Click on a topic to go to the online
hypertext and lecture module for that topic.
1: The Economic Problem
the need to choose, resource allocation, the historical evolution of the
market econonomy in practice and thought.
Topic 2: Theories
and neo-classical theories of value.
Topic 3: Consumer
Choice and the "Law of Demand"
Theory of consumer
choice, diminishing marginal utility, consumer surplus, indifference curve
analysis, the elasticity of demand.
Topic 4: Production
Costs and the "Law of Supply"
Profit and cost, the
principle of diminishing returns, costs in the short run and the long run.
Topic 5: The
Theory of the Competitive Firm
Elasticity of supply,
market price determination, long-run equilibrium of the firm and the industry.
Topic 6: Monopoly,
Oligopoly and Imperfect Competition
The real cost of monopoly,
price discrimination, Schumpeter on monopoly, two views of imperfect competition,
oligopoly and business strategy.
Topic 7: Factor
Pricing and the Determination of Incomes
The returns to the
owners of labour, land, and capital inputs; income distribution and redistribution;
measuring income distribution; defining a "just" distribution of income,
the issue of efficiency.
Topic 8: The
democratic socialism, the debate over the possibility of a socialist economy.
Topic 9: General
Equilibrium, Market Failure and Policy
The theoretical case
for market efficiency; externalities, public goods and the possibility
of market failure; Pigovian remedies; the Coase Theorem and the property
Topic 10: Economics,
Politics and the Law
An introduction to
the economic theory of politics, the theory of public choice, law and economics.
Topic 11: International
Trade and the Balance of Payments
Mercantilism old and
new, classical trade theory, the politics of protection, the balance of
trade and the balance of payments accounts, exchange rate regimes.
Topic 12: Money
The nature and role
of money, banking and modern monetary systems, central banks and the money
Topic 13: The
Circular Flow of Income/Output and its Measurement
Real and money flows
in the economy as a whole, the system of income/expenditure accounting,
adjusting for changes in the value of money, other problems with measuring
real output and income.
Topic 14: The
The Great Depression
of the 1930s and the beginnings of modern macro economics; the Keynesian
criticism of neo-classical theory; the basic Keynesian model, the Samuelson
Synthesis and the Keynesian Consensus.
Topic 15: Modern
Monetarism and the
revival of neo-classical theory; modification of the basic Keynesian
macro model (aggregate supply, aggregate demand, and flexible price level);
the New Classical Theory.
Topic 16: Macro
Fiscal and monetary
policy, policy conflicts in achieving internal and external stability,
neo-conservatism and "globalization".
Topic 17: Growth
The theory of long
term economic change, economic development, the costs of growth, the productivity
slowdown of the 1970s, the "new growth theory" and the information economy.