Economie van de Managementwetenschappen (BCU194OW)
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Summary: Literature & Economics of Sciences
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Course
Economie van de Managementwetenschappen (BCU194OW)
Institution
Radboud Universiteit Nijmegen (RU)
This document contains an overview of all the literature you need to read for the Economics of Management Sciences course at Radboud University.
It is a summary of parts of the (online) books “Principles of microeconomics”, “The Economy 1.0” and “Economy, Society and Public Policy”. It...
Economie van de Managementwetenschappen (BCU194OW)
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Economie van de
Managementwetenschappen
Literatuur
Inhoudsopgave
Principles of microeconomics.................................................................................................................5
Topic 1: Introductory Concepts and Models.......................................................................................5
Introduction to Microeconomics....................................................................................................5
1.1 What is economics and why is it important?............................................................................6
1.2 Opportunity costs & sunk costs................................................................................................6
1.3 Marginal analysis......................................................................................................................7
Topic 2: Specialization and Trade........................................................................................................7
Introduction to specialization and trade.........................................................................................7
2.1 Economic efficiency..................................................................................................................7
2.2 Production Possibility Frontier..................................................................................................7
2.3 Trade.........................................................................................................................................8
Topic 3: Supply, Demand and Equilibrium...........................................................................................9
Introduction to Supply and Demand...............................................................................................9
3.1 The Competitive Market model................................................................................................9
3.2 Building Demand and Consumer Surplus..................................................................................9
3.3 Other Determinant of Demand...............................................................................................10
3.4 Building Supply and Producer Surplus....................................................................................11
3.5 Other Determinants of Supply................................................................................................11
3.6 Equilibrium and Market Surplus..............................................................................................12
Topic 4 Part 2: Applications of Supply and Demand..........................................................................12
4.4 Introduction to Government Policy.........................................................................................12
4.5 Price controls..........................................................................................................................13
4.6 Quantity Controls....................................................................................................................14
4.7 Taxes and Subsidies.................................................................................................................14
Topic 5: Externalities.........................................................................................................................15
5.1 Externalities............................................................................................................................15
5.2 Indirectly Correcting Externalities...........................................................................................16
The Economy........................................................................................................................................17
H1 The capitalist revolution..............................................................................................................17
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, 1.1 Income inequality...................................................................................................................17
1.2 Measuring income and living standards..................................................................................17
1.3 History’s hockey stick: Growth in income................................................................................18
1.8 The gains from specialization..................................................................................................18
H3 Scarcity, work and choice............................................................................................................19
3.3 Opportunity costs...................................................................................................................19
H4 Social Interactions.......................................................................................................................19
Introduction..................................................................................................................................19
4.1 Social Interactions: Game Theory...........................................................................................19
4.2 Equilibrium in the invisible hand game...................................................................................19
4.3 The prisoners’ dilemma..........................................................................................................20
4.4 Social preferences: altruism....................................................................................................20
4.5 Altruistic preferences in the prisoners’ dilemma....................................................................20
4.6 Public goods, free riding, and repeated interaction................................................................20
4.7 Public good contributions and peer punishment....................................................................20
4.8 Behavioural experiments in the lab and in the field................................................................21
4.9 Cooperation negotiation, conflicts of interest, and social norms............................................21
H6 The firm: owners, managers and employees...............................................................................21
6.10 Principles and agents: Interactions under incomplete contracts..........................................21
H7 The firm and its customers..........................................................................................................22
7.6 Looking at profit maximization as marginal revenue and marginal cost.................................22
H8 Supply and demand: Price-taking and competitive markets.......................................................22
8.1 Buying and selling: demand and supply..................................................................................22
8.2 The market and the equilibrium price.....................................................................................22
8.4 Market supply and equilibrium...............................................................................................23
8.5 Competitive equilibrium: gains from trade, allocation, and distribution................................23
8.6 Changes in supply and demand..............................................................................................23
8.7 The effects of taxes.................................................................................................................23
H10 Banks, money and the credit market.........................................................................................24
10.8 Banks, money and the central bank......................................................................................24
10.12 Credit market constraints: a principal-agent problem........................................................25
H12 Markets, efficiency, and public policy........................................................................................26
12.1 Market failure: external effects of pollution.........................................................................26
12.2 External effects and bargaining.............................................................................................26
12.3 External effects: policies and income distribution................................................................26
