Economics and Politics

Annotation

This introductory logic course is focused on the basic issues in logic, such as the distinction between factual and logical truths, the conditions of the formal analysis of thought, elementary logical relations (contradiction and entailment), the issues of validity of inferential knowledge, formal and informal requirements for arguments and proofs, and the most widely used methods of formal proofs. The student will become familiar with the theory of categorical syllogism and propositional calculus. In addition to that classroom exercises are devoted to the practice of formalization – translating the expressions of natural language into the formal language, formal analysis of validity of arguments and consistency of propositions. The main methods applied during the course are as follows: Venn diagramms, truth tables, and natural deduction proof methods (including conditional and indirect proofs).

Aims of the course

This course aims to introduce students to the theoretical basics of logic, main methods of logical analysis and their applications.

Learning outcomes

• To understand theoretical basics of logic and main methods of logical analysis.
• Be able to recognize formal and informal fallacies of reasoning and proofs.
• Be able to determine if the statements (assumptions of an inference and premises of a proof) are consistent.
• Be able to think in a structured and consistent way.
• To perceive importance of the logical inference, be able to correct informal fallacies in argumentation.

Course Description

The course focuses on applying simulation-based learning to analysing politics, economics and public policy, often through the lense of conflict. While scientific theories offer an understanding of political and economic processes, simulations build upon this knowledge by applying it to real (or projected) events. During the course, student groups will select a political and/or economic topic of their choice and develop an interactive analogue simulation game for it. By combining theory, literature analysis and other tools, the course will help understand how simulations can serve as a means for research, education and analysis.

Aim of the Course

This course aims at providing the framework for studying political and economic processes through interactive simulation development and use. Students will be provided with tools needed to develop simulation games based on scientific theories and research that can generate additional insights into the area of political economy.

Learning Outcomes

• Understand the use of simulations in the study and research in politics and economics.
• Understand the types of simulations and their practical application to inform policy and business decisions.
• Define the elements of simulation and serious game design.
• Structure and develop interactive simulations in the areas of politics and economics.
• Carry out political economy research needed to make theories applicable to simulations.
• Implement group projects of high complexity, needing a broad set of skills from research to time management.
• Analyse the results of interactive simulations and interpret their results in terms of political and economic processes.
• Use simulation games to teach others about a specific topic in political economy.

The course aims to strengthen skills in game theory by focusing on its applicability to the problems of politics and business. While at the first glance games often seem too abstract or distinct from the actual political and economic processes, they are grounded in the empirics. Thus, during the course we will focus on some more advanced game theory models and look at how they can help us improve our understanding of politics, economics and business. This will equip students with skills needed to develop and apply game theory models in research and practice.

Annotation

This course is an introduction into the contemporary debate on the changing patterns of the international economy and challenges the world is facing. The course deals with three major aspects of the global economy, firstly the trans-national economic flows, such as trade in goods and services, migration, financial transactions and investment. The problems are discussed before the background of international micro- and macro-economy. The aspects covered are balance of payments dynamics, exchange rate regimes, national income accounting, terms of trade, etc. Secondly the course deals with the downsides of economic globalisation such as the underlying reasons for crises and their effects on the economy, poverty and environmental degradation. Thirdly the course looks at the actors in the global economy: international organizations, national governments, non-governmental organisations, multinational corporations and regional integration initiatives. Hereby the motives, interest and interaction of the actors is scrutinised and furthermore the development of the global economic governance system is discussed.

Aims of the Course

The International Economics and Trade course aims to equip students with necessary analytical tools for analyzing and critically assessing the current dynamics of the international economy and challenges the nation states face in their pursuit of economic welfare. In particular, this course aims to:

• Introduce students to various conceptualizations and theories of (economic) globalization phenomena;
• Analyze global trade and finance governance structures and assess their policies and role in international economics;
• Examine strategies and techniques of trans-national corporations in global economy;
• Discuss the key issues and future challenges for the globalized world economy of the 21st century;
• Identify and exemplify causes and consequences of change in international labour, trade and financial flows;
• Provide the underpinnings of the global financial system;
• Discuss the causes and policy actions surrounding economic crises;
• Give an oral presentation on a selected topic on International economics & trade.

