Prof. Dr. Peter Schmidt


Economics & Statistics

Springterm 2021


  ECONOMICS as a Business Environment (MBA/EAM)

Basic Material / Links:

      

Nr Date Teamwork tasks: please prepare (for the session) Unit / contents Material / Remarks / Exercises
1 Fr 18.06.21 18:00

Team / Principle:
(teamwork in class- short presentations of 5 to 10 minutes)
- content of your principles / text
- own example for each principle

Teamwork in class
A. Mankiw Principles 1 - 4
B. Mankiw Principles 5 - 7
C. Mankiw Principles 8 - 10
D. Obama text

Section I: Introduction

- 10 Principles of Economics (Mankiw) [Reader]
- B. Obama "The Audacity of Hope" (p. 178-185 for the teamwork)
- Basic Concepts of Economics
- Goals in Economics and Economic Policy
- Economic systems and Hierarchy of goals

Teams:
Alfa : Sonja, Katherina, Jana, Anne, Lennart
Bravo : Michelle, Oliver, Nina, Santhust, Frederic
Charlie : Simon, Jan, Nils, Ekaterina
Delta : Anna, Andreas, Frederike, Ulrich, Andreas

Welcome.ppt

- "Basic Concepts"
- Economics @ Wikipedia
 

2 Sa 19.06.21 09:00

 

 

 

- 10 Principles of Economics (Mankiw - review, esp. 5-7) [Reader]

Chapter 1: Economics for Business
(chapters refer to
"Economics for Business" by David Begg und Damian Ward - 6th edition in our library SuUB)

Hierarchy of goals in market economies
- See also the
quotations of T. Friedman

- "Wall Street" @ Wikipedia

3 Fr 25.06.21 18:00

 

Section II: Understanding Markets
- Chapter 2: Consumers in the Market Place
(Chapter 3: "Firms in the Market Place" will not be discussed in this class)

Chapter 4: Markets in Action

(chap. 3 - "The Production Process" )
see also the Excel file with some Figures from the book
4 Sa 26.06.21 09:00  

Section III: Competition and Profitability
Chapter 5: Market structure and Firm Performance
    Competition, Monopoly and the public interest.

 Movie "A beautiful Mind" about John F. Nash
- 'Beautiful Mind' mathematician John Nash killed in crash
- Famed 'A Beautiful Mind' mathematician John Nash, wife, killed in N.J. Turnpike crash
"Split or Steal" and "From Stealing to Trust"

5 Sa 03.07.21 09:00

Team homework for today:
(please prepare short presentations = 9 up to 12 (=maximum!) minutes are requested - thank you)

Mankiw: "Problems and Applications":
A. 13-16 + one story for 17
B. 9 - 12 + one story for 17
C. 5 - 8 + one story for 17
D. 1 - 4 + one story for 17

Chapter 5: Market structure and Firm Performance
    Competition, Monopoly and the public interest.

Review Microeconomics -> What did we learn? / your questions

 

 

Section IV: Domestic Macroeconomics

Chapter 9 : An introduction to the macro economy
German National Accounting @DeStatis:
-
National Accounts at a glance 2020

 

- GDP: What does the indicator describe? + How is it calculated?
- German Statistical Bureau - DeStatis
- National Account, Domestic Product
- National Accounts at a glance 2020

- 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 NNI and summary of National Income accounting

Price index in Germany: (Statistisches Bundesamt)
- Price Kaleidoscope (Basket)
- Basket of goods and services and weighting pattern

 

Current

Issues / reports / forecasts

Joint Economic Forecasts (english)
----------------------------------------->
 

MEMORANDUM 2021
Corona – Lernen aus der Krise! Alternativen zur Wirtschaftspolitik

 On April 15 2021 the Joint Economic Forecast Spring 2021 was published:

Pandemic Delays Upswing -
Demography Slows Growth

  

Press release with Summary with Key Forecast Figures

  

On Nov 11 2020 the Council of Economic Experts published its annual report 2020/21:

Overcoming the Coronavirus Crisis Together;
Strengthening Resilience and Growth

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

6 Mo 5.7.21 18:00

Team Homework
(for this session):
present in class the most important messages of the following reports / approaches:       [Please not longer than 12 (-15) minutes !!!]

