Economics

This course introduces game theory, a theory of interactive decision making. This course provides basic solution concepts for different types of non-cooperative games, including static and dynamic games with complete and incomplete information. The basic solution concepts covered are Nash equilibrium, subgame perfect equilibrium, Bayesian equilibrium, and perfect Bayesian equilibrium. This course emphasizes the applications of game theory to economics, such as oligopolies, bargaining, and auctions. 

This course examines modern developments in macroeconomic theory and offers fresh perspectives on current macroeconomic challenges. The course is structured around key questions: What are the forces that drive long-term prosperity? What are the features of labor markets that make them special, and why does unemployment occur? How should households and firms make plans for the future? What are the consequences of high levels of government debt? What are central banks and how do they control interest rates? What are the functions of financial markets, and why are financial crises so violent? Why does economic activity fluctuate and what does austerity have to do with recessions? Can fiscal and monetary policy fine-tune the economy? 

This course uses microeconomic theory to understand and evaluate law and public policy. It covers four main economic theory areas: property, contracts, torts, and legal processes. The economic theory of property section covers bargaining, protection of property rights, and the economics of government taking. In economic theories of contracts, topics include remedies as incentives, formation defenses, and performance excuses. Economic theory of torts examines tort liability, evidentiary uncertainty, punitive damages, and product liability law. The final section on economic theory of legal processes covers why people sue, settlement bargaining, and trials and appeals. 

The course focuses on the long-term economic development of Western societies, exploring the factors leading to the pre-eminence that they acquired over other world areas. Concepts and theories from the social sciences are used as a starting point for understanding the development of real economies in their complex social, political, and cultural contexts. Although the course focuses on the West (Europe and northern America), the developments which took place elsewhere are also considered. The introductory part of the course focuses on the preindustrial period, and introduces the theoretical framework of the "Great Divergence" (leading to the pre-eminence of the West over the East) and "Little Divergence" (leading to the pre-eminence of northern over southern Europe) to understand the emergence of key economic and political hierarchies between different world areas. The Industrial Revolution which took place in Europe during the 18th and 19th centuries constitutes the core of the course. The paths to industrialization and modernization followed by other world areas are also explored. The final part of the course covers the period going from the so-called "first Globalization" (1870-1914) until today. The course discusses fundamental knowledge about the long-term economic and social developments that gave origin to the contemporary globalized and highly-interconnected (but also highly unequal) world.

This lecture offers a theoretical background to macroeconomic, psychological, and microeconomic aspects of entrepreneurship. Among macroeconomic aspects it presents the role of the entrepreneur in the national economy, economic growth, and the value of entrepreneurship. Psychological aspects include the personality of the entrepreneur and a typology of entrepreneurs. Microeconomic aspects treat problems at firm level such as incentives in entrepreneurial teams and financing problems. This course has two components, a lecture and exercise.