Annotation

This course is the basic macroeconomics course. During it main topics of macroeconomics will be covered. In lectures and seminars students will learn about economic indicators, goods, financial and labour markets, aggregate demand and supply, economic growth, open economy and exchange rate mechanisms, financial and monetary policy. Students in the course not only will learn Macroeconomic concepts and analyze theoretical Macroeconomic models but also will try to solve practical macroeconomics problems in Lithuania and EU.

Aim of the course

This is a course in intermediate macroeconomics, designated for students with knowledge in basic economics. Its objective is to present theoretical knowledge and practical skills required for studying the overall economic structure of a country. Students will know how to analyze the most important macroeconomic phenomena, and the impact of governmental macroeconomic policies on participants in the economy. This course trains skills in comprehension and analysis of macroeconomics policies.

Learning outcomes

• Understand the main theories in macroeconomics.
• Analyze and model macroeconomic phenomena.
• Evaluate governmental fiscal and monetary policy.
• Graphically model macroeconomic situations.
• Relate real economic experiences to theory.
• Identify economic situations at the national and global level.
• Develop researching skills.

Course annotation

This course provides an introduction to analysis of economic behavior. The ability to predict market outcomes is indispensable not only for a sound business strategy but also for a meaningful public policy. The main focus of the course is on optimal decision making, understanding determinants of demand and supply, market equilibrium, strategic behavior, and welfare analysis. Introduction to choice under uncertainty and the general equilibrium analysis is also covered.

Aims of the course

The course should teach an analytical approach to the functioning of the market mechanism, economic behavior of market participants, market environment impact on competition, and business strategies. Students should acquire the skills and the ability to apply microeconomic analysis and optimization methods to a large variety of economic problems.

Learning outcomes

• Understand the main theories in microeconomics.
• Analyze and model microeconomic phenomena.
• Evaluate governmental policy as it relates to microeconomics.
• Graphically model microeconomic situations.
• Relate real economic experiences to theory.
• Identify economic situations at the firm and personal level.
• Develop researching skills.

Course description

This course broadens and applies knowledge and skills gained during mathematical analysis and finite mathematics courses. Students learn to solve first and second order differential and difference equations and apply them in economic problem solving. The main attention of this course is focus on static and dynamic optimization techniques and their application in day-to-day problems and decision making of economics and management.

Aims of the course

This course aims to broaden the knowledge and skills in advanced mathematical analysis, which is usually applied in solution of various economic problems.

Learning outcomes

• To be acquainted with concepts and principles of advanced mathematical analysis.
• Be able to formulate, model, and solve static optimization problems.
• Be able to formulate, model, and solve dynamic optimization problems.
• Be able to analyze solved problems and make conclusions.
• Be able to convey information sequentially, logically, accurately and clearly, both in written and oral form.

Annotation

The course covers topics on limit, differential, and integral calculus as the basis for modelling of various phenomena in economics, management, and engineering.

Aims of the course

This course aims to develop skills for mathematical modeling of basic economical, managerial, and engineering problems.

Learning outcomes

• Ability to operate the main concepts, laws, and techniques of differential and integral calculus.
• Ability to apply these concepts, laws and techniques in economical and managerial analysis and engineering.

Annotation

This course is an introduction to International Relations (IR), which is a branch of Political Science that studies the political and social consequences of the division of the world into separate territorially-based political units. It is also typically extended to include international organisations and non-state actors, and it focuses on issues broadly conceived of as having global—rather than limitedly domestic or local—significance.

The course is divided into four parts. In part one, students will be provided with background knowledge of the historical evolution of the state system. Building on that, students will then explore the central explanatory concepts of IR—power, interest, and identity—and their IR theory counterparts—Realism, Liberalism, and Constructivism. In the second part, students will engage with and learn the methods of a compelling alternative theoretical approach to IR: the Strategic Perspective. It both challenges and differs significantly from traditional theories of IR by arguing that the preferences of leaders and their constituents—rather than national interests or the state system—are the primary drivers of foreign policy. In the final sections, students will use this Strategic Perspective and the logic of strategic interaction to explain major characteristics of, events, and trends in global politics. The focus of the fourth part will be warfare and conflict; specifically, the use of military force, military alliances, nuclear deterrence, terrorism and military intervention. The fifth part will examine significant aspects of peace, governance and world order, namely, international organisations, climate change, human rights and international law.

