ECONOMICS M - Z

Knowledge and understanding
The course aims to illustrate the basic operating rules of modern economic systems. In particular, it shows the role of the market as a set of rules and institutions designed to govern the process of resource allocation. In this framework will be studied the behavior of the elementary units such as households and firms (microeconomics), but also the behavior of aggregates of households and enterprises (macroeconomics). The results achieved by the economic object of study will be subjected to a judgment in order to ascertain whether the particular allocation of resources is achieved in the given circumstances, the best possible (welfare economics).
Applying knowledge and understanding
The knowledge acquired by the learner will enable them to understand the fundamental models for study both microeconomic and macroeconomic analysis. The student must also be able to evaluate and compare the different models in the light of the ability of these to interpret the contingent situation.

Lectures, participatory and interactive classes, peer-instruction, peer-studying and peer-assessment platforms. In addition, exercises, analyses and discussions of data, facts and institutional interventions on current economic issues. Should teaching be carried out in mixed mode or remotely, it may be necessary to introduce changes with respect to previous statements, in line with the programme planned and outlined in the syllabus.

Institutional part: Economics and the economy. Tools of economic analysis. Demand, supply and the market. Elasticities of demand and supply. Consumer choice and demand decisions. Firms and supply theory. Perfect competition and monopoly. Imperfect competition: Natural monopoly and monopolistic competition. Oligopoly. Resources market, labour market. Information and risk. Introduction to the normative economics. Industrial policy, natural monopoly and competition policy. The economics of the public sector. Introduction to macroeconomics. GDP and aggregate demand (income-expenditure model or Keynesian model). Fiscal policy and foreign trade. Money and monetary policy. Monetary market and commodities market (IS-LM model). Aggregate supply, prices and adjustments due to shocks (AD-AS model). Inflation, expectations and credibility. Unemployment. Exchange rates and the balance of payments.

Special part: The debate on economic theory.

A) For the institutional part: Begg D., Vernasca G., Fischer S., Dornbusch, R. (2018), Economia (VI edizione), McGraw-Hill, Milano.

B) For the special part: Lunghini G. (2012), Conflitto crisi incertezza. La teoria economia dominante e le teorie alternative, Torino, Bollati Boringhieri.