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ECONOMIC THEORY IN PRACTICE
| Lecturer(s) | FUJIWARA, IPPEI; ARMSTRONG, SHIRO P.; TAKEDA, MASAHIKO |
|---|---|
| Credit(s) | 2 |
| Academic Year/Semester | 2023 Spring |
| Day/Period | Mon.2 |
| Campus | Mita |
| Class Format | Face-to-face classes (conducted mainly in-person) |
| Registration Number | 03887 |
| Faculty/Graduate School | ECONOMICS |
| Department/Major | ECONOMICS PEARL COURSE |
| Year Level | 3, 4 |
| Field | MAJOR SUBJECTS ELECTIVE ADVANCED COURSES (PEARL) |
| Course Description | In the first half of this course, we examine how useful economic theory is in dealing with real-world economic issues. We show that economics has serious weaknesses that limit its practical use. In the second half, we discuss the latest issues in globalization, such as trade wars, and security and economic policy, through the lens of economic theory. |
| K-Number | FEC-EC-35103-212-07 |
| Course Administrator | Faculty/Graduate School | FEC | ECONOMICS |
|---|---|---|---|
| Department/Major | EC | ECONOMICS | |
| Main Course Number | Level | 3 | Third-year level coursework |
| Major Classification | 5 | Major Subjects Course- Advanced Course | |
| Minor Classification | 10 | Lecture - Economic Theory | |
| Subject Type | 3 | Elective subject | |
| Supplemental Course Information | Class Classification | 2 | Lecture |
| Class Format | 1 | Face-to-face classes (conducted mainly in-person) | |
| Language of Instruction | 2 | English | |
| Academic Discipline | 07 | Economics, business administration, and related fields | |
Course Contents/Objectives/Teaching Method/Intended Learning Outcome
Economics can make two possible contributions to our lives. First, it may help us better understand how the economy works, or how its inhabitants --- or “economic agents” --- behave. This is interesting in and of itself. But second, more importantly from a practical point of view, it may help us find how to influence our economy by means of economic policy, in order to improve its functioning and thereby our economic welfare as well.
This course is aimed at grasping the link between the first and the second by examining some of the examples of “economic theory used in practice”. Students will learn what kind of economic policies are being implemented for what purposes, and the theoretical basis by which such policies may be justified. The examples we examine will show us usefulness of economics, but we will also see its limitations. Knowing the latter is important, because many policies are often advocated without fully disclosing (or even worse, by proponents who cannot, or refuse to, see) their weaknesses or possible side effects.
The first part of this course (Week 1-7) covers a broad range of economics, both macro and micro, to give the students an overview of different economic theories and policies. The second part (Week 8-14) builds on the first part of the course and looks at the theory and practice of international economics, including trade policy, how economies relate to one another and the latest issues in globalization.
This course is aimed at grasping the link between the first and the second by examining some of the examples of “economic theory used in practice”. