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Lecturer(s)
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Course content
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1. The economic way of thinking: economics as a science, relations of law and economics, methods of economic research. Efficiency, basic economic problems. 2. The subject matter of economics, methods of research, tools used in economics. Structuring of economics. Relations between economics and law. Economics v economy. The development of economic thinking, outline of basic doctrines of current economic thought. Economic theories, their followers and ideology. Presentation of ideas of contemporary economists. 3. Market mechanism, market subjects, market forces, determination of market, types of markets. Circular flow in economy (physical and financial flows). Economic subjects, production factors and their prices. 4. Market mechanism and its functioning, supply, demand (elasticity, substitution and income effects) on markets for goods and services; perfect and imperfect competition. 5. Phenomena that accompany market mechanism, imperfections of market mechanism on general level, monopoly, oligopoly, preference of short-term benefits to long-term goals, property and social differentiation. 6. Specific features of production factor markets; focus on labour market. The importance of labour law regulation, minimum wage, discrimination 7. Introduction to government macroeconomic policy - role of fiscal and monetary policies in macroeconomic policy of the government under different economic doctrines. Economic role of the government. The relation between economic theory and (macro)economic policy, overview of macroeconomic government policy instruments. 8. Monetary policy - history and functions of money, money and monetary theories (quantitative theory of money). Functions and forms of money. Money supply, demand for money, money markets. 9. Fiscal policy, economic nature of taxes, types of taxes, tax policy. Czech tax system. 10. The possibilities of measuring the total output of economy (gross product), externalities, public goods. 11. Economic cycles, inflation, unemployment, stabilisation politics of the government.
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Learning activities and teaching methods
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Monologic Lecture(Interpretation, Training)
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Learning outcomes
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The goal of the course is to familiarize the student with basic principles of market mechanism and other economic problems, outline relevant periods of development of economic thinking, relate the subject matter to relevant law areas. The course surveys main macroeconomic categories, terms, and phenomena. During the course, the students will learn about different philosophic and economic points of view and different macroeconomic theories in the time horizon from the beginning of human civilization till present time, including the analysis, orientation and categorization of the macroeconomic policy in the Czech Republic. The students will study basic economic institutions of market economy, their functions, position, and operation. The attention is drawn also to the analysis of influence of the market mechanism itself, its advantages and shortcomings, and to the analysis of individual elements on markets for goods, labour and capital (with specification on financial and money markets). Economic issues are presented in legal context. The course is focused on explaining economic role of the government in all consequences. Macroeconomic policy of the government is explored.
The student will: - explain the function of market mechanism and its variations - evaluate the necessity of legal regulation of competition - assess the possibilities of evaluating the efficiency of the firm - explain the principle of utility and summarize the contribution of individual economic schools in this area - define special features of production factor markets - explain functions of money in economy, differentiate between money and currency - describe basic functions of capital markets - understand basic relations of law and economics
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Prerequisites
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Completion of this course is not conditional upon completion of some other courses.
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Assessment methods and criteria
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Mark
It is essential that those students who would like to get the credit must have attendance within the scope set by the seminar teacher and they also must succeed in the exam.
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Recommended literature
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Hazlitt, H. (2005). Ekonomie v jedné lekci. Alfa Publishing.
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Hobza, V., Assenza, D., Zlámal, J. (2006). Základy ekonomie.. Olomouc: Univerzita Palackého.
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Holman, R. a kol. (2005). Dějiny ekonomického myšlení. Praha: C.H.Beck.
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Holman, R. (2016). Ekonomie. 6. vydání. Praha: C. H. Beck.
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Holman, R. (2010). Makroekonomie - středně pokročilý kurz 2. vydání. C.H.Beck.
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Holman, R. (2000). Základy ekonomie pro studenty vyšších odborných škol a neekonomických fakult VŠ.. Praha: C. H. Beck.
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Rothbard, M.N. (2005). Základy ekonomie. Liberální institut, Praha.
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Salmuelson, P., Nordhaus, W., Mejstřík, M. (1995). Ekonomie. Praha, Svoboda.
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Schiff, P., Schiff, A. (2010). Ekonomické bajky. Dokořán.
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Slaný a kol. (2003). Makroekonomická analýza a hospodářská politika. C.H.Beck.
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Sojka, M. (2000). Dějiny ekonomických teorií. Praha, Karolinum.
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Tomažič, I. a kol. (2003). Ekonomie pro právníky. Aleš Čeněk, Dobrá Voda.
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