00256 - Economics

Learning outcomes

Through the course, attendants will learn the basic concepts of Microeconomics (i.e., economic behaviour and role of consumer, workers and firms, the main features of different kinds of markets, and so on) and Macroeconomics, namely, behaviour and interrelations of fundamental economic aggregate magnitudes, at both national and international level.

In particular, students are encouraged to tackle the issues concerning the economic policies of modern countries. They will master the basic terms and methodological assumptions behind the main economic schools,  how they deal with the most relevant current economic problems and which solutions they suggest.

Course contents

1) In the FIRST PART, which has introductory nature, basic concepts needed for the following part of the program are introduced. By and large, these concepts correspond to traditional Micoreconomics. They are to be found in the relative part of the textbook. Their knowledge is to be taken as given, and is not subject to formal examination.

2) The SECOND PART is devoted to Macroeconomics.

The issues to be covered are:

1. NATIONAL ACCOUNTING: GNP (definition, measure, problems), NNP, National Income, Added Value, Expenditure.

2) NATIONAL INCOME: Neo.Classical and Keynesian theories. The multiplier.

3. MONEY AND BANKING: definition and origin of money; commodity-money theory and its refutations; gold; Birth of modern banking and paper money; Central banks; stock of money; liquidity; Gold Standard; Gold Exchange Standard; fiat money; commercail vs. investment banks; late XX century transformations 

4. THE STATE, ITS ROLE, EVOLUTION AND CURRENT PROBLEMS: the role of the State in the economy and in society, yesterday and today; the Welfare State , the State as entrepreneur; the budget of the State; public expenditure; taxes; public debt (origins and ends; constraints; debates; sovereign default)

5. INFLATION. Definitions; effects; theories about its origin; indexation; hyper-inflation

6. LABOUR. Statistical glossary: workforce, unemlployed etc; contrasting theories about mass unemployment; labour flexibility;productivity.

7. INTERNATIONAL TRADE AND BALANCE OF PAYMENTS. The principle of comparative advantages; Protectionism and its instruments; balance of payments; fixed- and flexible-exchange ratios.

8. INCOME DISTRIBUTION AND ECONOMIC FAIRNESS. Income distribution throughout Economic thinking; the Neo-Liberist view and its rejoinders; inequality and its economic consequences.

9. FINANCE AND THE 2008 WORLD CRISIS. Finance; the Stock Exchange; speculation; bubbles; the derivative contracts; the subprime bubble; securisation; other important facts in the deployment of the 2008 world crisis.

10. THE 2011 CRISIS AND TODAY'S PROBLEMS. The sovereign debts crisis; the European Union; the Greek crisis; Italy; austerity.

 

Readings/Bibliography

Fabio Nuti Giovanetti. Controcorso di economia politica. Ed. Bonomo-Cedam, 2008.

Teaching methods

Lectures

Assessment methods

The final examination will consist of a single colloquium, covering the Whole of the program.

The first aim of the colloquium is to test the ability of the student to master and explain the basic notions dealt with during the course. Furthermore, the student is supposed to be able to establish logical connections among the different parts of the program, so that he may get a satisfactory understanding of the main current economic problems.

Office hours

See the website of Fabio Nuti Giovanetti