Course: Economics Theories

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Course title Economics Theories
Course code EVS/DAETA
Organizational form of instruction Lecture
Level of course Doctoral
Year of study not specified
Semester Winter
Number of ECTS credits 15
Language of instruction English
Status of course Compulsory
Form of instruction Face-to-face
Work placements This is not an internship
Recommended optional programme components None
  • TULEJA Pavel, doc. Ing. Ph.D.
  • LEBIEDZIK Marian, doc. Ing. Ph.D.
  • PELLEŠOVÁ Pavlína, doc. Ing. Ph.D.
  • TVRDOŇ Michal, doc. Mgr. Ing. Ph.D.
  • MAJEROVÁ Ingrid, Dr. Ing.
Course content
History of Economic Studies Comparison of economic theories. Comparison of the classical school of political economics and neoclassical economics. Neoclassical economics in the second half of the 20th century. The methodology of economics by J. M. Keynes. The view on the development of the economy in terms of Neo-Keynesianism and Post- Keynesianism. Institutionalism and neo-institutionalism. Methodological individualism of neo-Austrian school and contemporary economics. Neo-Ricardianism and its influence on contemporary economics. French structuralism. Economic theory in the early 21st century. Microeconomics Purchase and sale. Net and gross demand. The size of the equipment and its change. Price-consumption curve and the demand curve. Slutsky equations and their application in the context of the analysis of purchase-sale. Intertemporal choice The preference for consumption and comparative statics. Slutsky equation and intertemporal choice. Inflation. A closer look at the current value. Analysis of the current value after several years. The use of the present value. Bonds. Taxes. Interest rate option. Decision making under uncertainty Contingent Consumption, Utility Functions and Probabilities, Expected Utility, Why Expected Utility is Reasonable, Risk Aversion, Diversification, Risk Spreading, Role of the Stock Market Oligopoly Advanced Analysis Choosing a Strategy, Quantity Leadership, Price Leadership, Simultaneous Quantity Setting, An Example of Cournot Equilibrium, Many Firms in Courtnot Equilibrium, Simultaneous Price Setting, Collusion, Punishment Strategies, Comparison of the Solutions Theory of the firm Growth of the firm causes of growth, Marris's model of the managerial enterprise, vertical growth and its causes. Growth and diversification. Advertising Advertising and decision making of the firm-expenditure on advertising, an optimal combination of advertising expenditure and price, the selection of the optimal combination of advertising. Advertising and the objective of the firm. Investments in human capital Investments in human capital-decision making of the worker and of the firm on the investments in education and intellectual capital. Firm and economic policy. Firm and economic policy market failure and Government regulations, the impact of economic policy on the firm. Macroeconomics The hypothesis of rational expectations. The aim of the lecture is to introduce students to the issue of rational expectations and their consequences for economic policy makers. The concept of hypothesis. The model of the new classical macroeconomics. Neo-classic model of rational expectations. Comparison of the two models and the implications for economic policy. Unemployment and inflation The aim of the lecture is to analyze the interrelationship between inflation and unemployment, through the prism of selected theoretical approaches. Friedman's and Phelps' extension of the Phillips curve. The implications of the extended Phillips curve for economic policy. Dynamic aggregate supply and aggregate demand. Determination of the rate of inflation and the rate of growth of the real product. Adaptive path assuming adaptive and rational expectations. Long-term economic growth The aim of the lecture is to define the concept of long-term economic growth and its concepts in economic theory. Development trends of the concept of long-term economic growth. The Solow model. Neo-classical growth model. The theory of endogenous growth. The institutional conditions for economic growth.

Learning activities and teaching methods
One-to-One tutorial, Skills demonstration, Students' self-study
  • unspecified - 32 hours per semester
  • unspecified - 72 hours per semester
  • unspecified - 346 hours per semester
assessment methods
general eligibility
Oral exam
Recommended literature
  • BENASSY, J., P. Macroeconomic Theory. Oxford University Press, 2011. ISBN 9780199924219.
  • COAD, A. The Growth of Firms: A Survey of Theories and Empirical Evidence. New perspectives on the modern corporation. Oxford University Press: Edward Elgar Publishing, 2009. ISBN 9781848449107.
  • FRANK, H., R. Microeconomics and Behavior. New York: McGraw-Hill, 2009. ISBN 978-00-73375-94-6.
  • MANKIW, N., G. Principles of Macroeconomics. Cengage Learning, 2012. ISBN 978-0-538-4306-6.
  • PENROSE, E., PITELIS, CH. The Theory of the Growth of the Firm. Fourth Edition. 2009. ISBN 978-0-19-957384-4.
  • SCHILLER, B., HILL, C., WALL, S. The Macro Economy Today: 13th Edition. McGraw-Hill Higher Education, 2012. ISBN 9780077769581.
  • VARIAN, H. R. Intermediate Microeconomics: A Modern Approach. New York: W. W. Norton & Co.Inc., 2009. ISBN 978-0-393-93424-3.

Study plans that include the course
Faculty Study plan (Version) Branch of study Category Recommended year of study Recommended semester
School of Business Administration in Karvina Business Economics and Management (16) Economy 1 Winter