Aim of the Course

The course will introduce students to the academic study of International Relations (IR), and give an overview of the major concepts, traditional theories and pressing issues in contemporary global politics. The primary aims of the course are to provide students with (i) a perspective of international relations as being predominately driven by individually-motivated strategies that shape war, peace, and world order; (ii) an understanding of the strategic calculations underlying the actions of the leaders of nations, international organisations and non-governmental interest groups; and (iii) the tools to understand empirical regularities by using strategic theory approaches.

Learning outcomes

• Compare and contrast the primary concepts and traditional theoretical approaches to the study of international politics.
• Explain the the Strategic Perspective’s response to traditional theories of IR.
• Analyse case studies of international relations and foreign policies according to the methods of strategic theory, selectorate theory, and game theory.
• Model causes of war, brinkmanship, the security dilemma, bargaining, deterrence and compellence processes.
• Explain the rationale behind the formation of alliances; apply the concept of alliance portfolio to the analysis of the preferences of national leaders.
• Analyse the logic of terrorism and attendant issues of credibility.
• Assess the empirical evidence supporting democratic peace theory.
• Explain the purposes and formations of several international organisations and assess the extent to which common problems constrain their effectiveness and level of cooperation.
• Analyse climate change agreements as collective action problems.
• Critically assess the constructivist and strategic approaches to the formation of international law, norms and human rights.

Annotation

The Economics and Politics Internship is a practical course designed to apply knowledge and skills acquired during the studies in the program to real-world processes of economics and politics. Students may complete their internships at:

1. the Seimas of the Republic of Lithuania and institutions accountable to the Seimas, that are involved in formulation and implementation of economic policies;
2. the government of the Republic of Lithuania, and institutions accountable to the government, that are involved in formulation and implementation of economic policies;
3. the European Parliament, the European Commission and other European Union (EU) institutions that are involved in formulation and implementation of economic policies;
4. foreign diplomatic representative offices, that are involved in representing economic interests of their nations and fostering cross-border economic relations;
5. for-profit companies that are involved in economic policy analysis and influencing the government, Parliament and public opinion on issues of economic policies;
6. non-governmental organizations (NGOs) involved in economic policy analysis, influencing the government, Parliament and public opinion and implementing economic policies.

Aims

Internship in economic policy aims at experiencing and learning the practical aspects of formulating and implementing economic policy. The aims of internship include:

1. deepening of students’ understanding of the role that economic and political analysis plays in identification and solution of real-world problems;
2. enabling students to apply analytical tools they had learned in the classroom, to identification and solution of real-world problems;

endowing students with practical skills relevant to the formulation and implementation of economic policy.

Annotation

The course introduces students to the history of political thought. This knowledge is crucial for a better understanding of how politics are influenced by social ideas and philosophical currents of the time and how political ideas evolve/erode in time. The topics covered include science, human nature, religion, history, culture, as well as poststructuralist, postmodern trends in political science itself.

Aim of the Course

This course is mostly theoretical and a historical overview of the development of the Western political thought, however, real life examples will be used to illustrate the points made during lectures. During the course students will discover how different the development of political ideas resonates with and originates from the philosophy and ideas of the time. Critical thinking will also be encouraged and used, especially when analysing the sociological side effects of application of political theories and in analysing the political polarisation of social phenomena. This will be useful in further studies for argument analysis and adding wider context of politics to one’s future studies.

Learning outcomes

• To explain how political thought originates in philosophical reasoning of the time.
• To identify socio-political contexts of the time which triggers philosophical ideas, which consequently, triggers political ideas.
• To introduce the major political thinkers from antiquity to present.
• To explain how the law and political institutions are dependent on visions of human nature and what are their consequences for politics.
• To explain how the politics of defining religion shaped the political attitude towards it and how this affects contemporary sociopolitical relations.
• To explain the interrelationships of political ideas and economic models.
• To explain the interrelationship of political ideas and the new social movements.
• To explain how contemporary political currents (re-)negotiate and redefine elements of the social reality and where it takes us.

