21801456 - POLITICAL ECONOMY

The course is structured in two main parts.

The first part is concerned with Microeconomics, where the students will learn how markets and governance structures organize core economic activities, such as production, distribution, and consumption, and the growth of productive resources.
Upon completion of this part students will be able to identify and explain economic concepts and theories related to the behavior of economic agents, markets, industry and firm structures, and government policies. Moreover, students will be able to integrate theoretical knowledge with quantitative evidence in order to explain main economic events. Students will be able to evaluate the consequences of economic activities and institutions for individual and social welfare.


The second part is concerned with Macroeconomics, where the students will learn about the determinants of macroeconomic conditions (national output, employment, inflation), causes of business cycles, and interactions of monetary and financial markets with the real economy, familiarizing themselves in the process with major economic theories of relevance.

Upon completion of the second part students will be able to identify the determinants of various macroeconomic aggregates such as output, unemployment, inflation, productivity and the major challenges associated with the measurement of these aggregates. They will be able to discuss the linkages between financial markets and the real economy, and how these linkages influence the impact of economic policies over differing time horizons.
Moreover, students will be able to describe the main macroeconomic theories of short term fluctuations and long term growth in the economy and they will be able to critically evaluate the consequences of basic macroeconomic policy options under differing economic conditions within a business cycle.

Curriculum

Canali

teacher profile | teaching materials

Programme

MICROECONOMY
Equilibrium supply and demand
Consumers and incentives
Businesses and incentives
Perfect competition
Factors of production markets
Monopoly

MACROECONOMICS
The wealth of nations, macroeconomic aggregates, and aggregate income
Employment and unemployment
The good market
The financial market
IS-LM

Core Documentation

Daron Acemoglu, David Laibson, John A. List "Principi di Economia Politica", Pearson, 2° edizione, Febbraio 2020.
with additional material on Microeconomics provided by the teacher

OLIVIER BLANCHARD, FRANCESCO GIAVAZZI, ALESSIA AMIGHINI
"Scoprire la macroeconomia" (2021)

Reference Bibliography

Daron Acemoglu, David Laibson, John A. List "Principi di Economia Politica", Pearson, 2° edizione, Febbraio 2020. OLIVIER BLANCHARD, FRANCESCO GIAVAZZI, ALESSIA AMIGHINI "Scoprire la macroeconomia" (2021)

Type of delivery of the course

3 weekly meetings in class with the support of online tools such as moodle.

Attendance

Attendance of the lessons is recommended but not compulsory.

Type of evaluation

The exam is written only and it consists of two parts. The first part is a multiple-choice test that allows the student to obtain a maximum grade of 18/30. The second part is non-compulsory and consists of open-ended questions as well as exercises. With the second part, the student can either improve or worsen the grade obtained with the multiple-choice test. If the latter is the case, the student will fail the exam.

Canali

teacher profile | teaching materials

Programme

MICROECONOMY
Equilibrium supply and demand
Consumers and incentives
Businesses and incentives
Perfect competition
Factors of production markets
Monopoly

MACROECONOMICS
The wealth of nations, macroeconomic aggregates, and aggregate income
Employment and unemployment
The good market
The financial market
IS-LM

Core Documentation

Daron Acemoglu, David Laibson, John A. List "Principi di Economia Politica", Pearson, 2° edizione, Febbraio 2020.
with additional material on Microeconomics provided by the teacher

OLIVIER BLANCHARD, FRANCESCO GIAVAZZI, ALESSIA AMIGHINI
"Scoprire la macroeconomia" (2021)

Reference Bibliography

Daron Acemoglu, David Laibson, John A. List "Principi di Economia Politica", Pearson, 2° edizione, Febbraio 2020. OLIVIER BLANCHARD, FRANCESCO GIAVAZZI, ALESSIA AMIGHINI "Scoprire la macroeconomia" (2021)

Type of delivery of the course

3 weekly meetings in class with the support of online tools such as moodle.

Attendance

Attendance of the lessons is recommended but not compulsory.

Type of evaluation

The exam is written only and it consists of two parts. The first part is a multiple-choice test that allows the student to obtain a maximum grade of 18/30. The second part is non-compulsory and consists of open-ended questions as well as exercises. With the second part, the student can either improve or worsen the grade obtained with the multiple-choice test. If the latter is the case, the student will fail the exam.

Canali

teacher profile | teaching materials

Programme

MICROECONOMY
Equilibrium supply and demand
Consumers and incentives
Businesses and incentives
Perfect competition
Factors of production markets
Monopoly

MACROECONOMICS
The wealth of nations, macroeconomic aggregates, and aggregate income
Employment and unemployment
The good market
The financial market
IS-LM

Core Documentation

Daron Acemoglu, David Laibson, John A. List "Principi di Economia Politica", Pearson, 2° edizione, Febbraio 2020.
with additional material on Microeconomics provided by the teacher

OLIVIER BLANCHARD, FRANCESCO GIAVAZZI, ALESSIA AMIGHINI
"Scoprire la macroeconomia" (2021)

Reference Bibliography

Daron Acemoglu, David Laibson, John A. List "Principi di Economia Politica", Pearson, 2° edizione, Febbraio 2020. OLIVIER BLANCHARD, FRANCESCO GIAVAZZI, ALESSIA AMIGHINI "Scoprire la macroeconomia" (2021)

Type of delivery of the course

3 weekly meetings in class with the support of online tools such as moodle.

Attendance

Attendance of the lessons is recommended but not compulsory.

Type of evaluation

The exam is written only and it consists of two parts. The first part is a multiple-choice test that allows the student to obtain a maximum grade of 18/30. The second part is non-compulsory and consists of open-ended questions as well as exercises. With the second part, the student can either improve or worsen the grade obtained with the multiple-choice test. If the latter is the case, the student will fail the exam.

Canali

teacher profile | teaching materials

Programme

MICROECONOMY
Equilibrium supply and demand
Consumers and incentives
Businesses and incentives
Perfect competition
Factors of production markets
Monopoly

MACROECONOMICS
The wealth of nations, macroeconomic aggregates, and aggregate income
Employment and unemployment
The good market
The financial market
IS-LM

Core Documentation

Daron Acemoglu, David Laibson, John A. List "Principi di Economia Politica", Pearson, 2° edizione, Febbraio 2020.
with additional material on Microeconomics provided by the teacher

OLIVIER BLANCHARD, FRANCESCO GIAVAZZI, ALESSIA AMIGHINI
"Scoprire la macroeconomia" (2021)

Reference Bibliography

Daron Acemoglu, David Laibson, John A. List "Principi di Economia Politica", Pearson, 2° edizione, Febbraio 2020. OLIVIER BLANCHARD, FRANCESCO GIAVAZZI, ALESSIA AMIGHINI "Scoprire la macroeconomia" (2021)

Type of delivery of the course

3 weekly meetings in class with the support of online tools such as moodle.

Attendance

Attendance of the lessons is recommended but not compulsory.

Type of evaluation

The exam is written only and it consists of two parts. The first part is a multiple-choice test that allows the student to obtain a maximum grade of 18/30. The second part is non-compulsory and consists of open-ended questions as well as exercises. With the second part, the student can either improve or worsen the grade obtained with the multiple-choice test. If the latter is the case, the student will fail the exam.