Economics & Statistics

13 July 2023

Section I: Introduction

- 10 Principles of Economics (Mankiw) [Reader]

(In classs: Teamwork about Mankiws "Ten Principles of Economics" and part from B. Obama "The Audaciy of Hope" (p. 176-184) (also see the debate in the Economist)

houses: 
Homework for next week ( -> see table below)

Welcome.ppt

- "Basic Concepts"
- Economics @ Wikipedia 
- Centrally planned <-> Market Economy -> Miro

Basic Concepts of Economics
- Goals in Economics and Economic Policy
- Economic systems and Objectives of Economics / Economic Policy

(from today on we (houses) play a Kahoot quiz)

register to Kahoot using your (nick) name followed by the first letter of your house, e.g:
       Peter-G

Basic Concepts of Economics
- Goals in Economics and Economic Policy
- Economic systems and Objectives of Economics / Economic Policy

Begg & Ward
Chapter 1: Economics for Business

We'll work with ZOTERO, please install the app and the Zotero Connector for your browser

-> To access the databases from outside the university you need a VPN connetion

(Presentation of the) possibilities of the University Library: Econmics & Business Studies, Selected Resources - Faculty 1: International Business, Data Bases

Exercise: For your case study / presentation* you need to use - and quote correctly of course - different sources about the basic approaches / assumptions of Economics and esp. your topic.

They have to be academic sources!

* => if you didn'd do up to now, select your chapter

Let's Have a look around at the SuUB: University Library: Econmics & Business Studies, Selected Resources - Faculty 1: International Business, Data Bases

- EconLit

-> EconBiz.de -- Find Economic Literature (Service of ZBW) - Research skills:
  - Guided Walk
  - Video-Course
  - Academic-Career-Kit
  - Guides:
     + "Write your best paper" – a guide to academic writing
          for economics and business students (PDF-Guide)
     + Guidelines: Search and Evaluate Scholarly Literature [pdf; 250 KB]
     + Guidelines: Citation (APA style) [pdf; 280 KB]

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

Test 1
takes place on Thursday (because of the BSAG strike) -->

Section II: Understanding Markets
- Chapter 2: Consumers in the Market Place

Important: The test can only be taken IN CLASS (I'll take a participants list, please bring your student ID), if you take it from another place, it doesn't count

- Chapter 2: Consumers in the Market Place
       ->   ELASTICITIES (2)

- Chapter 4: Markets in Action 

Presentations:

• Klick HERE for further information about the presentation
• What makes a good presentation?

- Chapter 4: Markets in Action 

- (we will _not_ discuss chapter 3: Firms in the Market Place )

   - "The Production Process"
 see also the Excel file with some Figures from the book

Section III: Competition and Profitability

- Chapter 5: Market structure & Firm Performance (cont'd)
Competition, Monopoly and the public interest (welfare)

Topics of test 2 (preliminary): (still) 10 Principles of Economics,
Begg & Ward chapter 2 and 4

national holiday

- Chapter 5: Market structure & Firm Performance (cont'd)
Perfect Competition

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

Movie "A beautiful Mind" about John F. Nash:     "the best result will come if everyone does what is best for himself ... and the group"
In memoriam of John F. Nash
- 'Beautiful Mind' mathematician John Nash killed in crash
- Famed 'A Beautiful Mind' mathematician John Nash and his wife, killed in N.J. Turnpike crash
- "Split or Steal" and "From Stealing to Trust"

- Chapter 5: Market structure & Firm Performance (cont'd)
Monopoly

 - Chapter 5: Market structure & Firm Performance (cont'd)
Competition, Monopoly and the public interest (welfare)

Topics of test 3 (preliminary): Begg & Ward chapters 2 (only elasticity), 4 and the parts of ch. 5 discussed in class up to now)

(No class discussion of:
- - Chapter 6. Strategic rivalry -> Oligopoy and Game Theory
- Chapter 7. Growth strategies
- Chapter 8. Governing business)

finishing: Chapter 5: Market structure & Firm Performance (cont'd)
Competition, Monopoly and the public interest (welfare)

German National Accounting @DeStatis:
- Important economic indicators & publications (links unfortunately killed by Destatis)
- current figures: National Accounts at a glance (in German: "Wichtige Zusammenhänge im Überblick")

- Eurostat with National Accounts
- Source OECD & ILibrary - The OECD's Online Library of Statistical Databases, Books and Periodicals (accessible from the campus net - or via VPN)

- GDP to NNY and summary of National Income accounting

Section IV: mAcroeconomics

- Chapter  9: An introduction to the Macro Economy

(Recall that we don't discuss chapter 11 and 12 as they are part of another class)

