Topic 2: Theories of Value
Pre-classical, classical 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 Socialist Challenge
Marxian economics, 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 rights issue.

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 and Banking
The nature and role of money, banking and modern monetary systems, central banks and the money supply.

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 Keynesian Revolution
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 Macroeconomics
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 Economic Policy
Fiscal and monetary policy, policy conflicts in achieving internal and external stability, neo-conservatism and "globalization".

Topic 17: Growth and Development
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.

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