VS24VK030 Economic Style of Thinking

Faculty of Public Policies in Opava
Winter 2024
Extent and Intensity
10/0/0. 4 credit(s). Type of Completion: zk (examination).
Teacher(s)
doc. ing. Pavel Tuleja, Ph.D. (lecturer)
Guaranteed by
doc. Ing. Pavel Tuleja, Ph.D.
Institute of Public Administration and Social Policy – Faculty of Public Policies in Opava
Contact Person: Ing. Lucie Kamrádová, Ph.D.
Prerequisites
Basic knowledge of economic theories: Students should have a basic overview of the main economic theories and trends covered in previous courses, especially in microeconomics and macroeconomics.
Interest in the history and development of economic ideas: Students should be interested in understanding the historical context and development of economic theories from their origins to the present.
Ability to think analytically: Students should be able to analyse different economic systems and schools of thought and apply this knowledge to contemporary economic issues.
Knowledge of basic economic research methods: Students should have an understanding of basic economic research methods, including both quantitative and qualitative approaches.
Text skills: Students should be able to read and analyse academic texts and literature, with an emphasis on the interpretation of historical and theoretical contexts.
Course Enrolment Limitations
The course is only offered to the students of the study fields the course is directly associated with.
fields of study / plans the course is directly associated with
Course objectives
The aim of the course is to introduce students to the basics of economic thinking. The course will develop students' economic knowledge, which they will then build on, for example, in the course Labour Market Theory or Labour Market and Free Movement of Labour. In the course, students will be guided to understand how the economy has functioned in the past and how it functions in the present and how this functioning has influenced the economic thinking of individuals. Students will also be introduced to the perspectives of the various conomic schools on the functioning of the national economy from the earliest days of human history to the present. Upon completion of the course, graduates will be able to understand economic processes, be able to analyze developments within the national economy, and formulate specific conclusions based on these analyses.
Learning outcomes
Understanding the historical development of economic thought: Students will gain an overview of the key economic theories and schools of thought that have shaped modern economic theory.
Application of economic principles: Students will be able to apply the principles of economic thought to the analysis of contemporary economic problems and decision-making processes.
Critical Analysis of Economic Systems: Students will be able to critically evaluate various economic systems and their impact on society.
Interpretation of Economic Data: Students will be able to analyze economic indicators and interpret their impact on the national economy.
Development of argumentation skills: Students will be able to formulate and defend their views on economic issues based on theoretical knowledge and empirical data.
Syllabus
  • The evolution of economic thinking: The invisible hand of the market. The Industrial and Economic Revolution. The interwar period.The post-war economy and the age of limits. The revolt of the rich. Contemporary economics.
  • Society and the economy: Property rights. Markets and morality. The problem of poverty. Conspicuous consumption. Collective bargaining. Economies and traditions. Economic liberalism. Social market economy. Social capital.The economics of happiness. Gender and economics. Religion and economics.
  • Economic methods: Definition of economics. Measurement of wealth. Constructive destruction. Central planning. Testing economic theories.
  • Markets and firms: Free market economics. The division of labor. Market limits. Corporations, their governance and management. Motivation and wages. Competitive markets. Effects of limited competition. Monopolies. Cartels and collusion. Price discrimination. Market uncertainty. Efficient markets.
  • Theory of value: Supply and demand. Utility and satisfaction. The paradox of value. Opportunity costs.Working theory of value.
  • Decisions: Economic Man. The paradox of spending. Saving - deferred consumption. Elasticity of demand. Market information and incentives. Irrational decision making. Paradoxes in the decision-making process. Game theory. Risk and uncertainty. Provision of public goods and services. Behavioral economics. Competition and cooperation. Signalling and screening. Search and matching.
  • Markets, society and welfare economics: General equilibrium and the search for a price to equilibrium. Efficiency and equity. Markets and their impact on society. Social choice theory.
  • Macroeconomics: The economic cycle. The Keynesian multiplier. Market oversupply. Quantitative theory of money. Conjuncture and crisis. Crisis and unemployment. Stagnant wages. Economic bubbles. Rational expectations. The housing market and economic cycles. Signs of an impending recession. Complexity and chaos.
  • Banking and finance: Functions of money. Financial services. Financial engineering. Financial crisis. Runs on banks.
  • Growth and development: Demography and economics. The emergence of modern economies. Development economics. International debt forgiveness. Theories of economic growth. The theory of dependency. Entitlement theory. The economics of the Asian Tigers. Technological leaps. Inequality and growth. Agriculture in economics.
  • Economic policy: Second-best solution theory. Monetary policy. Independent central banks. Inflation and unemployment. Tax burden. Borrowing and debt. Taxation and economic incentives. Externalities. Economics and the environment. Blocked economic change.
  • Global economics: Protectionism and trade. Comparative advantage. International trade and Bretton Woods. Trade and geography. Market integration. Exchange rates and currencies. Speculation and currency devaluations. Global imbalances in  savings.
  • Economic systems: Marxist economics. Scarcity in planned economies.
Literature
    required literature
  • FRANK, H., R. Microeconomics and Behavior. New York: McGraw-Hill, 2009. ISBN 978-00-73375-94-6. info
  • HEYNE, P. Ekonomický styl myšlení. Praha, 1991. ISBN 80-7079-781-9. info
  • HOLMAN, R. Ekonomie. Praha: C. H. Beck, 2005. ISBN 80-7179-681-6. info
  • MANKIW, N. G. Principles of Microeconomics. Mason: Cengage Learning, 2011. ISBN 978-0538453066. info
  • SEDLÁČEK, T. Ekonomie dobra a zla. Praha, 2010. ISBN 978-80-903944-3-8. info
  • VARIAN, H. R. Intermediate Microeconomics: A Modern Approach. USA, 2009. ISBN 978-03-93934-24-3. info
    recommended literature
  • TULEJA, P., MAJEROVÁ, I., NEZVAL, P. Základy makroekonomie. Brno: Computer Press, 2012. ISBN 978-80-265-0007-0. info
  • TULEJA, P., NEZVAL, P., MAJEROVÁ, I. Základy mikroekonomie. Praha: CP Books, 2011. ISBN 978-80-251-3577-8. info
Teaching methods
Historical overview lectures: Focusing on the development of economic theories and their impact on contemporary economic thinking.
Discussion of texts: Analysis and discussion of key texts from the economic literature, including historical and contemporary works.
Simulations and Modelling: Use of simulations to understand and apply economic theories to hypothetical situations.
Case Studies: Analysis of case studies focused on the application of economic theories to real historical and contemporary contexts.
Working with databases and statistics: Students will work with real economic data to practice interpreting and analyzing it.
Assessment methods
The course is completed by an examination test, which the student takes within the IS SU system. To pass the test successfully, the student must write the test to at least 60%, i.e. 18 out of 30 points.
Language of instruction
Czech
Further Comments
The course can also be completed outside the examination period.
  • Enrolment Statistics (recent)
  • Permalink: https://is.slu.cz/course/fvp/winter2024/VS24VK030