[BSc] Ec, En, ID, PSc
Principle of Economics.
Countries are increasingly eliminating their trade barriers and international trade now truly spans the globe. Products and services come from everywhere and go everywhere. This, as well as the liberalization of large financial flows, makes countries very dependent on what happens in the international economy. At the end of this course, students will have an understanding of both the basic principles of international trade and finance as well as the recent developments in trade and finance. These will include, among other things, regional and global integration, the consequences of international financial crises on the development of economies, the interaction of economic policies in individual countries and the impact of international institutions, such as the WTO and the IMF, on the processes of globalization. Students will be able to understand, apply and discuss fundamental economic arguments on international economic issues.
In this course, the student will gain a thorough acquaintance with the principles of international economics. He will understand the benefits and costs of international trade and finance, as well as the recent developments in trade and finance. At the end of this course, the student:
- understands the important current issues in the field of International Economics
- has a command of the core elements in this field of expertise;
- is able to collect, interpret and process information in the field of International Economics
Mode of Instruction
Each week consists of two seminars:
During the first seminar, the main issues in the required reading will be identified and discussed. Based on an interactive setting, the focus will be on understanding the concepts and theories in international economics.
In the second seminar, students will apply their knowledge. Each week the homework consists of preparing study problems. In class the students will discuss the solutions for the problems. Applying the concepts and theories, and explaining this to each other increases the knowledge and understanding of economics.
Assessment The assessment of this course is based on four elements:
1) Unweighted averages of scores on weekly multiple choice tests (online). There will be 7 tests, but the lowest result will be deleted. (A failure to submit before the deadline will result in a zero score.) (40%)
2) Unweighted average of scores on written class assignments. (A failure to submit before the deadline will result in a zero score.) (30%)
3) Unweighted average of scores on class participation. (10%)
4) Term paper, 1,500 -2,000 words, deadline: end of week 8. (20 %)
1) Prepare 25 multiple choice questions. (You lose a point for every wrong answer.)
2) and 3) Students are on a weekly basis expected to prepare the reading material and the study questions. Based on these preparation, students are able and expected to participate in class, i.e. to discuss the concepts, theories and the solutions for the study problems.
4) Topic to be announced. Deadline is Friday 18 October, noon.
With respect to attendance I accept 2 absences (provided that the due work is submitted) without additional work. With 3 absences, the student is required to write an additional paper of 1,000 words, to be submitted before Friday, 18 October, noon. The topic of this paper will depend on the topics in the missed classes. With 4 absences or more, students will be assumed not to take part in this course.
Thomas A. Pugel, International Economics, 15th Edition, McGrawHill, 2009
Additional material made available through Blackboard
1: The Benefits of International Trade.
2: A Reappraisal of International Trade.
3: Trade Policies.
4: Trade Cooperation.
5: Balance of Payments and Exchange Rates.
6: International Financial Architecture and Financial Crises.
7: Open Macro-economic Policies.
Preparation for first session
Textbook: chapters 1, 2, 3