Why study economics?

It’s a good question, and one I’d like to be able to answer with something better than “it’s part of my schoolwork”. I do think that understanding more about the forces and principles at play in these critical systems is useful: expanding my mind, informing decisions. Isn’t that the whole point of the MBA?

I’ll be studying economics next semester for ECO80001: Economics, using G. Mankiw’s Principles of Economics as the text book. These notes are an attempt to actually get ahead of the game for once.

Reading Notes from The Economy

  • The capitalist revolution
  • Technology, population & growth
  • Scarcity, work & choice
  • Social interactions
  • Property and power (Mutual gains and conflict)
  • The firm: Owners, managers & employees
  • The firm and its customers
  • Supply and demand: Price-taking and competitive markets
  • The labour market: Wages, profits & unemployment
  • Banks, money & the credit market
  • Rent-seeking, price-setting & market dynamics
  • Markets, efficiency and public policy

Note:

Standard principles text CORE’s The Economy
Part 1. What is economics? Unit 1. The big questions about the economy
Part 2. Supply and demand Units 2–3. Economic decision making
Part 3. The production decision and factor markets Units 4–6. Economic relationships and interactions
Part 4. Beyond perfect competition Units 7–10. Markets
Part 5. Microeconomics and public policy Units 11–12. Market dynamics, how markets work and don’t work
Part 6. Long-run growth Units 13–15. The aggregate economy in the short and medium run
Part 7. Short-run fluctuations and stabilization policy Unit 16. The aggregate economy in the long run
Part 8. Macroeconomic applications Capstone units 17–22

I’ll be studying this next semester for ECO80001: Economics:

This unit is designed to provide students with skills and practice of understanding, interpreting and evaluating microeconomic andmacroeconomic issues. In particular the unit focuses on developing students’ ability to apply these skills to real world applications of relevanceto accountants and other business professionals.

Learning outcomes

  1. apply coherent and advanced knowledge of the workings of markets
  2. apply problem solving methodologies to provide innovative solutions to pricing and output decisions
  3. critically analyse and apply key economic principles relevant to managerial decision making
  4. critically analyse current economic issues and policies using a systematic framework
  5. demonstrate analytical and research skills and group problem solving as applied to economic scenarios

Assignments