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Economics & Statistics

 Winter term 2019/20 -  April 2019 (Preview)
ECONOMICS I -- Introduction to Economics, National Accounting and Microeconomics -- EFA 3rd semester WS 2019/20

Basic Information

Literature:

Interactive Participation:

Preliminary schedule:
(there will be changes to the schedule once we know the timetable and also during the class)

7th. ed.:

No week date (week starts on ...) presentation Unit - topics (Preliminary Schedule) Material
1 1 07. Oct  

Introduction: Basic problems

(In classs: Teamwork about Mankiws "Ten Principles of Economics" &
Part from B. Obama "The Audacity of Hope" (p. 176-184)

Reader 2018

Welcome.ppt
"Basic Concepts"
Economics @ Wikipedia
 

2 1     PART A: INTRODUCTION
Mankiws "Ten Principles of Economics" 
 
3 2 14 Oct
 

1: Introducing economics
Economic systems
Objectives of economic policy and political systems.
 

Hierarchy of goals in market economies
- "Wall Street" @ Wikipedia

- See also the
quotations of T. Friedman

Please use the online resources, tests and case studies on the Sloman webpage (see above)

4 2

 

(no pres. 1)

Mankiws "Ten Principles of Economics"
Introducing economics
Economic systems
Objectives of economic policy and political systems.
 


Outlook to Part D:
Foundations of Macroeconomics

14 The National Economy
National Accounting, Concepts and Critiques of GDP 

in MÜ part:
Teams' Presentation of Mankiws "Ten Principles of Economics"
Introduction: Basic problems; economic systems

- Hierarchy of goals in market economies
- "Wall Street" @ Wikipedia

- See also the
quotations of T. Friedman

Please use the online resources, tests and case studies on the Sloman webpage (see above)

 

- EconLit
- OECD iLibrary: http://www.oecd-ilibrary.org/
- Web of Science: http://isiknowledge.com/wos

Additional tools
Write’N’Cite (short guide) - http://youtu.be/qObr6QoBh2c
OneLine/Cite View (alternative to Write’n’Cite) - https://www.library.ohiou.edu/find/refworks/oneline-citeview.html
RefGrab-It (web pages) - http://www.youtube.com/watch?v=25yPHGyx3T4

Example from another class: Corrected Version of a Reference List

- - - Current Macroeconomic issues:

(to be updated)

 

 On September 28 2018 the Joint Economic Forecast Autumn 2018 was published:

Upturn Remains Robust – Amid Mounting Tensions

Press release with Summary with Key Forecast Figures (PDF, 192 KB)

 
5 3 21 Oct  

Outlook to Part D:
Foundations of Macroeconomics

 

14 The National Economy
National Accounting, Concepts and Critiques of GDP 

 

 

 

Presentation methods and strategies
(What makes a good presentation?)

German National Accounting @DeStatis:
- Important economic indicators & publications
- current figures: "GERMAN ECONOMY (last) quarter"
(
In German: "Wichtige Zusammenhänge im Überblick")

- GDP to NNY and summary of National Income accounting

IN FOCUS @ Destatis: Overall economic equilibrium: 50th anniversary of the Magic Square

- Eurostat with National Accounts
- Economic indicators at the OECD
- OECD iLibrary - The OECD's Online Library of Statistical Databases, Books and Periodicals (accessible from the campus net - or via VPN) OECD-report: „How's Life? November 2015: Measuring Well-being“

Other sources of data and information:
o U.S. Department of Commerce: www.commerce.gov        o Bureau of Economic Analysis: www.bea.gov
o Bureau of Labor Statistics: www.bls.gov         o Federal Reserve System: www.federalreserve.gov
o The World Factbook (CIA): www.cia.gov/library/publications/the-world-factbook        o For data on Europe, visit europa.eu (European Union home page) and
o the European Central Bank home page on www.ecb.int        o International sources include the
  - International Monetary Fund www.imf.org       - and the World Bank www.worldbank.org

6 3    

Critiques of GDP:

SUSTAINABILITY
of the economic development

Global goals for sustainable development
-> German federal Government

 

+++ OECD Centre +++
----------------------------------------------
- How's Life? 2017: Measuring Well-being
- How`s Life? -- Germany
- OECD Better Life Index (map)

- What if the common good was the goal of the economy? | Christian Felber | TEDxVienna (ME s.b.)

