Introduction to Political Economics
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Learning outcomes of course unit
Graduates are able to apply and analyze fundamental political-economic tools (e.g. optimization, aggregation, market balance, Pareto efficiency) in order to analyze the decisions of economic subjects in markets. They can also identify and assess the essential elements and functionalities of a political economy.
prerequisites and co-requisites
Students learn about important macroeconomic concepts such as the fundamentals of supply and demand. Other important variables such as gross domestic product, inflation and unemployment, their measurement, long-term growth and analysis of short-term fluctuations are also part of the course content.
An open political economy, markets and prosperity are further topics: consumer and producer surplus, market efficiency, economical-political measures and their impacts – company behavior: production costs, profit maximization, market forms and competition (full competition, monopoly and oligopoly).
recommended or required reading
Bofinger P.: Grundzüge der Volkswirtschaftslehre: Eine Einführung in die Wissenschaft von Märkten, 4. Auflage, Pearson Studium, 2015
Mankiw G.: Grundzüge der Volkswirtschaftslehre, 6. Auflage, Schäffer-Poeschel Verlag, 2016
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