Présentiel, premier et deuxième quadrimestre, 60 heures de théorie et 30 heures d'exercices.

Economics I :
English is the only language used during the course, in problem sessions and during the written exam.

Economics II:
English is the only language used during the course, in problem sessions and during the written exam.

ESPO1170 - Economics I [1 Q. • 30 Th. + 15 Ex. • Pond. : 1] Bertrand Hamaide
POLS1127 - Economics II [2 Q. • 30 Th. + 15 Ex. • Pond. : 1] Dominique Chariot

Economics I :
Course Objectives: This course has as its objective to introduce the principles of economics and to build the student's basic understanding of the functioning of market economies. Economics I will be devoted to understanding the general principles of economics and the basics of microeconomics, or the study of the behavior of consumers and firms in perfect competition and imperfect competition. The principles of macroeconomics will be covered in Economics II. The course is expected to provide students with the capacity to understand economic concepts and logic used in business and economics press publications such as The Economist and The Financial Times.
By the end of the course students should be able to explain the intuition underlying simple graphical and algebraic economic models representing a number of microeconomic topics, such as analyzing the evolution of supply and demand of a good and its impacts, consumers' choices in purchasing goods and services, and a firm's decision about the quantity of a good to produce. Students should be able to apply each model to solve relevant numerical problems and to answer pertinent theoretical and policy questions.


Economics II :
Economics II completes the introduction to economics principles started in Economics I, with the objective of bringing students to understand how market economies work. A common theme links the different parts of the course, namely, the scope for public intervention and economic policies.

It is taught in English and is required in the bilingual French-English baccalauréat curriculum for political and social science students, as well as law students. Students who are not enrolled in the bilingual baccalauréat but who wish to take an economics course in English may substitute their ”Économie II” course for this one.

By the end of the course students should be able to explain the intuition underlying simple graphical and algebraic economic models representing a number of microeconomic and macroeconomic topics. Students should be able to apply each model to solve relevant numerical problems and to answer pertinent theoretical and policy questions.

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Economics I :
Course description: Economics I is the first of a two-course sequence on the principles of economics taught in English. It is a required course in the curriculum for students enrolled in the bilingual French-English baccalauréat. Students who are not enrolled in the bilingual baccalauréat but who wish to take an economics course in English may substitute Economics I for the course Economie I.
Course outline with reference to the corresponding chapters in the textbook:

1. Introduction (Chapters 1, 2 and 3)
2. Supply and Demand I: how markets work (Chapters 4, 5 and 6)
3. Supply and Demand II: markets and welfare (Chapters 7 and 8)
4. The Economics of the Public Sector (Chapters 10 and 11)
Consumer theory, producer theory and equilibrium (Chapters 13, 14 and 21)

Economics II :
Economics II will be devoted
• partly to microeconomic analysis with the study of financial markets and factor markets,
• and partly to macroeconomic analysis with the study of economic activity, cost of living and unemployment measurements, production & growth, money creation & inflation, aggregate demand & supply analysis, fiscal & monetary policies, and public finance.

A companion textbook (Economics, Mankiw and Taylor, 3rd ed., Cengage, 2014), hereafter referred to as “M&T”, is available at the “reprographie” desk. The table of contents mentions the corresponding chapters in M&T:

Chapter 0: Introduction

Part I. Microeconomic Analysis

Chapter 1: Financial Markets

Financial Institutions In The Economy (M&T 24.1)

Credit Markets & Credit Risk (M&T 24.3)

Asymmetric Information (M&T 12.2)

Chapter 2: Factor Markets (M&T 17)
Specificity
Labour Market
Land & Capital Markets
Comparative Statics

Part II. Macroeconomics

Chapter 3: Macroeconomic Indicators
Macrowhat?
Measuring Economic Activity (M&T 20)
Measuring the Cost of Living (M&T 21)
Measuring Unemployment (M&T 23)

Chapter 4: Long-Run Macroeconomics
• Production & Growth (M&T 22)
• The Monetary System (M&T 26)
• Money Growth & Inflation (M&T 27)

Chapter 5: Short-Run Macroeconomics
• IS-LM Model (M&T 31)
• Aggregate Demand & Aggregate Supply (M&T 32, 33)

Chapter 6: Public Finance (Not covered in M&T)

Students are strongly advised to consult the textbook for additional explanations, numerical examples, and discussion of topics covered in the course. The textbook is intended to provide a complement (and NOT a substitute) to course lectures and problem sessions. Students will not be responsible for textbook material addressing topics not covered in course lectures or problem sessions. Note that some parts of the course material are not (or insufficiently) covered in the textbook. Hence, presence during the lectures is highly recommended.

Economics I :
Organization: Two thirds of the course load (30 hours) will be devoted to formal lectures and one third (15 hours) to small group sessions for working on problem sets.

Pedagogical approach: The course objectives are achieved via weekly lectures in which the professor presents models relating to the different topics covered in the course and via smaller, group sessions where the teaching assistant works with students on problem sets. Emphasis will be placed in course lectures on theoretical exposition as well as examples taken from business and economics press and from current events in which the models under consideration may be applied so as to link theory and practice.

Economics II :
Course schedule:
Course lectures are held weekly for two hours. Group sessions on problem sets are held bi-weekly for two hours.

Pedagogical approach:
The course objectives are achieved via weekly lectures in which the professor presents models relating to the different topics covered in the course and via smaller, group sessions where the teaching assistant works with students on problem sets. Emphasis will be placed in course lectures on theoretical exposition as well as examples taken from business and economics press in which the models under consideration may be applied so as to link theory and practice.

Economics I :
Evaluation: A written examination made up of problems similar to those seen in problem sessions as well as questions relating to course material, will be used to determine each student's course grade. The teaching assistant will make available, prior to the end of the semester, solutions to the problem sets.

Economics II :
A written examination made up of problems similar to those seen in problem sessions as well as questions relating to course material, will be used to determine each student's course grade. Although students are not formally graded on solutions to problem sets distributed by the teaching assistant, students are strongly encouraged to work on these problem sets prior to attending the session in which they are discussed. The teaching assistant will make available, prior to the end of the semester, solutions to the prescribed problems that were not solved during class.

Economics I :
Reference material: Economics, N. Gregory Mankiw and Mark P. Taylor, second edition, 2011.

Students are strongly suggested to consult the textbook for additional explanation, numerical examples, and discussion of topics covered in the course. The textbook is intended to provide a complement to course lectures and problem sessions. Students will not be responsible for textbook material addressing topics not covered in course lectures or problem sessions.

Economics II :
Textbook: Economics, N. Gregory Mankiw and Mark P. Taylor, Second Edition, Cengage Learning (South-Western), 2011.

Economics I :
Additional material:
- A detailed course outline as well as the set of slides used during the lectures.
- Small course web site via iFUSL containing remarks, notes and a previous exam

Economics II :
Additional material:
a) Set of slides used during the lectures
b) Possibility to access the book's website
c) Course website (eSaintLouis platform) containing remarks, notes and a previous exam.