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ECON5012 Global Managerial Economics

Semester 2, 2022

Syllabus

This unit covers the key economic principles in both microeconomics and macroeconomics in an international context with an analysis of prices and markets, performance of the whole economy, economic policy and the global economic activity. Emphasis is placed on the application of economic theory to real world events.

Introduction

“Love towards the economics is the root of all virtue," George Bernard Shaw.

"The ideas of economists ... are more powerful than is commonly understood. Indeed the world is ruled by little else.” John Maynard Keynes.

Welcome to Global Managerial Economics ECON5012. The unit will present a range of key economic ideas and students will learn appropriate skills to apply these ideas to topical economic issues and engage in stimulating class discussions. Students are required to work individually and in groups through engaging in presentations, report writing, case studies, discussions and class exercises. Students who successfully complete this unit are able to apply the economic theories to the real-world economic issues and are able to analyse and provide a critique of some key business and economic decisions.

1. Report on Microeconomic Analysis 35% (Due Sunday 4th Sept. at 9 pm)

Effective business leaders regularly contribute to public debates on key economic policy issues. To        effectively engage in a debate you require some understanding of the topic being debated as well as an   understanding of the tools and the language of economic analysis and reasoning. The aim of this report is to develop these skills by critically analysing an economic news article. This assignment should be focused only on microeconomics topics covered in lectures 1-5 (Thinking like an economist, Demand and Supply, Elasticity, Economic Efficiency and Govt. Intervention, Market Failure and Market Reforms).

Steps:

1.    Select an appropriate research /journal/newspaper/ web article related to

MICROECONOMIC issues published after 1st June 2022. The article should relate to one or more topics in microeconomic theory (lectures  1 - 5) that will be discussed in the                lectures /workshops. You have to critically analyse the article using the economic theory and tools learnt in the course.

2.    Start the report with an introduction covering the issues or research questions discussed in the article.

3.    Outline the theory relevant to this article (for instance if you select an article on fuel prices, outline  the theoretical concepts related to the issue such as demand, supply, pricing etc.). Please note that your outline of the theory section should have definitions/ concepts from the textbook and/or         authentic sources and not from web sources. So you must refer to textbook sources for this          section.

4.     Apply your theoretical knowledge about the topic to the selected article and draw your own        diagrams or use data from authentic sources to make an analysis. In this section, you will mainly    be discussing what the theory suggests and how this is applicable in the real-life scenario. Or you  may find that the theory is not working, then find the reasons as to why the situation is not working according to what you studied in theory. (Refer to ‘An inside look ’ section at the end of each    chapter in the textbook for examples).

5.   You  are  required  to  refer  to some other sources like some more recent articles or         recent news related to the same topic and use the additional important information from other       sources in your analysis. You should read from multiple sources and refer them in your report. As a rough guide, your reference section should have a good 8- 10 references. This part will help       measure the evidence and quality of your research.

6.     Prepare a report with main headings as (i) Introduction (ii) Outline of the theory (iii) Empirical analysis (iv) Conclusion (v) Recommendations followed by references. Please also include an Executive Summary page.

7.     Submit the report on or before the due date through Turnitin under the “Assessment tab” on BB.

Note: The presentation document on bb is a good guide to think about the possible topics for this report.