- How can countries measure the well-being of their citizens? (TED institute)

"Monitoring economic performance, quality of life and sustainability" by the German Council of Economic Experts in association with the french Council of Economic Analysis - Joint Report 2010 requested by the Franco-German Ministerial Council to Chancellor Mrs. Angela Merkel and french President Nicolas Sarkozy (deutsche Übersetzung: Wirtschaftsleistung, Lebensqualität und Nachhaltigkeit: Ein umfassendes Indikatorensystem). This report (and request) was based on the ...
->
Report of the commission on the measurement of economic performance et social progress 2009
- Joseph Stiglitz - Problems with GDP as an Economic Barometer
- Amartya Sen: Beyond GDP, measures of welfare and sustainability (2/7 ..)

The German Statistical Office (DeStatis) publishes Environmental indicators and also an "Indicator Report 2016: Sustainable Development in Germany", also see "Wie misst man Wohlstand?"

7 4 28 Oct   15 Macroeconomic Issues and Analysis: an Overview

Balance of Payments:
- Current German BoP (German)
- OECD Stats

8 4     PART B: FOUNDATIONS OF MICROECONOMICS
2: Supply and demand
 
9 5 04 Nov   2: Supply and demand    
10 5   no class national holiday

Review: (Contents_of7th_edition.doc) 

11 6 11 Nov   3: Markets in Action

Topics of Midterm: Introduction, basic questions, objectives (hierarchy of goals), 10 Principles of Economics, chapters 1-3.1
-> EconomicsExamExamples_Micro.doc

12 6   Pres. 2 3: Markets in Action -> Elasticity
Repetition and questions Part A and B
(just a reminder: there are many textbook-resources available online)
       

The Council of Economic Experts delivered the annual report 2018/19 to the German government.

                                           Setting the right course for economic policy

Weitere Infos zum Thema:
- Übersicht: Konjunkturprognosen für Deutschland - Die Vorhersagen der Wirtschaftsschätzer (Tagesschau)
- http://www.tagesschau.de/wirtschaft/jahresgutachten-bundesregierung-101.html

13 7 18 Nov (reakkreditation meeting) 3: Markets in Action -> Elasticity  
14 7  

Midterm test

Pres. 3

PART C: MICROECONOMICS
4: Background to demand
External links:
ERS Glossary,  Price Elasticity of Demand, Income Elasticity, Excel-File with empirically measured Elasticities (xls 13 MB, zip 1,3 MB) from Defra
15 8 25 Nov Pres. 4 5: Background to supply Review of old exams
16 8     5: Background to supply
    5.6 Profit Maximization
 The production process 
      EFA-Symposium 2018 22. - 23. Nov ALL EFA students have to attend the -> EFA-Symposium 2018!
17 9 02 Dec Pres. 5

5: Background to supply
    5.6 Profit Maximization

 
18 9    

5: Background to supply
    5.6 Profit Maximization

6: Profit maximising under perfect competition and monopoly

 
19 10 09 Dec   6: Profit maximising under perfect competition and monopoly
7: Profit maximising under imperfect competition
 
20 10   Pres. 6 6: Profit maximising under perfect competition and monopoly
7: Profit maximising under imperfect competition
 
21 11 16 Dec   7: Profit maximising under imperfect competition  
22 11   Pres. 7 (7) ... imperfect competition - Oligopoly -> Game Theory

23 12 02 Dec Pres. 8

Review / Repetition and questions - chapters 4-7 (and also 1 (Mankiw) - 3)

Bundeskartellamt - Control of abusive practices - Ban on cartels
Information brochure: Effective cartel prosecution - Benefits for the economy and consumers
Curr. example: Deutsche Bahn AG to make changes to ticket sales - do you like a coffee?