Annotation

This is an introductory course in finance. Course objective is to provide students with the basic knowledge in finance and to form the background for the further related studies. Course presents students with an overview of financial concepts, terminology, and principles, introduces to the financial management methods applicable to the personal and business practices (including SMEs and companies). Course covers basic financial theories, and their relevance to the financial management and investments. Introduction to finance course combines theory with practical examples, using case discussions and simulations.

Aim of the course

The course objective is to introduce students to the main elements, methods and principles of finance. It will provide basic knowledge and skills applicable to personal and managerial finance. Course starts with the general overview of finance, introduces to financial concepts, instruments, and techniques used in financial decision making. The first part of the course focuses on basic financial data, financial statements, cash flow, also main financial concepts as time value of money, risk and return, interest rates. The second part of the course deals with financial management.

Learning outcomes

• Explain financial system elements and their activities and functions via systemic approach.
• Explain and analyse saving and investing, financial assets, interest rate concepts and their importance in financial market.
• Analyze financial markets and their environment.
• Analyze financial planning process elements in household finance: personal financial life cycle, financial statements and ratios.
• Apply concepts of time value of money to solve various problems.
• Analyze goals of the firm and role of the financial manager in financial decision making.
• Prepare and explain financial statements: Balance sheet, Income statement, Cash flow statement. Evaluate proforma financial statements and budgets.
• Understand and evaluate relationships among financial decisions. Understand difference between short and long financing decisions.
• Work in teams, present work results in writing and oral presentation.

Course description

This course introduces students to the key concepts and theories of comparative politics. The general topics covered range from concepts of the state to main political institutions of both democratic regimes and dictatorships. The adopted approach uses modern tools of political analysis that provide methodological basis for successfully studying comparative politics and other subjects related to political science and economics.

Aim of the course

This course aims at providing the analytical framework for studying the workings of specific political institutions. Therefore, students will be provided with modern theoretical framework for doing research in comparative politics,  will learn to apply their skills in practice and have rigorous understanding of main concepts of politics.

Learning outcomes

• Understand and define scientific method and scientific study of politics.
• Define and use the main analytic concepts of comparative politics and political analysis, solve game-theoretic problems, apply theoretical models to actual cases.
• Define the concepts of state and politics, understand basic elements of political processes.
• Understand the structure of different political regimes and their workings and institutions, their main distinctions and similarities.
• Define and analyze the impact of economic and cultural factors on political processes and policies.
• Understand and analyze issues of collective decision making, social choice theory, principle-agent problem and their implications for democratic politics.
• Explain and evaluate the influence of political institutions on economic policy, economic performance and business environment.

Summary

This is a practical course dealing with the mathematical models supporting decision making in various fields of social sciences and practical environment, i.e. management, economics, and politics. In particular, what-if analysis, forecasting, optimization, multi-criteria decision making and data analysis are dealt in the course. Computer spreadsheets are used all over the course.

Objectives

• To develop structural and algorithmic mindset in dealing with operational issues.
• To develop necessary skills for problem formulation, setting goals and parameters of the problem, choosing relevant model, translating it into the spreadsheet, and justifying alternative solutions of the problem.
• To develop skills of data analysis.
• To develop skills of using computer spreadsheets.

Learning outcomes

• To be able to develop a mathematical model for relevant  problems in economics, finance, business and politics.
• To be able to select relevant methods for the analysis of mathematical models, to draw quantitatively justified conclusions and to choose the best alternative.
• To be able to analyze the mathematical model by means of the computer spreadsheet.
• To be able to analyze big arrays of data by means of the computer spreadsheet.

Annotation

Course covers introduction to linear systems, matrix algebra, linear programming, and various applications.

Aims of the course

This course aims to develop skills for mathematical modelling of basic social and economic phenomena.

Learning outcomes

• Ability to operate the main concepts, laws, and techniques of finite mathematics.
• Ability to apply these concepts, laws and techniques in modelling economical social phenomena.

Annotation

In the Economics and Politics program a Bachelor Thesis is written during the eighth semester and is worth 15 ECTS credits. A Thesis is written in English. While writing a Bachelor Thesis students synthesize and augment knowledge and skills acquired during the study at ISM and demonstrate possession of competences required of the recipients of a Bachelor degree in Economics and Politics. In terms of its content and methods of analysis, a Thesis must inter-link objects of several disciplines, particularly those of economics and of politics.

