OPF:EVSDAETA Economics Theories - Course Information

EVSDAETA Economics Theories

Extent and Intensity

0/0. 15 credit(s). Type of Completion: dzk.

Teacher(s)

doc. Ing. Marian Lebiedzik, Ph.D. (lecturer)
doc. Ing. Pavlína Pellešová, Ph.D. (lecturer)
doc. Ing. Pavel Tuleja, Ph.D. (lecturer)
prof. Mgr. Ing. Michal Tvrdoň, Ph.D. (lecturer)

Guaranteed by

doc. Ing. Marian Lebiedzik, Ph.D.
Departament of Economics and Public Administration – School of Business Administration in Karvina
Contact Person: Dr. Ing. Ingrid Majerová

Prerequisites

None.

Course Enrolment Limitations

The course is also offered to the students of the fields other than those the course is directly associated with.

fields of study / plans the course is directly associated with

• Business Economics and Management (programme OPF, D_EKOMAN4)

Course objectives

The course is composed of four blocks of lectures. History of Economic Studies is oriented on comparisons of methodological approaches of the most important directions of economic thought, in order to identify the strengths and weaknesses of each approach. In the micro-economic part, the objective is to extend the knowledge of the university students in the area of applied microeconomics. Students will be gradually introduced to the issues of their preferences; they will become acquainted with Slutsky equations and their application in the analysis of purchase and sale. Furthermore, their knowledge of the intertemporal consumer's choice will be extended. In more detail, they will also be made familiar with the assets market. In the area of the theory of the firm to acquaint students with the main currents of thought in the area of the behavior of companies, to provide information about the basic alternative theories of the firm and the possibilities of the application of this knowledge in solving the problems of the doctoral dissertation. In the macroeconomic part, the aim of the course is to deepen the knowledge of applied macroeconomics, the analysis of the behavior of the economy as a whole in the short and long term along with implications for economic policy.

Syllabus

• History of Economic Studies
  Comparison of economic theories. Comparison of the classical school of political economics and neoclassical economics. Neoclassical economics in the second half of the 20th century. The methodology of economics by J. M. Keynes. The view on the development of the economy in terms of Neo-Keynesianism and Post- Keynesianism. Institutionalism and neo-institutionalism. Methodological individualism of neo-Austrian school and contemporary economics. Neo-Ricardianism and its influence on contemporary economics. French structuralism. Economic theory in the early 21st century.
  Microeconomics
  Purchase and sale. Net and gross demand. The size of the equipment and its change. Price-consumption curve and the demand curve. Slutsky equations and their application in the context of the analysis of purchase-sale.
  Intertemporal choice
  The preference for consumption and comparative statics. Slutsky equation and intertemporal choice. Inflation. A closer look at the current value. Analysis of the current value after several years. The use of the present value. Bonds. Taxes. Interest rate option.
  
  Decision making under uncertainty
  Contingent Consumption, Utility Functions and Probabilities, Expected Utility, Why Expected Utility is Reasonable, Risk Aversion, Diversification, Risk Spreading, Role of the Stock Market
  Oligopoly Advanced Analysis
  Choosing a Strategy, Quantity Leadership, Price Leadership, Simultaneous Quantity Setting, An Example of Cournot Equilibrium, Many Firms in Courtnot Equilibrium, Simultaneous Price Setting, Collusion, Punishment Strategies, Comparison of the Solutions
  Theory of the firm
  Growth of the firm causes of growth, Marris's model of the managerial enterprise, vertical growth and its causes. Growth and diversification.
  Advertising
  Advertising and decision making of the firm-expenditure on advertising, an optimal combination of advertising expenditure and price, the selection of the optimal combination of advertising. Advertising and the objective of the firm.
  Investments in human capital
  Investments in human capital-decision making of the worker and of the firm on the investments in education and intellectual capital. Firm and economic policy. Firm and economic policy market failure and Government regulations, the impact of economic policy on the firm.
  Macroeconomics
  The hypothesis of rational expectations. The aim of the lecture is to introduce students to the issue of rational expectations and their consequences for economic policy makers. The concept of hypothesis. The model of the new classical macroeconomics. Neo-classic model of rational expectations. Comparison of the two models and the implications for economic policy.
  Unemployment and inflation
  The aim of the lecture is to analyze the interrelationship between inflation and unemployment, through the prism of selected theoretical approaches. Friedman's and Phelps' extension of the Phillips curve. The implications of the extended Phillips curve for economic policy. Dynamic aggregate supply and aggregate demand. Determination of the rate of inflation and the rate of growth of the real product. Adaptive path assuming adaptive and rational expectations.
  Long-term economic growth
  The aim of the lecture is to define the concept of long-term economic growth and its concepts in economic theory. Development trends of the concept of long-term economic growth. The Solow model. Neo-classical growth model. The theory of endogenous growth. The institutional conditions for economic growth.

Literature

required literature
• MANKIW, N., G. Principles of Macroeconomics. Cengage Learning, 2012. ISBN 978-0-538-4306-6. info
• VARIAN, H. R. Intermediate Microeconomics: A Modern Approach. New York: W. W. Norton & Co.Inc., 2009. ISBN 978-0-393-93424-3. info
• FRANK, H., R. Microeconomics and Behavior. New York: McGraw-Hill, 2009. ISBN 978-00-73375-94-6. info

recommended literature
• SCHILLER, B., HILL, C., WALL, S. The Macro Economy Today: 13th Edition. McGraw-Hill Higher Education, 2012. ISBN 9780077769581. info
• BENASSY, J., P. Macroeconomic Theory. Oxford University Press, 2011. ISBN 9780199924219. info
• COAD, A. The Growth of Firms: A Survey of Theories and Empirical Evidence. New perspectives on the modern corporation. Oxford University Press: Edward Elgar Publishing, 2009. ISBN 9781848449107. info
• PENROSE, E., PITELIS, CH. The Theory of the Growth of the Firm. Fourth Edition. 2009. ISBN 978-0-19-957384-4. info

Teaching methods

One-to-One tutorial
Skills demonstration
Students' self-study

Assessment methods

Test

Language of instruction

English

Further comments (probably available only in Czech)

The course can also be completed outside the examination period.
Information on the extent and intensity of the course: Přednáška 32 HOD/SEM.

Teacher's information

Seminar paper in the range of 10 - 15 pages and supplements, defense of the paper in the exam.

Activity	Difficulty [h]
Ostatní studijní zátěž	346
Přednáška	32
Zkouška	72
Summary	450

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