114-0902/01 – Theory of Economics (ET)
| Gurantor department | Department of Economics | Credits | 20 |
| Subject guarantor | prof. Ing. Martin Macháček, Ph.D. et Ph.D. | Subject version guarantor | prof. PhDr. František Varadzin, CSc. |
| Study level | postgraduate | Requirement | Compulsory |
| Year | | Semester | winter + summer |
| | Study language | Czech |
| Year of introduction | 2006/2007 | Year of cancellation | 2012/2013 |
| Intended for the faculties | EKF | Intended for study types | Doctoral |
Subject aims expressed by acquired skills and competences
- critical assessment of orthodox and heterodox micro- and macroeconomic theory in its historical variations
- comprehension of the economic agent behaviour by means of game theory and a formalized dynamic neoclassical theory
- comprehension of the dynamic stochastic general equlibrium models and their applications and alternatives
- competence in the exact modelling and analyzing the economic agent behaviour by means of advanced panel econometric methods
Teaching methods
Lectures
Individual consultations
Summary
The aim of the course is to deepen the knowledge of economic theory gained from preceding intermediate microeconomics and macroeconomics courses, and to show how to critically evaluate competing modelling approaches and strategies. Attention is paid to both modern neoclassical economics and its heterodox alternatives, with a strong emphasis on the use of mathematically formulated economic models and advanced graphic tools.
Compulsory literature:
Recommended literature:
Way of continuous check of knowledge in the course of semester
E-learning
Other requirements
Preparing two separate works after consultation with the supervisor.
Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
Subject syllabus:
Microeconomics I
Circuit supervisor: prof. Mgr. Varadzin Francis, MD.
Content definition:
Basic concepts and approaches to decision making of individual economic
entities. Traditional and alternative theories of consumer behavior. Dynamization
models.
Alternative approaches to the theory of production and the theory of firm behavior.
Conventional and alternative concepts of costs.
Properties profit function. Market systems - pricing, alternative
approaches. Dynamization models and their comparison. Using game theory. Interaction
markets, the theory of general equilibrium. The theory of welfare economics. Market failure and
role of the state. Microeconomic theory of state policy. Economics of information -
decision making under risk and uncertainty.
II. Macroeconomics
Content definition:
Representative agent. Intertemporal optimization hypothesis and its
macroeconomic applications. Model of capital accumulation, theory of Solow
exogenous growth theory and neoclassical real business cycle. Models
endogenous growth. Macroeconomics of imperfect competition. Fiscal theory:
analysis of the effects of government spending and taxes in the neoclassical and new keynesovských
models. Current account balance in a dynamic concept. Selected
methodological problems of mainstream macroeconomics.
III. International Economics
Content definition:
Methodological problems of economic categories used in the
international economics. Differing views on the issues of economic schools
international economic relations.
The issue of "real" theory of international economic relations: theory
balance of payments and the types of exchange rates, balance of payments and economic
policy.
Comparative issues in the global economy. Qualitative page
comparisons - economic systems, criteria for comparison. Quantitative page
comparisons - the systems of national accounts, macroeconomic transfer methods
indicators. Internationalization processes in the global economy.
IV. The methodology of economics
Content definition:
Method and methodology (scientific means and methods, the relationship methods
logic and philosophy, the relation of methods, subject knowledge and language, truth and
validity of knowledge). Procedures for the general methodology of science (language and definitions
empirical assessments, hypothesis, deduction and induction, analysis and synthesis, abstraction,
generalizations, scientific explanation, prediction). Theory of knowledge. Rationality (a concept
rationality, rationality behavior, rationality reasoning). Methodology
economics (the relationship of subject and method, the basic concepts and methods, comparison
approaches to the subject of economics, philosophy of models: assumptions, creation, application,
force). The role of subjective decision making.
V. Economic Modelling and Econometrics
Content definition:
General principles of econometric modeling. Multi-factor regression.
Point and interval prediction. Multicollinearity, heteroscedasticity and
autocorrelation. The technique of artificial variables. System simultaneously dependent
equations model (nature, form entries, estimation methods). Time series analysis.
Cointegration analysis.
VI. History of Economic Thought
Content definition:
The development of economic thought in classical economics. Mercantilism
and kameralistika. Classical school of political economy and macroeconomic analysis.
English and French branch branch classic school. Responding to the classical theory
and its alternatives. Marginalismus and the emergence of neoclassical economics. The theory of partial
economic equilibrium. General economic equilibrium theory. The Austrian
subjective psychological school. American and Swedish marginalis. Theory of the firm
and its development. J. M. Keynes and the emergence of Keynesian macroeconomics. Neokeynesian
economics. Postkeynesiánská economics. The theory of economic growth theory
socio-economic development. Historical School of Economics.
Institutionalism, neoinstitucionalismus and new institutional economics.
Neoliberalism. Chicago School and its development. Economic theory M. Friedman
and monetarism. Human capital theory. Public choice theory. Basic
concept of supply economics. The hypothesis of rational expectations. New Classical
macroeconomics (NCM). New Keynesian macroeconomics (NCP).
Conditions for subject completion
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction
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