Learning outcomes

• To be able to define the research problem and the main goals of a Thesis in a concise way.
• To be able to perform a review of academic literature, relevant to the problem-area and the main goals of a thesis.
• Be able to present a testable hypothesis, consistent with assumptions derived from literature review.
• Be able to collect quantitative and/ or qualitative data and perform appropriate empirical analysis to ascertain the validity of the hypothesis.
• Be able to demonstrate proficiency in academic writing, proper literature citation and compilation of a reference list.
• Demonstrate ability to present findings of the thesis to an academic community of peers and defend the thesis in front of a faculty panel.

Course Description

Academic works such as paper, term paper, report, thesis and final thesis, annotation, abstract, review as well as their presentation belong to the area of scientific works; therefore, they have to meet general requirements of structure and content. Academic works have to be in high quality of scientific style. This course presents the structure of academic works, and analyzes scientific texts (composing sentences, paragraphs, and the whole text, referring and quotation, etc.). First part of this course is about theoretical requirements of academic writing and the second is about practical training in writing. During the lectures, students also learn how to finalize their academic work under the requirements of ISM University of Management and Economics.

Course Aim

This is a basics course in academic work writing skills for students in the bachelor’s degree programme of studies in economics, management and business administration. Objectives of the course are: 

• Communicate effectively in specific writing situations, which may include various academic, professional, or civic situations;
• Understand and respond appropriately to the critical elements that shape communication situations, such as audience, purpose, and genre;
• Critique their own writing and provide effective and useful feedback to enable other students to improve their writing;
• Demonstrate critical and evaluative thinking skills in locating, analyzing, synthesizing, and using information in writing activities.

Learning outcomes

• Knowledge and its application. Students will identify basic principles of rhetoric and develop an understanding of written texts as arguments generated for particular purposes, audiences, and rhetorical contexts.
• Research skills. Students will be able to employ analytical reading to summarize, paraphrase, draw evidence from, synthesize, and respond to the scholarship of others.
• Special abilities. Students will learn to find and evaluate print and electronic source materials appropriate for academic research projects. Students will be able to develop original arguments for a range of academic purposes and demonstrate critical thinking skills and using information in writing activities.
• Social abilities.  Students will be able to critically evaluate their own and others’ work and collaborate effectively with other writers throughout the writing process.
• Personal abilities.  Students will be able to organise their learning process and work autonomously on writing projects. They should also demonstrate understanding of academic responsibility and integrity.

Course description

This course is a one-semester introduction to Public finance. Public finance is the branch of economics that focuses on the role of government in the economy. In this course we will study the role and the size of public sector, including the rationale for public sector existence (public goods, market failures) and government interventions (taxation policy, income redistribution).

Students will become acquainted with the theoretical foundations of how the government affects the economy, in addition to being exposed to a variety of empirical research. Students will gain experience in critical thinking and will learn about the theoretic basis of the economic arguments used by politicians.

Aims of the course

This course aims to introduce to students the main concepts of Public finance: the role of the state in the economy, public goods and market failures, policy of taxation and income redistribution. Attention is also given to fiscal policy issues.

Learning outcomes

• Analyze the concepts of public goods and market failures and their cures
• Apply various socio-economic models to the evaluation of the public policy questions
• Discuss the reasons for government intervention in the economy as well as different types of regulation
• Evaluate and compare different policies of taxation and income redistribution
• Analyze the issues in managing the  fiscal policy
• Learn the mechanics of sovereign and municipal bond markets.

Course description

This is an introductory course of statistical data analysis, designed for the students of the Economics and Politics program. The material covered in the course includes methods of data collection, analysis, presentation of results as well as the use of statistical data analysis software, SPSS®. The course encompasses methods of descriptive statistics, statistical estimates, data comparison hypothesis testing, correlation as well as regression analysis. During the laboratory sessions students will learn to use the statistical data analysis software, SPSS®, types of data, user tools, as well as procedures for data analysis and presentation. Statistical methods and SPSS® software will be applied to the analysis of concrete economic and political data.

Course aim

The goal of the course is to provide students with the theoretical knowledge and practical skills necessary for the analysis of economic and political data.  At the end of the course the students should be able to identify and apply the key methods of data analysis, carry out the analysis using specialized software, and to interpret the results.