Topics of test 4: Begg & Ward chapter 5: Market Structure, Performance, Profit and Welfare in PC and Monopoly.
Chapters 9 (and 10 - only the topics discussed in class): Tagets of Economic Policy, GDP development, The Circular Flow of Income; Measurement of GDP

- Chapter 10: Measuring Macroeconomic Variables and Policy Issues

29.4.23:      Arbeitsgruppe Alternative Wirtschaftspolitik - MEMORANDUM 2023

Globalisierung am Ende - Zeit für Alternativen

Arbeitsgruppe Alternative Wirtschaftspolitik (auch: "Memorandum-Gruppe" bzw. "Memo-Gruppe") -> https://www.alternative-wirtschaftspolitik.de Auf dieser Webseite finden sich auch akutelle Veröffentlichen zur derzeitgen (Wirtschafts-) Lage

/ Joint Economic Forecasts

 On 5 April 2023 the Joint Economic Forecast Spring 2023 was published:

Inflation High at Core - Strengthen Supply Forces Now

On Nov 9 2022 the Council of Economic Experts published its annual report 2022/23:

Managing the energy crisis in solidarity, shaping the new reality

• Press Release
• Executive Summary
• 1. "Economic Outlook"

Weitere Infos zum Thema (in German):
- Übersicht: Konjunkturprognosen für Deutschland - Die Vorhersagen der Wirtschaftsschätzer (Tagesschau)

- Chapter 10: Measuring Macroeconomic Variables and Policy Issues

Is GDP really an apt measure of Welfare
...quality of life, sustainable development ...?

(FYI: chapters 11 and 12 are not part of this class)

Section V: Macroeconomic Policy
- Chapter 13: Expenditure and Fiscal Policy  

Price Stability
- Measuring inflation – the Harmonised Index of Consumer Prices (HICP) (ECB) C
- Price Kaleidoscope (DeStatis) D

 Unemployment:
- Employment@DeStatis A
- ILO B

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

Section V: Macroeconomic Policy
- Chapter 13: Expenditure and Fiscal Policy  

- History of economics thoughts and policy
      / Economic Theory and Policy

•  Annenberg Video @ learners.org: (17) John Maynard Keynes
• Consumption Function data at DeStaTis

House-Work for next week !! (see below)

Today we'll discuss National Accounting (GDP, ...) and afterwards ask ourselves:

Is GDP really an apt measure of Welfare
...quality of life, sustainable development ...?

-> Measuring WELFARE & SUSTAINABILITY

ECG Economy for the Common Good (GWÖ):
- What if the common good was the goal of the economy? | Christian Felber | TEDxVienna (basic idea up to minute 9:50)
- ECG webpage - have a look around
[in German:
- Gemeinwohlökonomie, Übersichts-Flyer, Flyer
. GWÖ aus Unternehmenssicht
. Gemeinwohl-Matrix 5.0, Arbeitsbuch, Kompakt
. Punkten für das Gemeinwohl & die SDGs]

Doughnut Economics (Ways to Think Like a 21st-Century Economist)
- Why it's time for 'Doughnut Economics' | Kate Raworth | TEDx
- more information on: www.kateraworth.com
- Re-Writing (Neo-Liberal) Economics

OECD: "Beyond GDP" Joseph E. STIGLITZ, Jean-Paul FITOUSSIand Martine DURAND

- 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 - Sustainable Development in Germany" + "Indicator Report 2021: Sustainable Development in Germany"

- Chapter 13: Expenditure and Fiscal Policy
- Keynesian Cross & the Multiplier

The Multiplier, Balanced Budget (en) / Haavelmo-Theorem (de)

- Chapter 14: Money, Banking and Interest
  - Money and the Banking system

- Monetary Policy: the European Central Bank ECB

yesterday watched in class:
- The History of the European (monetary) integration
- Monetary Policy Instruments          
  (TARGET 2 = Trans-European Automated Real-time Gross Settlement Express Transfer System)
which will be the basis for todays discussion (together with the presentation:
- European Integration (ECB presentation used in class)

Topics of test 6:
Alternative economic approaches (recommendations Stiglitz commission, ECG, Doughnut Economics)
Types of Economic Policy
Begg & Ward chapter 13 (parts discussed in class) = Keynesian Cross, mulitplier, also balanced budget
chapter 14 Money, Banking and Interest: History and structure of the ESCB, Monetary policy instruments of the ECB

finishing ch 16:  - Money and the Banking System:
Monetary Policy and the Equilibrium on Money Markets

Chapter 15: Inflation, Output and Economic Policy

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".

 Video about economic approaches: "60 Second Adventures in Economics"