Department of Economics
This is an introductory course in microeconomics and macroeconomics for those expecting to take further courses in economics.
Course Content for 2014/15 academic year only
Michaelmas Term: Supply and demand: consumer choice; characteristics of individual market demand; information & signalling; altruism & cooperation; theory of the firm; perfect competition, monopoly & price discrimination; externalities & property rights; public goods.
Lent Term: Measurement of the aggregate economy; money & inflation; trade & exchange rates; unemployment; economic fluctuations; stabilization policy; government debt; growth & development.
Michaelmas term starts by reviewing the key facts and ideas that will be useful throughout the course. We then move on to economic growth. Next we analyse consumption and investment decisions, paying particular attention to expectations about the future. Finally, we study the labour market and theories of unemployment.
Lent term covers business cycles, inflation, monetary and fiscal policy, financial markets and international macroeconomics.