Learning outcomes

• To understand the basic terminology used in statistics.
• To understand the basic principles of descriptive statistics.
• To understand the basic concepts of probability.
• To understand the basic principles of inferential statistics.
• To be able to utilize the correct statistical test based on sample, and hypothesis.
• To understand the difference between parametric and nonparametric tests.
• To be able to apply basic descriptive statistics to an available data base.
• To be able to apply the appropriate basic inferential statistics to the decision making process.
• To be able to make generalizations about a population based on a sample from that population.
• To be able to apply statistical techniques to evaluate basic business hypothesis.

Annotation

The ability to formulate the right questions and choose the most efficient tools for seeking answers, as well as to intelligently interpret the information gathered and presented by others, is one of the main competencies a university education should foster. This course will equip students with both the understanding of principles that guide quality research and the tools needed to implement those principles in formulating a research project, selecting appropriate methods, collecting and analyzing data, and presenting their findings. We will focus on the practical application of the concepts and methods discussed in the course by conducting students’ own research projects and critically analyzing the research of others.

Course aims

The main goal of this course is to impart knowledge and skills necessary for conducting and evaluating social science research. The course will begin with the introduction to the fundamental principles that underlie approaches to research and the practical implications of these principles, including formulation of research questions, concepts of validity and reliability, and issues of research ethics. Students will learn to review literature and conduct secondary and primary research. We will especially focus on the main qualitative and quantitative methods of primary data collection used in social science research. Conducting their own research projects will help develop students’ practical research skills, and analysis of published research and other students’ research projects will sharpen their ability to critically evaluate the information coming from research conducted by others. Presentation of their own research findings and discussion of others’ research will also serve to refine the students’ presentation and communication skills. Students who have successfully completed the course and all its assignments will be able to define the research question, formulate the research design, choose the appropriate methods for data collection and analysis, present and interpret their findings, and critically evaluate other researchers’ output. Finally, the skills and knowledge gained in this course will also be employable during the preparation of BA theses.

Learning outcomes

• To understand the purpose of research.
• To identify and understand potential ethical, empirical and analytical problems plaguing the research process and ways to overcome them.
• To formulate a research question and design an appropriate way to answer it.
• To formulate testable hypotheses and choose the most appropriate tools for testing them.
• To identify and understand the main qualitative and quantitative methods of social science research, their advantages and disadvantages, and appropriate application areas.
• To conduct secondary research and write a literature review.
• To develop skills in choosing suitable case studies, sampling, measurement, questionnaire design, designing and executing experiments, conducting interviews and surveys, leading focus groups.
• To develop skills of quantitative and qualitative data analysis and interpretation of its results.
• To communicate research findings and their implications in a clear and well organized way, both orally and in writing.
• To critically evaluate the quality of other people’s research findings and the process used to obtain them.

Annotation

This course introduces students to the interplay between political institutions and economic processes and outcomes.  The course consists of two parts.  In part one, students will learn the key theories of economic growth (Neoclassical, Endogenous Growth, Import Substitutions Industrialization), as well as the historical background of the attempts at economic development throughout the XX century.  In the second part of the course, students will learn about the consequences of key political institutions (regime type, voting rules, structure of interest group competition) for the implementation of economic policy, as well as for such economic indicators as the size of government, corruption, re-distribution and economic growth.  The main goal of the course is to provide theoretical knowledge and practical tools that are required for academic research of economic policy as well as for practical policy-related decision-making.

Aim of the course

This course unit aims to provide an understanding of theoretical and empirical issues, regarding decision-making in the matters of economic policy: redistribution, fiscal policy monetary and exchange rate policies, industrial policy and measures to prevent corruption.

Learning outcomes

• Analyze literature on Economic Growth, identify its theoretical assumptions and empirical predictions.
• Identify the effects of different policy-making institutions as agenda-setting tools of economic policy.
• Evaluate economic and political institutions in terms of their susceptability to corruption. Model optimal anticorruption measures.
• Explain rationale for interpersonal and intra-personal  redistribution of resources. Model the effect of political institutions on the level of redustribution.
• Model the economic effects of fiscal policy decisions and political motivations for the choice of fiscal policy.
• Model the economic effects of monetary policy decisions and political motivations for the choice of fiscal policy.
• Explain Exchange-rate policines of individual countries, as well as the formation and maintenance of common currency areas.
• Analyze industrial policy decisions under a variety of political institutional contexts.

