FUNDAMENTALS OF ECONOMICS

This is an introductory-level course in economics, with a focus on microeconomics and macroeconomics. The aim is to provide a general conceptual framework to analyze real economic problems.

1. Knowledge and understanding. The objectives of the module aim at acquiring knowledge about: i) microfoundations of the economic behavior of individuals and firms and the understanding of markets; ii) economy-wide and large-scale phenomena and economic factors.
2. Applying knowledge and understanding. On completion, the student will be able: i) to interpret and address real-world microeconomic and macroeconomic problems; ii) to understand the open questions and issues on real-world economic problems.
3. Making judgments. On completion, students will able to understand the complexity and the trade-offs related to different market institutions and alternative economic policy measures.
4. Communication skills. On completion, students will be able how to present the results from the economic analyses, and which conclusions can be drawn from the analyses.
5. Learning skills. On completion, students will be able to address new questions and more sophisticated frameworks in economics.

Lectures and discussion of case studies.

Basic knowledge of mathematics

mandatory

This course teaches the most important basic concepts in microeconomics and macroeconomics. In the first part of the course, students will be introduced to a range of economic tools from microeconomics used to study models explicitly involving consumer and firm behavior in monopoly, oligopoly, perfect competition and the role of prices and institutions. In the second part of the course, students will be introduced to some analytical macroeconomic frameworks. In particular, the course will present national accounts, the role of money, fiscal and monetary policies, unemployment, inflation and fundamentals of modern theories of economic growth. For each topic case studies and real-world examples will be analyzed.

1. Hal R. Varian, INTERMEDIATE MICROECONOMICS, Ninth Edition, W. W. Norton & Company, 2020

2. O. Blanchard, MACROECONOMICS, Eighth Edition, Pearson, 2021