Alfa: .Joint Economic Forecast Spring 2021 of the the German Economic Research Instituts: Pandemic Delays Upswing – Demography Slows Growth

Bravo: Annual Report Council of Economic Experts published its annual report 2020/21: Overcoming the Coronavirus Crisis Together;
StrengtheningResilience and Growth

Alternative Economic approaches:

Charlie: Doughnut Economics (Ways to Think Like a 21st-Century Economist) -> links see below

Delta: The Economy for the Common Good -> links see below

 

Measuring WELFARE & SUSTAINABILITY
- The Economy for the Common Good
- What if the common good was the goal of the economy? | Christian Felber (TEDxVienna) [up to 12:45]
- Common Good Matrix 5.0
- Workbook ECG Balance Sheet 5.0
- Description on "TheNextSystem.org"

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

 

 

 

Section IV: Domestic Macroeconomics

Chapter 9 : An introduction to the macro economy

Chapter 10: Measuring Macroeconomic Variables and Policy Issues

- "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 then 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 by the "Stiglitz-Sen-Fitoussi commission" (more in German) 2009

- Joseph Stiglitz - Problems with GDP as an Economic Barometer
- Amartya Sen: Beyond GDP, measures of welfare and sustainability (2/7 ..)

OECD: "Beyond GDP" Joseph E. STIGLITZ, Jean-Paul FITOUSSIand Martine DURAND (2018)

The German Statistical Office (DeStatis) publishes Environmental indicators and also "Measuring Well-being and Progress: Well-being Research" (OECD)

 

Test preparation: We can briefly discuss some exercise questions, that you can prepare if you want:
- Micro Exam (WS 06/07): tasks 2 and 3 (hints)
- MBA Exam (Oct 08): task 5 (here some (very few) hints to this exam)
+ Exampe test in AULIS
+ Example: exam MBA May 2016 (and numerical results)
(only limited content - microeconomics) 

And you definitely should do the example test available in our AULIS group - please ask questions if you don't understand the solutions

7 Fr 16.07.21 18:00

Test (18:15-19:15 / online): The topics covered will be discussed in class.      Preview:
- Basic problems and concepts of Economics, Hierarchy of goals in market economies, systems
- Mankiws Principles
- Begg/Ward:
- Microeconomics chap 1, 2, 4
- Basic ideas of alternative economic approaches
- NO questions about Macroeconomics chap 9 - 11

  (parts discussed in class)

 

 

Chapter 13: Expenditure and Fiscal Policy
History of economics thoughts and policy / Economic Theory and Policy:
- Keynesian Cross,
- Multiplier, Balanced Budget

 

 

Keynesian theory / application:
- Data for Consumption Function @Destatis (open "Chain-linked volume data and contributions to growth" at end of page (+ incl. regression)
- Annenberg Video @ learners.org: 17. John Maynard Keynes

8 Sa 17.07.21 09:00  

Chapter 14: Money, Banking and Interest
- Money and the Banking system,
- Monetary Policy: the ECB

Further topics (see also material on the right side):
Macroeconomic equilibrium IS/LM-Model

Chapter 15: Inflation, Output and Economic Policy
Chapter 16: Supply Side Policies and Economic Growth

- EMU (only 4 introductory slides)
- European Integration (ECB presentation)

ECB homepage - definitions of monetary aggregates - MFI information - Inflation Monitor - see also: Leitzins.info
videos (YouTube channel): The History of the European Central Bank - Chapter 5: Monetary Policy Instruments -

Key ECB interest rates and Leitzinsen.info for an overview

Monetary policy: Inflation

Links:

Data Sources:

Bremen University of Applied Sciences
Department of Business Studies
Economics & Statistics