Annotation

Managerial Economics course is the synthesis of economic theory and decision making in practice. Quantitative tools rather than intuition should be used when making important managerial decisions. Some mathematical techniques are used in this course, but understanding the logic of decisions is more emphasized. The key goal of this course is to equip students with the skills for analyzing data and understanding the outcome of such analytics for the purpose of making sound managerial decisions.

Aims of the Course

The Managerial Economics course is organized for bachelor students of economics. It aims to discuss central decision problems the managers face in a day to day business environment and to provide the tools of economic analysis for making these decisions. The course not only concentrates on economic analysis and its tools, but also puts emphasis on managerial decision-making process.

Learning outcomes:

• Elucidate on the characteristics, scope and techniques of managerial economics.
• Be able to explain the application of managerial economics in various aspects of decision making.
• Develop skills for strategic decision making.
• Acquire problem solving skills.
• Be able to make managerial decisions supported by quantitative methods.

Annotation

The contents of the Intermediate Macroeconomics course cover five main topics. It starts with the discussion on the main macroeconomic indicators. Then we have three topics based on different term perspectives. We start from the economy in a medium run (analyzing problems of open economy, inflation and unemployment). From that we turn to analysis of growth theory (economy in a long run) and after it we are studying Business cycle theories about economic fluctuations in a short run. The course finishes with the topic on macroeconomic policy and its debates.

Aim of the course

This is a course in intermediate macroeconomics, designated for students with knowledge in basic economics. Its objective is to present theoretical knowledge and practical skills required for studying the overall economic development of a country. Students will know how to analyze the most important macroeconomic phenomena from different aspects, and the impact of governmental macroeconomic policies on participants in the economy. This course trains skills in comprehension and analysis of macroeconomics policies.

Learning outcomes:

• Differentiate the main theories in macroeconomics.
• Relate economic problems with their time perspective.
• Consider the effectiveness of economic policies in different environment.
• Graphically model macroeconomic situations using appropriate macroeconomic theories.
• Discuss the main aspects of economic growth theories.
• Apply the concepts of aggregate demand and supply when analyzing economic situations.
• Apply the statements of classical theory when analyzing an economy in the Long run.
• Develop researching skills.

Annotation

Welfare economics is a branch of economics that focuses on the optimal allocation of resources and goods. This course integrates discussions relating economic theories to different notions of social justice and historical developments of welfare state. Welfare state theories and concepts are discussed during the course not only in terms of equity reasons but in efficiency terms also. The course introduces crucial debates about the borderline between state and market. Various aspects of welfare state are analysed with help of two broad questions: what are the aims of policy and by what methods those aims are best achieved? Each society faces questions related to scope of redistribution (of wealth, income, power etc. and how much of it should be there) and methods that are employed to organise economic activities (market, central planning, mixed economy) in order to achieve societal economic and social goals. Those two broad sets of questions are the main axis for discussions during the course. In order to enhance such discussions the course examines origins and dissemination of welfare state, two main social welfare traditions (Bismarckian and Beveridgean) as well as comparative welfare state typologies (liberal, conservative and social-democratic). Basic principles of social insurance, role of private and public sector in social insurance provision are covered during the course. The course examines in detail retirement pensions and their financing mechanisms (pay as you go and funded), social assistance principles, its organisational aspects and main types of benefits. Special attention during the course is paid to income inequality, poverty and social exclusion, their measurement methods. International aspects of social security regulation are also discussed.

Aim of the course

Aim of this course is to enable students to develop a basic understanding of main topics in the economics of welfare state in democratic market economies. Students are expected to be able to define central concepts and apply these in basic discussions about the role of the state and the individual in provision of welfare (in terms of efficiency, social justice and equality) and some of the major issues in the design and financing of welfare state provisions. Moreover it is important for the students to be able to apply concepts and theories to practical policy debates both domestic and global.

