- Docente: Fabio Nuti Giovanetti
- Credits: 8
- SSD: SECS-P/01
- Language: Italian
- Teaching Mode: In-person learning (entirely or partially)
- Campus: Bologna
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Corso:
Single cycle degree programme (LMCU) in
Law (cod. 0659)
Also valid for Single cycle degree programme (LMCU) in Law (cod. 0659)
Course contents
In general terms,the course covers the following topics:
A) The Market::.Definition -Historicaloverviewabout theoriginsand development ofmarketsocieties di mercato -Market and non-market goods - Interdependence - Uncertainty
B) MICROECONOMICS
Production and Cost Theory:the inputs of the production process;causesbehind productivity; economies & diseconomies ofscale; short- and long-run costs;producer's equilibrium;genesis of supply curve;the firm and itsmodern developments.
Consumer Theory:consumer's equilibrium;consumer's choice theory(normative& descriptive); in particular: cognitivist approach;roile of advertising.
Demand Theory: the demandcurve; elasticity;index-numbers of citizen's well-being.
Firm Theory: market equilibrium &disequilibrium;perfect competition; monopoly; naturalmonopoly;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 and Definitionsof National Accounting:Gross Domestic Product: definition& components; how GDP is calculated(the Valie Added Method);Gross National Product;National Income;Aggregate Expenditure. Macroeconomic equilibrium andtje Full Employment Concept: Neo-Classical andKeynesian approaches;Public Expenditure; The Multiplier Relationship.
State Budget and the Debate over the Public Debt:the State Budget;deficit anddebt; consequences of excessive Public Debt; how to limit the Public Debt; the Maastricht Agreement
Money and Banking : money (definitionand historic development); money stock;the banks (origins, development, current features);the Central Bank; monetary policy; gold (past and present).
Inflation: hyper-inflation;theories of modern inflation.
TheLabourMarket: basic statistical definitions; unemployement (theories and policies);flexibility in the Labour Market. ForeignTrade: Ricardo's principle of Comparative Advantages;the balance of payments; protectionism; terms of trade; depreciation and devaluation.
FinancialCrises: the Stock Exchange;speculative bubbles and how they grow and explode;the 2007-2009 international Crisis; the 2011-12 crisis
Readings/Bibliography
The content ofall the lectures of the courseisreproduced in the e-book
F. Nuti Giovanetti: CORSO DI ECONOMIA POLITICA
by GiappichelliPublishing House; the textcan be downloaded from www.giappichelli.com
Teaching tools
See 'Testi'
Office hours
See the website of Fabio Nuti Giovanetti