Course Description
Course Name
Introduction to Economic Thought
Session: VPGS1324
Hours & Credits
6 ECTS Credits
Prerequisites & Language Level
Taught In English
- There is no language prerequisite for courses at this language level.
Overview
Course Description
Course is an introduction to economic thought. It introduces basic principles of human action (action, scarcity, costs, possibility frontier, law of diminishing marginal utility, demand, supply, consumption, production) and its consequences. It shows how economy works and introduces basic economics models: pure command economy (purpose-oriented rules, bureaucratic control, problem of economic calculation, principal-agent problem), pure market economy (property rights, exchange, comparative advantage, competition, entrepreneur discovery, firm, money, public goods) and mixed (democratic) economy. It stresses the role of institutions in a society.
Course Learning Outcomes
Upon completion of this course, students should be able to:
- Interpret both everyday situations and issues of economic policy through basic economic concepts;
- Detect unintended consequences of human action (including the ones of economic policy);
- Critically assess the media image of social reality;
- Identify the essential attributes of modern society;
- Distinguish the main streams of the current debate over capitalism.
*Course content subject to change