being.
Firm Theory: market equilibrium & disequilibrium; perfect competition; monopoly; natural monopoly; monopolistic competition; oligopoly; anti-trust law.
Market Failures: public goods; common goods; externalities; Coase's Theorem; information asymmetry; adverse selection; experience goods.
The Market and the State: the role of the State in the economy; the Welfare State; liberalization; privatization; regulation & de-regulation.
C) MACROECONOMICS
Basic Notions of National Accounting: Gross Domestic Product: definition & components; how GDP is calculated (the Value Added Method); Gross National Product; National Income; Aggregate Expenditure.
Macroeconomic equilibrium and the Full Employment Concept: Neo-Classical and Keynesian approaches; Public Expenditure; The Multiplier Relationship.
State Budget and the Debate over the Public Debt: the State Budget; deficit and debt; consequences of excessive Public Debt; how to limit the Public Debt; the Maastricht Agreement
Money and Banking : money (definition and historic development); the stock of money ; banks (origins, development, current features); commercial & merchant banks; the Central Bank; monetary policy; gold (past and present).
Inflation: hyper-inflation; theories of modern inflation.
The Labour Market: basic statistical definitions; unemployement (theories and policies); flexibility in the Labour Market.
Foreign Trade: Ricardo's principle of Comparative Advantages; the balance of payments; protectionism; terms of trade; depreciation and devaluation; The European Union.
The Distribution of Income. Economic Justice. Fairness.
Financial Crises: the Stock Exchange; speculative bubbles and how they grow and explode; the 2007-2009 international Crisis; the 2011-12 crisis
Readings/Bibliography
The content of all the lectures of the course is reproduced in the e-book
F. Nuti Giovanetti: CORSO DI ECONOMIA POLITICA
by Giappichelli Publishing House; the text can be downloaded from www.giappichelli.com
Assessment methods
The examination is made up of two parts: (a) a written test about Microeconomics, and (b) an oral one, about Macro. The written test is generally composed of both multiple choice and open questions. The scores obtained in the written test are communicated via AlmaEsami. In order to be admitted to the oral part of the exam, students are supposed to get al least a score of 15/30. Candidates are reuired to enlist through AlmaEsami before the deadline. Failing to do so will result in the inability to take the test. Whenever a problem arises, students are invited to contact the teacher timely via e-mail.
Teaching tools
See 'Testi'
Links to further information
Office hours
See the website of Fabio Nuti Giovanetti