Economics is the study of how people interact with each other and with their natural surroundings in providing their livelihoods.
Principles of Economics refers to the basic set of theories and concepts economists employ to explain economic phenomena.
In this course we will discuss real world stylized facts and we will critically explore the tools economists use to explain and model them with the intention of providing useful policy outcomes. A clear connection will be made between empirical facts and the theoretical tools used to interpret them. In doing so we will discuss topics such as economic growth, inequality, consumer and producer behavior, markets and their failures, money, and the financial system. We will also deal with economic policy with a special emphasis on how governments and regulators can use fiscal and monetary policy tools to tackle phenomena such as unemployment, inflation, debt, and deficits.
Throughout the course the student will gain a thorough acquaintance with the principles of economics. The student will understand the economic motives of consumers and producers, the market processes and macroeconomic developments, as well as the interdependencies between economic processes and the main features of public economic policy.
At the end of this course, the student is able to describe and apply the main principles of economics to explain real world phenomena. The student can describe the economic motives of consumers and producers, market processes and macroeconomic developments, as well as explain the interdependencies between economic processes and the main features of public economic policy.
In addition, at the end of the course the student can identify relevant economic problems in every day news, relate them to economic models and concepts, and discuss these problems based on economic theory.
Timetables for courses offered at Leiden University College in 2021-2022 will be published on this page of the e-Prospectus.
Mode of instruction
The course uses a variety of teaching methods: interactive lecturing, student presentations, class debate, and essay writing.
The assessment of this course is based on the following elements:
Final written exam (40%), open questions (Week 8)
Academic Blog Posts (20%), economic analysis of a real-world event
Responses to academic blog posts (10%)
Class participation (15%)
Presentation of group work (15%)
The Core Team (2017). The Economy. Economics for a Changing World. Oxford: Oxford University Press.
This book is open source and is available on-line at: https://www.core-econ.org/the-economy/
Courses offered at Leiden University College (LUC) are usually only open to LUC students and LUC exchange students. Leiden University students who participate in one of the university’s Honours tracks or programmes may register for one LUC course, if availability permits. Registration is coordinated by the Education Coordinator, firstname.lastname@example.org.