- Movie "A beautiful Mind" about John F. Nash
- "Split or Steal" and "From Stealing to Trust"

24 12   Pres. 9


9: The theory of distribution of income

 

 Some Videos "Fight of the Century" / Fear the boom and the bust
- "Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem
- Fight of the Century: Keynes vs. Hayek Round Two
and more information like "The Tale of the Dueling Economists".
Texts of the videos

... and why not enjoy Deck the Halls with Macro Follies

25 13 06 Jan 8: Alternative theories of the firm
9: The theory of distribution of income
HAPPY new Year 2019! 
26 13   Pres. 10 10: Inequality, poverty and policies to redistribute incomes  
27 14    pres. 11

Review, questions + outlook:

11: Markets, efficiency and the public interest

 Videos about economic approaches: "60 Second Adventures in Economics" (Open University)

 

28 14 13 Jan Pres. 12 12. Environmental Policy

The German Statistical Office (DeStatis) publishes Environmental indicators and also an "Indicator Report 2016: Sustainable Development in Germany".
Just published: the OECD Better Life Index

We discussed the topics for the exam in class. The resulting file "Contents_of7th_edition EFA Micro.doc" will be available in our AULIS group.
Review: (Contents_of7th_editionEFA_Final2017_30min.doc) 

29 15 20 Jan Pres. 13

13. Government Policy towards Business

Review and conclusion + YOUR questions
Exam preparation - summary and questions
30 15  

Final test

Review of old exams

Example of a final test (30 min)

Videos about economic approaches: "60 Second Adventures in Economics" (Open University)

 

Groups (Module exercise): The "Module Exercise" takes place every week <45-90 minutes every week integrated into our class on Wednesdays> We formed 6 groups and every group is assigned tasks for the next session and is expected to present the results (=prepared at homework)
The module exercise is part of your individual workload, it isn't marked and the lecturer won't deliver new information; he will only moderate the sessions. The tasks of the module exercise normally refer to the topics discussed in the last week(s). The numbers in the table below normally refer to the chapter in the textbook (Sloman: "End of chapter questions"). At the end of the module exercise there is room for general questions about the topics, terms, ... .

The exercises discussed in the module exercise are relevant for the exam. If the students deliver results or approaches to the solution, we'll discuss the correct solution in class. If no approaches are presented, the task will not be discussed in class but nevertheless stay relevant for the exam.

Teams:

week/date:

 


All students /
photos

Alpha  
Beta  
Gamma  
Delta  
Epsilon  
Zeta

names of students / pictures

Steffi, Larissa, Leonie, Hanna, Tjaerk Christina, Annika, Lucas, Moriz, Jan Kirsten, Alex, Meike, Alicia, Arzu Florian, Patrik, Jan, Steffen, Wilhelm, Thorben Nicole, Valerie, Jule, Armine, Dominic Laurent, Johann, Marcel, Fisun, Bisra
07. Oct

Mankiws "Principles" & - presentation in class:
-> What's it about?

1-2
3-4
5-6
7-8
9-10
Obama
14. Oct. (Wednes)

Mankiw: "Problems and Applications"
reminder: presentation by the teams (=homework)

Sloman p 29 (End of chapter 1 questions) 5 and 6
13-15
10-12
7-9
4-6
1-3
21. Oct. ...
Mankiw: "Problems and Applications"
No. 17 ONE example ! + No. 17 ONE example ! + No. 17 ONE example ! + No. 17 ONE example ! + No. 17 ONE example ! + No. 17 ONE example !


28. Oct.

Critiques of GDP - Measuring Sustainable Development

(See also the Joint Report for the
Franco-German Ministerial Council: "Monitoring economic performance,
quality of life and sustainability
"), esp. the dashboard on p. 27

In the Report of the "Stiglitz-Sen-Fitoussi commission" on the "Measurement of economic performance and social progress" (2009) the authors deliver 12 recommendations. Each team is requested to present a brief (~ 5-7 min.) summary of two recommendations -------->

In the Executive summary (p.7-18) each recommendation is described in one paragraph but you are also requested to refer to the more detailed part of the report or/and other sources.

