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 up to 10 minutes)
- content of your principles
- own examples

Teamwork in class
1. Mankiw Principles 1 - 4
2. Mankiw Principles 5 - 6
3. Mankiw Principles 7 - 8
4. Mankiw Principles 9 - 10

Section I: Introduction

- 10 Principles of Economics (Mankiw) [Reader]
   including: 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:
1: Stephan P., Dennis, Michael
2: Pia, Daria, Eric
3: Nico, Stephan S., Simon
4: Julia, Jonas, Theis, Artin

Welcome.ppt

- "Basic Concepts"
- Economics @ Wikipedia
 

2 Sa 19.06.21 09:00  

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

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

- See also the
quotations of T. Friedman

3 Fr 25.06.21 18:00

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

Mankiw: "Problems and Applications":
1. 13-16 + one story for 17
2. 9 - 12 + one story for 17
3. 5 - 8 + one story for 17
4. 1 - 4 + one story for 17

       Chapter 1: Economics for Business
(chapters refer to "Economics for Business" by David Begg und Damian Ward)

review towards ... - "Wall Street" (1987 Wikipedia)

4 Sa 26.06.21 09:00 Exam 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

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
5 Sa 03.07.21 09:00 Example: exam MBA May 2016 (and numerical results)
(only limited content - microeconomics)
 

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"

6 Mo 5.7.21 18:00

Exam (9:00-10:00 / 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
(NO Macroeconomics chap 9 - 11)

Section III: Competition and Profitability
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:
- Important economic indicators & publications (links unfortunately killed by Destatis)
- current figures: "GERMAN ECONOMY (previous) quarter"
- National Accounts at a glance (in German: "Wichtige Zusammenhänge im Überblick")

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

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

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

Alternative Economic approaches:

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

4. The Economy for the Common Good -> links see below

 

Current

Issues

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

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

Arbeitsgruppe Alternative Wirtschaftspolitik (auch: "Memorandum-Gruppe" bzw. "Memo-Gruppe") -> http://www.alternative-wirtschaftspolitik.de

 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;
StrengtheningResilience 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

7 Fr 16.07.21 18:00

Discussion of the Joint Economic Forecast Spring 2021:

Pandemic Delays Upswing
Demography Slows Growth

 

 

 

 

 

 

 

 

 

 

 

Section IV: Domestic Macroeconomics

Chapter 9 : An introduction to the macro economy

Chapter 10: Measuring Macroeconomic Variables and Policy Issues

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

 

Chapter 11: Expenditure and Fiscal Policy
History of economics thoughts and policy / Economic Theory and Policy:
- Keynesian Cross,
- Multiplier, Balanced Budget

- German Statistical Bureau - DeStatis
- "Current" figures: "GERMAN ECONOMY 2018"
(last published version -> do you find the current numbers?)
- GDP: What does the indicator describe? + How is the indicator calculated?
(In German: "Wichtige Zusammenhänge im Überblick".)
- National Accounting @DeStatis

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

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

8 Sa 17.07.21 09:00  

Chapter 11: Expenditure and Fiscal Policy
History of economics thoughts and policy / Economic Theory and Policy:
- Keynesian Cross,
- Multiplier, Balanced Budget

Chapter 12: 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 13: Inflation, Output and Economic Policy
Chapter 14: Supply Side Policies

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: 5. John Maynard Keynes

 

- 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:

Outlook: International and Global Economics:

Data Sources:

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