28557 - Economics

Learning outcomes

This course aims at introducing students to the basic principles of microeconomics and macroeconomics. Starting from the fundamental theoretical models, the course will focus on knowledge useful in interpreting the current debate on the main issues concerning the performance of the Italian and European economic and institutional systems and the main economic policy recipes. The students should be able to understand how development issues can be dealt with in developed as well as developing regions and how to compare these regions in order to assess international cooperation policies. In order to comply to his aim, they should engage in learning the specialized terminology and develop the basic analytical tools.

Course contents

The course programme deals with topics of both micro and macroeconomics.

1. Introduction to the principles of economics
2. Demand and supply of goods and services
3. The elasticity
4. The microeconomics of taxation
5. The behaviour of the rational consumer
6. Introduction to the firm’s theory
7. The microeconomic analysis of production and coasts.
8. The market of perfect competition
9. Monopoly
10. Oligopoly
11. Monopolistic competition
12. Public goods and externalities
13. Introduction to macroeconomics
14. The GDP
15. Income and expenditure. The Keynesian multiplier
16. Aggregate demand and supply
17. The fiscal policy
18. Money and the banking system
19. Monetary policies.

Readings/Bibliography

Krugman P., Wells R., Economics, McMillan Education, 2018, Fifth Edition.

 

Chapters: 1, 2, 3, 4, 5, 6, 7, 8, 10, 12, 13, 14, 15, 16,17, 21, 22, 26, 27

Teaching methods

Learning economics requires the use of minimal analytical instruments, like the capacity to read graphics and to understand simple functions and equations. However, it is important to understand that the course does not require preliminary notions of mathematics. All the notions relevant for understanding the formal concepts (functions, graphics, etc.) are provided in the initial lectures.

Experience suggests that it is highly relevant for success in the exam to regularly attend the lectures and to take the exam soon after the end of the lectures.

Assessment methods

Exam procedure in the period of health emergency

a) Instructions for students who did not attend the lectures

In one of the dates indicated on AlmaEsami the student will you will be able to find on Esami on Line the exam paper. The exam paper will be indicated with Total Exam, date of the exam.

The total exam will be on the whole programme of the course. It will be made up of 20 multiple choice and you will have 25 minutes to complete the test. The test will be available within a time slot of 45 minutes from 9 to 9.45 in the dates indicated on AlmaEsami

For each correct multiple choice you will obtain 1.5 points. No penalty is assigned for either wrong or missing answers

The student will find the exam paper on EOL (Esami On Line). You will find: Total exam – date

Then, if the student passes the exam and accepts the mark she should write me an e-mail telling me that she accepts the mark and if she wants to take the oral part. She has to send me the e-mail, as soon as she completes the written test. If she wants to take the oral part, she has to do it the same day.

If the student refuses the mark she will have to write me an e-mail informing me that she does not accept the mark.

b) Instructions for students who attend the lectures

There are some different situations:

1) The student accepts her marks in both the intermediate test and does not want to take the oral part of the exam

If the student accepts her mark she has to write me an e-mail stating that she accepts the mark resulting from the average of the intermediate tests.

2) The student accepts her marks in both the intermediate test and wants to take the oral part of the exam

The student should REGISTER ON ALMA ESAMI only for the oral part and NOT for the written part. The student should inform me with an e-mail that she is going to take the oral exam.

3) The student refuses the mark in one of the two intermediate tests.

First of all, the student should write a mail where she states that she refuses the mark in one of the two intermediate test. Please, specify which mark is refused. Then she can retake the intermediate test in one of the official exam dates: (3^rd of June, 19^th of June and 16^th of July).

The first or the second intermediate tests can be found on Insegnamenti on line (IOL). You will find: Retake exam- First Intermediate test – date and Retake exam- Second Intermediate Test – date. The tests will be available starting from 9.00 to 9.27 and you will have 20 minutes to complete the test. The structure of the exam paper will be the same as that of the past intermediate tests.

Of course, if the student does not inform me about her refusal of her mark, only the most recent mark will be considered as valid.

Then if the student passes the written exam and accepts her mark she should calculate her average and write me an e-mail stating that she now accepts the mark, resulting from the average of the two intermediate test. She also has to specify if she wants to take the oral part. The student should send me an e-mail, as soon as she completes the written test. If the student wants to take the oral part, she has to do it the same day.

