Economics 201A: Economic Theory (first half ) Tu-Th 12:30–2:00 150 GSPP 1 Description Economics 201A is the first semester of the required microeconomic theory sequence for first-year Ph.D. students in the economics department. The first half of the fall semester focuses on choice theory‚ consumer theory‚ and social choice. The second half will be taught by Chris Shannon and will cover general equilibrium. (A separate syllabus will be distributed for the second half.) In the spring‚ the
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BIG ISSUES OF ECONOMIC CONCERN Samuelson has offered the world many economic theories. One area he is widely known for is his views on the spending multiplier. Samuelson has presented a way through his aggregate demand model to demonstrate how the spending multiplier affects individual types of spending. There are several components of aggregate demand. The basis for understanding this model is as follows:  An increase in prices causes a drop in household assets‚ thus causing consumers
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Economics of Consumption Tax on Unhealthy Goods. Introduction: Unhealthy consumption prevails in the fields of nutrition‚ energy and transport. Taxing is one a solution to provide a healthier living. With globalization‚ qualities of goods do fail to meet the international standards. International movements of goods which damage health are increasing with Cross border marketing‚ promoting unhealthy behaviours of alcohol and tobacco consumption and unhealthy diets. (Richard Smith‚ 2003). The
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The Theory of Economic Growth: a ‘Classical’ Perspective The Theory of Economic Growth: a ‘Classical’ Perspective Edited by Neri Salvadori University of Pisa‚ Italy Edward Elgar Cheltenham‚ UK • Northampton‚ MA‚ USA Contents Introduction by Neri Salvadori 1. Theories of economic growth: old and new Heinz D. Kurz and Neri Salvadori The structure of growth models: a comparative survey Antonio D’Agata and Giuseppe Freni Endogenous growth theory as a lakatosian case study Mario
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C. Economic Theory and Models Economic models are a formal representation of economic theory. Economic models follow the principle of Ockham’s Razor which state that irrelevant detail should be cut away. Like a road map‚ economic models are simplified generalization of reality that helps explain economic behavior. Models can be expressed in words‚ graphs or mathematical equations. In this course‚ we’ll be using mathematical equations to illustrate relationships between two or more
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Game Theory in Economics Game theory is a concept of decision making that considers more elements beyond just benefits minus costs. Specifically‚ it includes the interaction between participants. In economics‚ the theory attempts to predict the participants’ optimal decisions. It has found a core place in economic decision-making and policy-making for its inherent ability to predict reactions in resource allocation‚ business negotiation‚ and other economic aspects. Game theory is mostly associated
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To Tax or Not to Tax: The Problem of America Money‚ like a cookie‚ is something everybody wants‚ and when it is gone a person blames everybody else for its absence; realizing later they were the one to consume it in the first place. Taxes‚ since the beginning of an organized economy‚ have been argued over for centuries. At the end of 2012 after surviving the “end of the world‚” tax payers were faced with another apocalyptic situation‚ the Fiscal Cliff. It had the potential to raise taxes to outrageous
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Do we need an alternative theory of economics? Economics is usually defined as the problem of how best to distribute limited resources‚ limited because wants are characterised as unlimited‚ but common sense tells us that rather than limited resources‚ there is an abundance of resources. The difference is one of perspective and this is core to any alternative understanding of economics. If wants are the focus‚ then of course resources are limited by definition‚ but if minimum needs or essentials
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Introduction The existence of a chronic state of “underdevelopment” is not only a question of economics or the simple quantitative measures of income‚ employment and gini-coefficient.Underdevelopment is a real fact of life for two billion people of the world- a state of mind as far as a state of national poverty. Gaulet (1971) poignantly describes under development as a shocking; the squalor‚ disease‚ unnecessary deaths and hopelessness of it all. The condition of underdevelopment in its totality
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Major Schools of Economic Theory: Keynesian In laymen’s term‚ the main belief of Keynesianism is that when the free market fails‚ the government should spend money it doesn’t have to stimulate and balance the economy. Unlike Classicists‚ John Maynard Keynes believed that collective demand of the people determined the economy’s activity and that in adequate demand would lead to high‚ drawn out periods of unemployment. The theory was adopted post WWII by western nations (1950-1960’s) and later
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