Course title
経済学   [Economics]
Course category Liberal Arts and Fundamental Studies  Requirement   Credit 2 
Department   Year 1～  Semester 1st 
Course type 1st  Course code 01hs1011a
Instructor(s)
千年 篤, 草処 基   [CHITOSE Atsushi, KUSADOKORO Motoi]
Facility affiliation Faculty of Agriculture Office afjgxte/L1151  Email address

Course description
The goal of this course is to understand the basic theories of microeconomics (neo-classical economics) and macroeconomics (originating in Keynes’ innovative work, “General Theory”).
Microeconomics explores the market mechanism and economic agent behavior underlying it. What is important regarding the market mechanism is “price” that functions as a signal reflecting the values of goods and services.
On the other hand, macroeconomics investigates the relationships among aggregate variables in economies such as gross domestic product (GDP), unemployment rate, interest rate, foreign exchange rate, etc. Study on financial policy and monetary policy is also an important topic in macroeconomics.
The course focuses on microeconomics, because basic microeconomic theory would help students to understand the essence of each of various economic phenomena currently observed in the real world.

The lecturer of this course has substantial experiences as a consultant for agricultural and water resource development and will sometimes use the situations he had observed in rural areas to help students to deepen their understanding of the contents given.
Expected Learning
To gain the way of economic thinking, and to be able to apply basic economic theory, specifically microeconomic theory to understanding of various economic phenomena currently observed.

Competency development: Self-initiative○、Understanding of different cultures○、Global sense○、 Innovative thinking◎、Knowledge on science and technology○
Course schedule
The course is intended to proceed with the following schedule:

1. Guidance, “What is the way of economic thinking ?　--rational behavior hypothesis--, current status of Japan’s economy, objectives of microeconomics and macroeconomics
2. Basic macroeconomics: Components of national economy, national income, Effective demand, multiplier effects
3. Efficient resource allocation and market mechanism: supply and demand, perfectly competitive market, market equilibrium, elasticity
4. Consumer theory (1): Utility, marginal utility, budget constraint, relative price, choice set. preference, indifference curve
5. Consumer theory (2): Marginal rate of substitution (MRS), optimum consumption plan, change in optimum consumption in response to change to change in income
6. Consumer theory (3): Change in optimum consumption in response to change to change in price
7. Producer theory (1): Profit maximization, technology, returns to scale
8. Producer theory (2): Cost minimization, marginal rate of technical substitution (MRTS), choice of optimum factor combination, cost function, choice of optimum production level, individual firm’s supply curve and market supply curve
9. Consumer surplus, producer surplus, social welfare, efficiency of market
10. Market failure, public goods
11. Monopoly, oligopoly
12. Externalities, Pigouvian tax, internalization of externalities, Coase theorem
13. Efficiency and fairness of taxation, effects of consumption tax on market
14. Efficiency and fairness of specific or general consumption tax, social welfare program and resource allocations
15. Summary
Final examination
Prerequisites
Basic calculus.
A student is required to study for the preparation and review of the topics covered through the lecture by using the handouts or references for certain hours equivalent to the TUAT standard study hours.
Required Text(s) and Materials
No specific textbook is used.　The handouts will be distributed in class.
References
References will be announced in class.
Assessment/Grading
A final grade will be given with the following weights: In-class discussion participation/In-class test (0-5%), Assignment (30-35%), and Final Examination (60-70%).
The assignment assesses the way of thinking and application of price theory, while the final examination assesses the understanding of basic economics theory.
Message from instructor(s)
Course keywords
Microeconomics, Macroeconomics, Rational behavior, Market, Prices, Efficiency, Externalities
Office hours
Right after each lecture or by appointment through E-mail upon request.
Remarks 1
Due to the outbreak of the new corona virus, covid-19, this course will be conducted online. As for the change in the course schedule, please check the Google Classroom for this subject.
Remarks 2
Related URL
Lecture Language
Japanese
Language Subject
Last update
8/29/2020 2:28:21 PM