12.4 Property rights, contracts, and market failures.....................................................................27
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, 12.5 Public goods..........................................................................................................................27
12.6 Missing markets: insurance and lemons...............................................................................28
12.8 The limits of markets............................................................................................................28
12.9 Market failure and government policy..................................................................................28
H17 Capstone: the Great Depression, golden age and global financial crisis....................................29
17.8 Before the financial crisis: households, banks and the credit boom.....................................29
17.10 The financial crisis and the great recession.........................................................................31
17.11 The role of banks in the crisis..............................................................................................31
H18 Capstone: The nation and the world economy..........................................................................32
Introduction..................................................................................................................................32
18.1 Globalization and deglobalization in the long run.................................................................32
18.2 Globalization and investment...............................................................................................33
18.3 Globalization and migration..................................................................................................34
18.4 Specialization and the gains from trade among nations.......................................................34
18.5 Specialization, factor endowments, and trade between countries.......................................34
18.6 Winners and losers from trade and specialization................................................................35
18.7 Winners and losers in the very long run and along the way.................................................35
18.8 Migration: Globalization of labour........................................................................................35
18.9 Globalization and anti-globalization......................................................................................35
18.10 Trade and growth................................................................................................................36
18.11 Conclusion..........................................................................................................................37
H19 Economic inequality..................................................................................................................37
19.1 Inequality across the world and over time............................................................................37
19.2. Accidents of birth: Another lens to study inequality............................................................39
19.3 What (if anything) is wrong with inequality?........................................................................39
19.4 How much inequality is too much (or too little)?..................................................................39
19.5 Endowments, technology, and institutions...........................................................................40
H20 Economics of the environment..................................................................................................41
20.1 Recap: External effects, incomplete contracts, and missing markets....................................41
20.2 Climate change.....................................................................................................................41
20.3 The abatement of environmental damages: Cost-benefit analysis.......................................42
20.4 Conflicts of interest: Bargaining over wages, pollution, and jobs..........................................43
20.5 Cap and trade environmental policies..................................................................................43
20.6 The measurement challenges of environmental policy.........................................................44
20.7 Dynamic environmental policies: Future technologies and lifestyles....................................45
20.8 Environmental dynamics.......................................................................................................45
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, 20.9 Why is addressing climate change so difficult?.....................................................................46
20.10 Policy choices matter..........................................................................................................47
H21 Innovation, information, and the networked economy.............................................................47
21.1 The innovation process: invention and diffusion..................................................................47
21.2 Innovation systems...............................................................................................................48
21.3 External effects: complements, substitutes and coordination..............................................50
21.4 Economies of scale and winner-take-all competition............................................................50
Economy, Society and Public Policy......................................................................................................52
H1 Capitalism and democracy: Affluence, inequality, and the environment....................................52
1.1 Introduction............................................................................................................................52
1.2 Affluence and income inequality............................................................................................52
1.3 How did we get here? The hockey stick in real incomes.........................................................52
1.4 Economic growth....................................................................................................................52
1.5 The permanent technological revolution: Engine of growth...................................................53
1.6 Another engine of growth: More machines and tools per worker..........................................53
1.7 The capitalist revolution..........................................................................................................53
1.8 Capitalism and growth: Cause and effect?..............................................................................54
1.9 Varieties of capitalism: Institutions and growth......................................................................55
1.10 Varieties of capitalism: Growth and stagnation....................................................................55
1.11 Capitalism, inequality, and democracy..................................................................................55
1.12 Capitalism, growth and environmental sustainability...........................................................56
1.13 Conclusion............................................................................................................................56
H6 The firm: Employees, managers, and owners..............................................................................56
6.2 Firms, markets, and the division of labour..............................................................................56
6.3 Power relations within the firm..............................................................................................57
6.4 Other people’s money: the separation of ownership and control..........................................57
6.5 Other people’s labour: the employment relationship.............................................................58
H10 Banks, money, housing and financial assets..............................................................................59
10.12 Banks, housing and the global crisis....................................................................................59
10.13 The role of banks in the crisis..............................................................................................59
H12 Governments and markets in a democratic society...................................................................59
12.3 The government as an economic actor.................................................................................59
12.4 The government as a rent-seeking monopolist.....................................................................60
12.5 Competition can limit political rent-seeking.........................................................................61
12.6 Political monopoly and competition compared....................................................................61
12.7 Spending by democratic governments: priorities of a nation...............................................61
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