If the student decides to take the oral part I will send her a mail informing at what time the student will be able to do it. The oral part will be on the same day and will be administered through Windows Teams.

If the student refuses the mark she will have to write me an e-mail informing me that she does not accept the mark

The exam is intended to verify the achievement of the following learning objectives:

• knowledge of the main micro-and macro-economic models and the main topics of national accounts discussed during the lectures
• ability to use these tools in order to interpret the debate on the functioning of the Italian and European economic systems and the main economic policy proposals
• understanding of the main problems of economic development, in the less developed regions of economically advanced and developing countries, and of the principles of comparison needed to evaluate the measures of international cooperation
• ability to orient in the use of basic bibliographic tools, knowing the terminology and methods used in the economic analysis, the methods of argumentation and critical approach to the texts.

Assessment of the oral exam

1 limited knowledge of most of the topics discussed in the lectures. Correct use of specialistic language. 18/20

2 Sufficient knowledge of most of the topics analysed in the lectures. Sufficient ability to connect between the various topics. Correct use of specialistic language. 21-24

3 Good knowledge of the topics and good capability to discuss autonomously complex connections. 25-29

4 Outstanding knowledge of the topics and and excellent ability to connect the existing relationships among the various topics

 

Exam procedure before the health emergency

The examination consists of two parts (a written test and an oral examination) that are to be completed within the same exam session and provides an assessment of the students on a 30 marks basis. In order to take the oral exam, and achieve the final grade, students must pass the written test with a minimum score of 18/30.

In the written test students must answer three types of questions: multiple choice questions; questions true or false, open-ended questions with a limited number of words.
In the oral examination students will answer questions about their mistakes in the written test, about the final parts of the program and about those parts of the program that the students will have to prepare depending on the number of CFU and depending on whether they are attending or not attending the lectures (see below).

The examination program for students attending the course is different from that for non-attending students. Are considered as attending those students who:
(a) will be enrolled in the relevant mailing lists;
(b) will take the written test reserved for them and will pass it;
(c) will be able to answer questions relating to specific issues/topics addressed during the course;
(d) will take the oral test in the session immediately after the end of the lessons.
Only those students who will take this written test and will attend the remaining part of the course will benefit from reductions in the examination provided for students attending.
Not attending classes is therefore counterproductive, while a frequency and careful study "time-to-time" are the best strategy to deal with the examination papers.

Students not attending the course who have taken and not passed at least four written tests, on an exceptional basis and with the approval of the lecturer, could access the oral test. However, written tests are not considered if open-ended questions are not answered. The possibility to take advantage of this opportunity is closely linked to the proper execution of the following procedures. After accumulating at least 4 written insufficient written tests: (1) the student must contact the lecturer via e-mail, indicating the exact dates (day / month / year) of the last 4 exam session in which he advocated the written test without success, and making a request to access to the oral test if the written one proves again insufficient; the lecturers, after having considered the responses to the questions in the tests reported, may authorize the student to take the oral exam, (2) the student is still required to register and regularly take the written test, (3) the admission to the oral test does not involve any form of "discount" on the program.

Integration of credits. Students transferred from other universities or students who need to integrate credits for the course in Economics are required to observe the following rules. The general rule is that students must be prepared on the parts not included in the programs of the exams already taken elsewhere. Before the exam, the student is required to report his case via e-mail or in person. Unless stated otherwise, the integration are related to the following rules:
i) 1-2 credits:
Exam: only oral test;
Mark: pass;
Chapters to be studied: if the syllabus of the previous exam is intensive of macroeconomics, Chapter 3; if the syllabus of the previous exam is intensive of microeconomics, Chapter 21
ii) 3 credits:
Exam: written and oral test
Mark: out of 30
Chapters to be studied: Chapter 3, Chapter 10
iii) 4 credits or more:
Exam: written and oral test
Mark: out of 30
Chapters to be studied: Chapter 3, Chapter 10, plus integration to be agreed with the lecturer upon presentation of the content of the examination already taken.

No pre-entry courses are required.

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Teaching tools

Students are warmly recommended to indicate either during the lectures or through e-mail possible problematic sections of the programme. In office hours the sections of the programme that have not been properly understood can be further explained.

The site http://www.core-econ.org is rich in useful learning resources for a better understanding of the topics discussed in the lectures. These resources will be pointed out during the classes.

Office hours

See the website of Giovanni Guidetti