1) Recommendations 1 and 2

2) Select one macroeconomic indicator of your choice and briefly present the development of this indicator on 1 or 2 slides (up to 5 minutes)

(each team should present for a maximum of 10 minutes)

1) Recommendations 3 and 4

2) Select one macroeconomic indicator of your choice and briefly present the development of this indicator on 1 or 2 slides (up to 5 minutes)

(each team should present for a maximum of 10 minutes)

1) Recommendations 5 and 6

2) Select one macroeconomic indicator of your choice and briefly present the development of this indicator on 1 or 2 slides (up to 5 minutes)

(each team should present for a maximum of 10 minutes)

1) Recommendations 7 and 8

2) Select one macroeconomic indicator of your choice and briefly present the development of this indicator on 1 or 2 slides (up to 5 minutes)

(each team should present for a maximum of 10 minutes)

1) Recommendations 9 and 10

2) Select one macroeconomic indicator of your choice and briefly present the development of this indicator on 1 or 2 slides (up to 5 minutes)

(each team should present for a maximum of 10 minutes)

1) Recommendations 11 and 12

2) Select one macroeconomic indicator of your choice and briefly present the development of this indicator on 1 or 2 slides (up to 5 minutes)

(each team should present for a maximum of 10 minutes)

 

EoC Chapter 2
(=End Of Chapter questions)

1 (recommended to ALL students) 2 4 3 and 5

6- and 8

7 (recommended to ALL students)

 

we'll do task 4 of VWL1-MicroExamWS11-12.doc in class

EoC Chapter 3
all students task 2 !

3-1 3-4 3-5 3-6 3-7 3-8
  (Chapter 4  not discussed this semester) 4-8 4-7 4-6 4-2, 4-4 - use (own) illustrations for your answer 4-1 Describe the income and the substitution effect using figures like 4-16 to 4-18
 

EoC Chapter 5
ALL students: questions 1 & 2

3
4
5
6
7
8
  EoC Chapter 6
ALL students: question 1
2
3
4
5
6
7
  no homework, we'll do exercises from chapter 6, tasks: 2, 3, 6 and 8
Additionally we will discuss task 6 from the
Microeconomics WS 05/06 EFA 3 (90 min)
all teams should please prepare the tasks all teams should please prepare the tasks all teams should please prepare the tasks all teams should please prepare the tasks all teams should please prepare the tasks all teams should please prepare the tasks
NN no homework, we'll do exercises in class -> VWL1-MicroExamWS11-12.doc   all teams should please look at the whole exam - we'll roll the dice which team presents which task ;-) all teams should please look at the whole exam - we'll roll the dice which team presents which task ;-) all teams should please look at the whole exam - we'll roll the dice which team presents which task ;-) all teams should please look at the whole exam - we'll roll the dice which team presents which task ;-) all teams should please look at the whole exam - we'll roll the dice which team presents which task ;-) all teams should please look at the whole exam - we'll roll the dice which team presents which task ;-)
NN

Review of old exams

Example of a final test (30 min)

Review of old exams, e.g. the exam of Microeconomics WS 14/15          
NN YOUR questions            

 

Top

Links:

 Quotations form the book of Thomas Friedman: "The World is flat":
- For some, particularly among the older generations, this was an unwelcome transformation. Communism was a great system for making everyone equally poor. In fact, there was no better system in the world for that than Communism. Capitalism made people unequally rich, and for some who were used to the plodding, limited, but secure Socialist lifestyle--where a job, a house, an education, and a pension were all guaranteed, even if they were meager--the fall of the Berlin wall was deeply unsettling. (p. 51/52)
- ... to some degree Mikhail Gorbachev's hapless efforts to reform something that was unreformable brought communism to an end. But if I had to point to one factor as first among equals, it was the information revolution that began in the early- to mid-1980s. Totalitarian systems depend on a monopoly of information and force, and too much information started to slip through the Iron Curtain, thanks to the spread of fax machines, telephones, and other modern tools of communication. (p 54)

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Hochschule Bremen
Fachbereich Wirtschaft
VWL und Statistik