Learning outcomes

• Analyse and discuss main features and failures of market economy and public policies.
• Compare and discuss arguments utilised in favor/against state intervention in different schools of economic thought.
• Apply basic concepts, terminology and organisational principles of welfare.
• Evaluate and compare different methods of welfare financing.
• Overview and compare structure of welfare state and social security in particular in different countries.
• Compare and discuss relationship of economic and social policies.
• Compare and discuss welfare state theoretical models and analyse real welfare systems.
• Analyse and compare different welfare provisions among countries: retirement pensions, health care, social assistance systems.
• Analyse and discuss main principles of measuring income inequality, poverty and social exclusion.
• Overview international aspects of welfare/social security regulation.
• Work in teams, present work results both in writing and orally, provide argumentation.

Annotation

This course will explore the history of economic thought ranging from Plato to the modern day. In the lectures we will examine the most important and influential thinkers of their time, while also including the historical context that influenced the ideas presented. The course will not strictly follow a chronological evolution of the theory, but instead is designed in a way to capture the evolution of economic thought: the arguments, debates, agreements, and disagreements.

Aim

The History of Economic Theories course aims to equip students with the historical knowledge of history’s most influential economic ideas in order to promote argumentative skills, critical thinking, and a deeper understanding behind the evolution of modern economic thought.

Learning outcomes

• Understand the basic theories from the history of economic thought and apply it to modern economic thinking.
• Identify the historical context of the current trends in economic theories.
• Construct and organize arguments in the context of the history of economic thought.
• Be able to analyze and compare different arguments with regards to economic theories.

Course description

This is an introductory course of basic micro- and macroeconomic concepts, as well as of fundamentals of management theory. Topics include supply and demand theories, market structures/ factors, the determinants of business strategy and various aspects business organization. The course will have a focus on international economics and global business behavior. It will stress on preparing students for a successful career, using economic and business concepts in a market oriented society. It shall also serve as a foundation upon which students can build advanced studies in economics.

Course aim

The objective of Principles of Economics for Business and Management syllabus is to provide students with a basic understanding of how the economy as a whole works. The participants shall be exposed to basic economic concepts, in order to gain a framework for viewing and interpreting the economic and business world around them. This course acts as prerequisite for the Microeconomic and Macroeconomic courses.

Learning outcomes

• Define and explain how basic concepts of microeconomics (such as elasticity, scarcity or choice) can be used to explain the behaviour of individuals, household or firms.
• Represent supply and demand, in graphical form, including the downward/upward slope of the curves and what shifts/moves along the curves.
• To understand the importance of market structures, on the question of the stability and failure of markets.
• Describe and explain how basic macroeconomic policies (such as fiscal or monetary) can be used to analyse the economy as a whole.
• Explain basic management, business and marketing principles to be able to continue studies on a higher level.
• To understand the role of PESTLE factors on the SWOT of corporations, in the domestic and the international business environment.

Annotation

This is an introductory course to econometrics with emphasis on its applications. During the lectures and practical exercises the main focus will be on helping students to learn modern methods of empirical analysis and their practical application using an appropriate software (mainly GRETL) to the real world data sets. The main topics cover regression analysis including an introduction to panel data regression (fixed effects model), binary response models (linear probability, logit, and probit models), introduction to time series, and simultaneous equations. Students are taught how to build a suitable econometric model, understand the strengths and limitations of empirical methods, correctly interpret results and draw valid conclusions.

Aim of the course

The aim of the course is to introduce main empirical methods of economic data analysis and to provide their theoretical foundations.

Learning outcomes

• Understand and apply fundamental econometric methods, basic concepts of data analysis: descriptive statistics, hypothesis testing, confidence intervals.
• Analyze and evaluate linear regression model: main assumptions, features and applications,  develop abilities to choose suitable analytical tools.
• Understand the concept of non-linear analysis: main assumptions and features and be able to use suitable software, interpret regression results, build econometric models.
• Understand and apply linear probability model, logit model, probit model and its applications, be able to interpret regression results, build econometric models.
• Understand and apply time series regression: main models, basic assumptions of modeling and their violations, be able to interpret regression results, build econometric models.
• Understand the concept of panel data analysis, be able to interpret regression results, build econometric models.
• Understand and apply simultaneous equations: main assumptions, features, use data analysis results to make and to found sound economic or managerial decisions.