114-9502/01 – Theory of Economics (TOE)

Gurantor departmentDepartment of EconomicsCredits20
Subject guarantordoc. Ing. Aleš Melecký, Ph.D.Subject version guarantordoc. Ing. Aleš Melecký, Ph.D.
Study levelpostgraduateRequirementCompulsory
YearSemesterwinter + summer
Study languageEnglish
Year of introduction2013/2014Year of cancellation
Intended for the facultiesEKFIntended for study typesDoctoral
Instruction secured by
LoginNameTuitorTeacher giving lectures
HAN60 prof. Ing. Jana Hančlová, CSc.
LIB009 prof. Dr. Ing. Jan Libich
MAH11 prof. Ing. Martin Macháček, Ph.D. et Ph.D.
MEL044 doc. Ing. Aleš Melecký, Ph.D.
Extent of instruction for forms of study
Form of studyWay of compl.Extent
Full-time Examination 80+0
Part-time Examination 80+0

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

Individual consultations


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:

Bhaskara Rao, B.: Cointegration for the Applied Economist. St. Martin Press 1996. Granger, C.: Modelling Eonomic Series. Oxford University Press a Clarendon Press 1990. Greene, W.: Econometric Analysis. Prentice Hall 13. Gujarati, D.: Basic Econometrics. 3rd ed. McGraw Hill 1993. Harris, R.: Using Cointegration Analysis in Econometric Modelling. Prentice Hall 1995. Charemza, D. - Dreadman, M.: New Directions in Econometric Practise. Edward Elgar 1992. Chiang, A.: Fundamental Methods of Mathematical Economics. 3rd ed. McGraw Hill 1984. Bordo, M. D. - Schwartz, A. J.: IS-LM and Monetarism. NBER Working Paper 9713 Cambridge. MA.: NBER 2003. Ekelund, R. B. - Hébert, R. F.: A History of Economic Theory and Method. New York etc.: McGraw-Hill Publishing Co. 1990. Medema, S.G. - Samuels, W. G.: The History of Economic Thought. Oxford. Routledge 2003. ISBN 0415205506 Richter, R. - Furubotn, E. G.: Institutions and economic theory: the contribution of the new institutional economics. Ann Arbor, Michigan. The University of Michigan Press 2000. Staley, Ch. E.: A History of Economic Thought. Oxford. Oxford Blackwell Publisher 1991.

Way of continuous check of knowledge in the course of semester

Two seminar papers, oral exam


Other requirements

Preparing two separate works after consultation with the supervisor.


Subject has no prerequisities.


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

Full-time form (validity from: 2013/2014 Winter semester)
Task nameType of taskMax. number of points
(act. for subtasks)
Min. number of pointsMax. počet pokusů
Examination Examination   3
Mandatory attendence participation:

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Occurrence in study plans

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2022/2023 (P6201) Economic Theory (6201V004) Economics K English Ostrava Compulsory study plan
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2021/2022 (P6201) Economic Theory (6201V004) Economics K English Ostrava Compulsory study plan
2020/2021 (P6201) Economic Theory (6201V004) Economics P English Ostrava Compulsory study plan
2020/2021 (P6201) Economic Theory (6201V004) Economics K English Ostrava Compulsory study plan
2019/2020 (P6201) Economic Theory (6201V004) Economics P English Ostrava Compulsory study plan
2019/2020 (P6201) Economic Theory (6201V004) Economics K English Ostrava Compulsory study plan
2018/2019 (P6201) Economic Theory (6201V004) Economics P English Ostrava Compulsory study plan
2018/2019 (P6201) Economic Theory (6201V004) Economics K English Ostrava Compulsory study plan
2017/2018 (P6201) Economic Theory (6201V004) Economics P English Ostrava Compulsory study plan
2017/2018 (P6201) Economic Theory (6201V004) Economics K English Ostrava Compulsory study plan
2016/2017 (P6201) Economic Theory (6201V004) Economics P English Ostrava Compulsory study plan
2016/2017 (P6201) Economic Theory (6201V004) Economics K English Ostrava Compulsory study plan
2015/2016 (P6201) Economic Theory (6201V004) Economics P English Ostrava Compulsory study plan
2015/2016 (P6201) Economic Theory (6201V004) Economics K English Ostrava Compulsory study plan
2014/2015 (P6201) Economic Theory (6201V004) Economics P Czech Ostrava Compulsory study plan
2014/2015 (P6201) Economic Theory (6201V004) Economics K Czech Ostrava Compulsory study plan

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