Lecture1
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HungaryBudapesti Corvinus EgyetemGazdálkodástudományi KarNemzetközi gazdálkodás (angol nyelven)MicroeconomicsJegyzetekLectureLecture1
2007.11.25 19:03:54
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Price Theory
László Szakadát András Simon
(Dept. of Microeconomics Dept. of Macroeconomics)
Fall 2007
Textbook (TB):
Robert H. Frank (2006): Microeconomics and Behavior. (McGrw-Hill - International Edition) (F)
Study Guide:
James Halteman (2003): Study Guide to Accompany Robert. H. Frank Microeconomics and Behavior, McGraw-Hill.
Lecture 1
Study economics because it is interesting and useful!
TB: F Chapter 1 (Thinking like an economist) p. 3-26
1. What is economics good for?
To understand, explain, forecast (expected) behavior of humen beings and expected or unexpected consequences.
in the economy
or elsewhere (economic imperialism)
2. Methodological standpoint:
methodological individualism (social phenomena must be explained on the basis of decision by individuals)
decision theory
deterministic
probabilistic
game theory
3. Scarcity and what follows from it: economics
SCARCITY decision(-theory) welfare maximization
(optimization)
EMBED Equation.3 U = xy
alternatives s.t. px X+ py Y= m
(alternative) cost
competition (discrimination)
Lessons:
scarcity implies competition and discrimination
incorrect: no more discrimination or competition
proper question: what competition or discrimination do we want for the allocation of scarce resources?
no free lunch
if people have freedom to choose, then they do just what is good for them
compare benefits (B) and costs (C)
do something, if R > C
do not do something, if R < C
people do still something a bit more if it is good for them at that margin
do still a bit, if MR > MC
costs and benefit are interpreted widely (monetary and non-pecuniary as well)
if there is a change in the incentive structure, there is change in our behavior (that is people react (accommodate) to the changes of the environtemt/institutions)
division of labor and exchange (commerce) are beneficial for all parties
we must choose between inperfect alternatives
markets or governments
market is not that bad as assumed (relative to the state due to government failure)
the markets work imperfectly (market failures)
there must be government (state)
economics is a social theory
economics is applied mathematics
4. What is economics is not good for?
For understanding non-rational decision-making:
we are not able to explain in economic terms:
why Adam loves orange or Eve, although
we can explain
why Adam buys more orange, if the price of orange goes down or it turns out that due to its high content of vitamins it is good for prevention, or breaks with Eve
5. History of economic thoughts
Smith (1776)
ce Theory
László Szakadát András Simon
(Dept. of Microeconomics Dept. of Macroeconomics)
Fall 2007
Textbook (TB):
Robert H. Frank (2006): Microeconomics and Behavior. (McGrw-Hill - International Edition) (F)
Study Guide:
James Halteman (2003): Study Guide to Accompany Robert. H. Frank Microeconomics and Behavior, McGraw-Hill.
Lecture 1
Study economics because it is interesting and useful!
TB: F Chapter 1 (Thinking like an economist) p. 3-26
1. What is economics good for?
To understand, explain, forecast (expected) behavior of humen beings and expected or unexpected consequences.
in the economy
or elsewhere (economic imperialism)
2. Methodological standpoint:
methodological individualism (social phenomena must be explained on the basis of decision by individuals)
decision theory
deterministic
probabilistic
game theory
3. Scarcity and what follows from it: economics
SCARCITY decision(-theory) welfare maximization
(optimization)
EMBED Equation.3 U = xy
alternatives s.t. px X+ py Y= m
(alternative) cost
competition (discrimination)
Lessons:
scarcity implies competition and discrimination
incorrect: no more discrimination or competition
proper question: what competition or discrimination do we want for the allocation of scarce resources?
no free lunch
if people have freedom to choose, then they do just what is good for them
compare benefits (B) and costs (C)
do something, if R > C
do not do something, if R < C
people do still something a bit more if it is good for them at that margin
do still a bit, if MR > MC
costs and benefit are interpreted widely (monetary and non-pecuniary as well)
if there is a change in the incentive structure, there is change in our behavior (that is people react (accommodate) to the changes of the environtemt/institutions)
division of labor and exchange (commerce) are beneficial for all parties
we must choose between inperfect alternatives
markets or governments
market is not that bad as assumed (relative to the state due to government failure)
the markets work imperfectly (market failures)
there must be government (state)
economics is a social theory
economics is applied mathematics
4. What is economics is not good for?
For understanding non-rational decision-making:
we are not able to explain in economic terms:
why Adam loves orange or Eve, although
we can explain
why Adam buys more orange, if the price of orange goes down or it turns out that due to its high content of vitamins it is good for prevention, or breaks with Eve
5. History of economic thoughts
Smith (1776)
HYPERLINK "http://nobelprize.org/nobel_prizes/economics/laureates/1972/index.html" John R. Hicks, Kenneth J. Arrow (1972)
HYPERLINK "http://nobelprize.org/nobel_prizes/economics/laureates/1983/index.html" Gerard Debreu (1983)
HYPERLINK "http://nobelprize.org/nobel_prizes/economics/laureates/1994/index.html" John C. Harsanyi, John F. Nash Jr., Reinhard Selten (1994)
HYPERLINK "http://nobelprize.org/nobel_prizes/economics/laureates/1991/index.html" Ronald H. Coase (1991)
HYPERLINK "http://nobelprize.org/nobel_prizes/economics/laureates/1992/index.html" Gary S. Becker (1992)
Alchian
6. What subjects could be still studied later on?
Microeconomics (price theory)
Industrial organization
Theory of firm
Macroeconomics International economics
Public economics
Public choice
Econometrics
Labor economics
Law and economics
7. And what will you still study?
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Hozzászólások
Ha észrevételed van egy dokumentummal kapcsolatban (például hibát találtál benne), akkor a Hozzászólások részben jelezheted. Az olyan jellegű kérdéseket mint pl.: A 2. feladat 4. sorából milyen átalakítással jutottunk az 5. sorban szereplő képlethez? - szintén ide érdemes írni
Egy tipp az oldalhoz! - Add hozzá azokat a tantárgyakat a saját tárgyakhoz, melyeket aktuálisan hallgatsz a félév során. Így megkapod mások üzeneteit akik tantárggyal kapcsolatban írnak, illetve Te magad is írhatsz ezzel kapcsolatban. Írhatsz naptári bejegyzést, kitöltheted a tantárgyi adatlapját és egy tárgy lapján látod azokat a hallgatókat akik szintén felvették ebben a félévben a tárgyat.
Egy felsőoktatási közösségi oldal amely segít kapcsolatot tartani a hallgatók között, így segítséget nyújt a sikeres tanulmányokhoz...
