Principles of Economics
Level: Master 1 – CE/CI – Semester 1
Language: English
Academic Year: 2008-2009
Prof Gilles Dufrénot
Faculty of Administration and International Relationships
University of Paris 12 – Val de Marne
Textbooks
Arleen, J. Hoag and John, H. Hoag, 2004, Introductory Economics, 4th edition, World
Scientific Publishing, USA, Chapters 1, 5, 9, 17, 21, 26, 30.
R. Preston McAfee, 2008, Introduction to Economic Analysis, Flat World Knowledge, Open
College Textbooks, 328p.
William A. McEachern, 2008, Macroeconomics. A contemporary Introduction, 8th Edition,
Thomson South-Western, USA, chapter 1.
Robert, L. Sexton, 2008, Exploring Economics, 4th Edition, Thomson South-Western, USA,
Chapter 1.
Student may also consult free online lectures and courses (paper books, podcast, MP3):
Economics Web institute : http://www.economicswebinstitute.org/
From Great Universities : http://www.oculture.com/2007/07/freeonlinecourses.htm.
Course description
This course provides the students with basic concepts in English of economic analysis.
Given that we only have 24,75 hours in semester 1, the course is organized as a series of
lectures with selected topics both in the field of microeconomics and macroeconomics.
Students are assumed to have basic knowledge of economics and mathematics (undergraduate
level). Macroeconomics makes the first part of the course and then we deal with
microeconomics topics.
1
Course format and grading
The course takes place in lecture room Amphithéâtre Jaune on Thursdays 13:30-15
pm. There are no tutorial classes. Students will be evaluated on their performance by a final
exam. Four questions will be given. Each question will count 5 points and to receive the
grade, a minimum of 10 over 20 is required. Students are forewarned that it is important to
attend the course and that they can increase their knowledge by reading carefully the
textbooks.
Tentative Course Schedule
1.- Macroeconomics
Inflation Oct 09-16
Headline and core indicators of inflation
Inflation-tax and increase in Government spending
Root causes of inflation: demand-pull and cost-push factors
The Phillips curve: linking inflation and unemployment
Monetary Policy Oct 23-30
Instruments and targets of monetary policy
The Monetarist-Keynesian controversy
Hyper-inflation and monetary policy
Nominal anchors and policy rules
Growth: theory and empirics Nov 06-13
Stylized facts and economic growth
Different approaches of economic growth
Convergence of per-capita GDPs among the economies
2
2.- Microeconomics
Prices and markets
The determination of equilibrium under free markets Nov 20
Markets imperfections: monopolies and oligopolies
Strategic behaviours
Economic regulation Nov 27
Antitrust policies
Regulation of Natural Monopolies
Rents and prices controls
Taxation issues Dec 04
Overview of tax policies
The distribution of the tax burden
Application to international trade
3