Prof Francesco Caselli 32L.1.21 and Prof Ronny Razin 32L.4.01

This course is available on the BA in Geography, BSc in Accounting and Finance, BSc in Actuarial Science, BSc in Business Mathematics and Statistics, BSc in Econometrics and Mathematical Economics, BSc in Economic History, BSc in Economic History and Geography, BSc in Economic History with Economics, BSc in Economics, BSc in Economics and Economic History, BSc in Economics with Economic History, BSc in Environment and Development, BSc in Environmental Policy with Economics, BSc in Finance, BSc in Financial Mathematics and Statistics, BSc in Geography with Economics, BSc in Government and Economics, BSc in International Social and Public Policy and Economics, BSc in Management, BSc in Mathematics and Economics, BSc in Mathematics with Economics, BSc in Mathematics, Statistics, and Business, BSc in Philosophy and Economics, BSc in Philosophy, Politics and Economics, BSc in Politics, BSc in Politics and Economics, BSc in Politics and International Relations, BSc in Psychological and Behavioural Science, BSc in Social Policy and Economics and BSc in Statistics with Finance. This course is available as an outside option to students on other programmes where regulations permit and to General Course students.

This is an introductory course in microeconomics and macroeconomics. Students without a mathematical background may consider taking an introductory mathematics course, such as Basic Quantitative Methods, at the same time.  EC102 is unavailable to anyone who has passed Economics A (EC100). Entrance on to EC100 and EC102 is dependent on Economics A-level or equivalent background. Students without A-level economics (or equivalent) are not allowed to take EC102.

Part A Consumer and Producer Theory; Markets and Competition; Welfare; Game Theory; Adverse Selection and Moral Hazard. Part B Measurement of the aggregate economy; growth and development, economic fluctuations; stabilization policy; money and inflation; unemployment; financial and sovereign crises.

20 hours of lectures and 10 hours of classes in the MT. 20 hours of lectures and 10 hours of classes in the LT.

Revision lectures will be offered in week 11 of both the Michaelmas and Lent terms.

MT: Students will submit two problems sets on which written feedback will be provided. Feedback will also be provided on weekly Moodle quizzes.

LT: There will be weekly assignments consisting of a set of open-ended questions and a number of multiple-choice questions. Full solutions will be provided.

There is no mandatory textbook in either term.  Students may find it useful to consult the following:

Part A: Acemoglu, D. Laibson, D. and J. A. List (2016) Microeconomics, Pearson.

Part B: N Gregory Mankiw, Macroeconomics, Worth, 8th edition.

Exam (50%, duration: 2 hours, reading time: 15 minutes) in the January exam period.
Exam (50%, duration: 2 hours, reading time: 15 minutes) in the summer exam period.

The Lent term examination is based on the Michaelmas term syllabus, and the Summer exam on the Lent term syllabus.