POLITICAL ECONOMY
cod. 01961

Academic year 2023/24
1° year of course - Second semester
Professor
- Azio BARANI
Academic discipline
Economia politica (SECS-P/01)
Field
Economico e pubblicistico
Type of training activity
Characterising
54 hours
of face-to-face activities
9 credits
hub: PARMA
course unit
in ITALIAN

Learning objectives

The course presents the conceptual framework and the basic analytical tools for understanding the functioning of market economic systems in both a microeconomic and macroeconomic perspective. Upon completion of the course, students will be able to: (i) analyze the main microeconomic phenomena concerning the behavior of consumers and businesses in a market context; (ii) analyze the main phenomena that govern macroeconomic balances and explain the reasons, objectives and methods of public intervention in the economy.

Prerequisites

No

Course unit content

The teaching program includes elements of both microeconomic analysis (study of the decision-making processes of individual economic actors, such as consumers or businesses, and their interaction in particular markets) and macroeconomic (study of phenomena concerning the economic system as a whole).
In particular, the program includes the following topics:
1. Introductory notions
Political economy: introduction.
2. Microeconomics
Supply-demand model. Consumer theory. Utility function. Derivation of the individual and market demand curve. Elasticity of demand. Theory of the firm. Production function and cost function. Derivation of the individual and market supply curve. Market equilibrium in perfect competition. Monopoly. Outline of game theory. Oligopoly. Public goods and externalities. The new frontiers: behavioral economics.
3. Macroeconomics
The macroeconomic approach. Gross domestic product. Inflation. Long-term economy. Capital formation and growth. Economy in the short run. Consumption, investments and aggregate demand. Involuntary unemployment. Money supply and demand. IS-LM model. Fiscal policy and monetary policy.

Full programme

Bibliography

Principles of Ecnomics 5/ED di Robert H. Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz
The previous edition is also compatible with the course material (check the different numbering of the chapters)

Teaching methods

The didactic activities will be mainly conducted through lectures. However, the involvement of students will not be neglected, soliciting interventions and questions relating to the topics covered.
The slides presented by the teacher will be uploaded on a weekly basis on the Elly platform.
The slides support the study, but do not replace the reference texts.

Assessment methods and criteria

Written test. The written test consists of practice of several questions. To pass the exam, the student must be able to sufficiently answer more than half of the questions.

Other information