114-9502/01 – Theory of Economics (TOE)
| Gurantor department | Department of Economics | Credits | 20 |
| Subject guarantor | doc. Ing. Aleš Melecký, Ph.D. | Subject version guarantor | doc. Ing. Aleš Melecký, Ph.D. |
| Study level | postgraduate | Requirement | Compulsory |
| Year | | Semester | winter + summer |
| | Study language | English |
| Year of introduction | 2013/2014 | Year of cancellation | |
| Intended for the faculties | EKF | Intended for study types | Doctoral |
Subject aims expressed by acquired skills and competences
- To get an overview of basic concepts and approaches to decision-making of individual economic entities
- Knowledge of alternative approaches to the theory of production and the theory of firm behavior,
- Enhanced knowledge of the patterns of endogenous and exogenous growth
- More about the problems of mainstream macroeconomics,
- Will be able to used scientific means and methods, logic and philosophy of economic science.
Teaching methods
Lectures
Individual consultations
Summary
This industry-focused content is subject to the following sub-study areas, which are linked to the knowledge of the area of economic theory:
- Microeconomics
- Macroeconomics
- International Economics
- Methodology of Economics
- Economic modeling and econometrics
- History of Economic Theory
Compulsory literature:
Bardhan, P. – Udry, Ch.: Development Microeconomics. Oxford University Press
1999.
Bumas, L. O.: Intermediate Microeconomics: Neoclassical and Factually –
Oriented Models. M. E. Sharp inc. 2000.
Eaton, B. C.: Applied Microeconomic Theory. Edward Elgar 2002.
Gwartney, J. D. – Stroup, R. L. a kol.: Microeconomics: Public & Private
Choice. Thomson South – Western 2005.
Hall, R. E. – Lieberman, M.: Microeconomics: Principles and Applications.
Thomson South – Western 2004.
Mandler, M.: Dilemmas in Economic Theory: Persisting Foundational Problems of
Microeconomics. Oxford University Press 2001.
Mankiw, N. G.: Principles of Microeconomics. 3rd edit. South – Western College
2003.
Pindyck, R. S. – Rubinfeld, D. L.: Microeconomics. 5th edit. Prentice Hall
2000.
Salvatore, D.: Microeconomics: Theory and Applications. Oxford University
Press 2002.
Soukup, J.: Mikroekonomická analýza. (Vybrané kapitoly.) Slaný. Melandrium
1999.
Varian, H. R.: Mikroekonomie. Moderní přístup. Victoria Publishing 1995.
Wolfstetter, E.: Topics in Microeconomics. Cambridge University Press 1999.
Auerbach, A. J. – Kotlikoff, L. J.: Dynamic Fiscal Policy. Cambridge
University Press 1987.
Barro, R. J.: Macroeconomics. 4th ed. New York. John Wiley and Sons
1993.
Blanchard, O., Fischer, S.: Lectures on Macroeconomics. Cambridge. MIT
Press 1994.
Grossman, G. M. – Rogoff, K. (eds.): Handbook of International
Economics Volume 3. Amsterdam. Elsevier Science 1995.
Hoover, K. D.: Facts and Artifacts: Calibration and the Empirical
Assessment of Real-Business-Cycle Models. Oxford Economic Papers, Vol. 47, No.
1, pp. 24-44.
King, R. G.: Quantitative Theory and Econometrics. Federal Reserve
Bank of Richmond, Economic Quarterly. Summer, 1995, pp. 53-105.
Leslie, D.: Advanced Macroeconomics. Beyond IS/LM. Berkshire, McGraw-
Hill Book Company Europe 1993.
Turnovsky, S. J.: Methods of Macroeconomic Dynamics. 2nd ed.
Cambridge. MIT Press 2000.
Turnovsky, S. J.: International Macroeconomic Dynamics. Cambridge. MIT
Press 1997.
Woodford, M.: Revolution and Evolution in Twentieth-Century
Macroeconomics. Princeton University, June 1999.
Etier, W. J.: Moderne Aussenwirtschaftstheorie. 3. Auflage. München.
Wien. Oldenbourg 1994.
Kindleberger, Ch. P.: Světová ekonomika. Praha. Academia 1978.
Krugman, P. R. - Obstfeld, M.: International Economics. Theory and
Policy. 2nd Edit. New York. Harper Collins Publisher Inc. 1991 (a
další vydání).
Ritter, U. P.: Vergleichende Volkswirtschaftslehre. München, Wien, Oldenbourg
1992.
Varadzin, F.: Teorie světové ekonomiky. Ostrava. VŠB-TU 1997.
Arestis, P.: Methodology, Microeconomics and Keynes: Essays in Honour of
Victoria Chick. Routledge 2003.
Bober, S.: Alternative Principles of Economics. M. E. Sharpe 2000.
Boland, L. A.: The Foundations of Economic Method. Routledge 2003.
Demel, J.: Grafy a jejich aplikace. Praha. Academia 2002.
Hands, D. W.: Reflection without Rules: Economic Methodology and Contemporary
Science Theory. Cambridge University Press 2001.
Hausman, D. M.: Essays on Philosophy and Economic Methodology. Cambridge
University Press 2004.
Lawson, T.: Reorienting Economics. Routledge 2003.
Maki, U.: Fact and Fiction in Economics: Models, Realism and Social
Construction. Cambridge University Press 2002.
Udehn, L.: Methodological Individualism: Background, History and Meaning.
Routledge 2001.
Recommended literature:
Way of continuous check of knowledge in the course of semester
Two seminar papers, oral exam
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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