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An Introduction to Economics Syllabus

June 7, 2016

1. What is economics? Brief. Explain why it’s important, key questions asked, method of thinking.

2. Economic history – agriculture, industrial revolution, population + wealth increases of the 20th century, Gapminder. Show the incredible journey humanity has had in the last 200 years.

3. Human Action, Choice, opportunity cost, decision making

4. Supply and demand:
How are prices determined
How competition works
Marginalism
Prices as information and incentives

5. Market coordination – Technology as specialization, Markets in Everything, Markets as evolution

6. Unintended consequences – broken window, economics in one lesson
Price controls, the effect of regulation on markets

7. Political economy – People have incentives to reduce supply to increase profits. Petition of the candlemakers, other political stories. Bootleggers and Baptists

8. Basics of game theory – PD, repeated games, signalling, commitment, reputation, etc

9. Basics of industrial organization

Other Reading
Chapters 1-3 TWoN
Economics in One Lesson
I, Pencil
Petition of the Candlemakers, What is Seen and what is not seen
Cartoon Introduction to Economics, Yoram Bauman
Economic Naturalist, Robert Frank
The Use of Knowledge in Society
Theory of the Firm, Problem of Social Costs, Coase

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