ECONOMICS | |||||
Bachelor | TR-NQF-HE: Level 6 | QF-EHEA: First Cycle | EQF-LLL: Level 6 |
Course Code | Course Name | Semester | Theoretical | Practical | Credit | ECTS |
ECO4191 | Economic Analysis I | Fall | 3 | 0 | 3 | 6 |
The course opens with the approval of the Department at the beginning of each semester |
Language of instruction: | En |
Type of course: | Must Course |
Course Level: | Bachelor |
Mode of Delivery: | Hybrid |
Course Coordinator : | Prof. Dr. ÜMİT EROL |
Course Lecturer(s): |
Prof. Dr. ÜMİT EROL |
Course Objectives: | The purpose of the course is to provide an in-depth view of the Neo-Classical theory. The course initially reviews the contribution of Adam Smith, Ricardo and Marx in order to explain the reasons that stimulated the birth of Neo-Classical approach. The course emphasizes the Theory of Value in Neo-Classical approach and how it differs from the previous Labor Theory of Value. It then explains the fundamental logic and the purpose behind the analysis of market demand and supply curves. The course also emphasizes the theoretical approach to the labor supply, the foundations of intertemporal utility analysis and General Walrasian equilibrium. |
The students who have succeeded in this course; 1. Knows the Neo classical theory 2. Knows the criticism of neo classical theory 3. Knows the operational rules of a market economy 4. Knows the essentials of costi profit and pricing 5. Knows the evaluation of economic theory from Adam Smith until today |
Week 1: Origins of Economic Thought: Adam Smith Week 2: The Role of Physics in Economic Methodology Week 3: The Labor Theory of Value Week 4: Ricardo and His Contributions Week 5: Marx and Surplus Value Week 6: Midterm Exam I Week 7: The Neo-Classical Theory of Value Week 8: The Neo-Classical Interpretation of Factor Markets and Employment Week 9: Why Competitive Market is Essential in Neo-Classical Approach Week 10: The Non-Competitive Markets Week 11: Midterm II Week 12: Extension of Neo-Classical Thought to Finance |
Week | Subject | Related Preparation | |
1) | Origins of Economic Thought: Adam Smith | ||
2) | The Role of Physics in Economic Methodology | ||
3) | The Labor Theory of Value | ||
4) | Ricardo and His Contributions | ||
5) | Marx and Surplus Value | ||
6) | Review | ||
7) | The Neo-Classical Theory of Value | ||
8) | The Neo-Classical Interpretation of Factor Markets and Employment | ||
9) | Why Competitive Market is Essential in Neo-Classical Approach | ||
10) | The Non-Competitive Markets | ||
11) | Review | ||
12) | Extension of Neo-Classical Thought to Finance | ||
13) | The Neo-Classical Theory of Capital | ||
14) | Neo-Classical Growth Theory |
Course Notes: | Economic Thought in Retrospect; M.Blaug; Dryden Press,1962 |
References: |
Semester Requirements | Number of Activities | Level of Contribution |
Attendance | % 0 | |
Laboratory | % 0 | |
Application | % 0 | |
Field Work | % 0 | |
Special Course Internship (Work Placement) | % 0 | |
Quizzes | % 0 | |
Homework Assignments | 2 | % 20 |
Presentation | % 0 | |
Project | % 0 | |
Seminar | % 0 | |
Midterms | 1 | % 30 |
Preliminary Jury | % 0 | |
Final | 1 | % 50 |
Paper Submission | % 0 | |
Jury | % 0 | |
Bütünleme | % 0 | |
Total | % 100 | |
PERCENTAGE OF SEMESTER WORK | % 50 | |
PERCENTAGE OF FINAL WORK | % 50 | |
Total | % 100 |
Activities | Number of Activities | Workload | |
Course Hours | 14 | 40 | |
Laboratory | |||
Application | |||
Special Course Internship (Work Placement) | |||
Field Work | |||
Study Hours Out of Class | 16 | 97 | |
Presentations / Seminar | |||
Project | |||
Homework Assignments | |||
Quizzes | |||
Preliminary Jury | |||
Midterms | 2 | 4 | |
Paper Submission | |||
Jury | |||
Final | 1 | 2 | |
Total Workload | 143 |
No Effect | 1 Lowest | 2 Low | 3 Average | 4 High | 5 Highest |
Program Outcomes | Level of Contribution | |
1) | As a world citizen, she is aware of global economic, political, social and ecological developments and trends. | 4 |
2) | He/she is equipped to closely follow the technological progress required by global and local dynamics and to continue learning. | 2 |
3) | Absorbs basic economic principles and analysis methods and uses them to evaluate daily events. | 5 |
4) | Uses quantitative and statistical tools to identify economic problems, analyze them, and share their findings with relevant stakeholders. | 4 |
5) | Understands the decision-making stages of economic units under existing constraints and incentives, examines the interactions and possible future effects of these decisions. | 5 |
6) | Comprehends new ways of doing business using digital technologies. and new market structures. | 2 |
7) | Takes critical approach to economic and social problems and develops analytical solutions. | 5 |
8) | Has the necessary mathematical equipment to produce analytical solutions and use quantitative research methods. | 3 |
9) | In the works he/she contributes, observes individual and social welfare together and with an ethical perspective. | 3 |
10) | Deals with economic problems with an interdisciplinary approach and seeks solutions by making use of different disciplines. | 4 |
11) | Generates original and innovative ideas in the works she/he contributes as part of a team. | 2 |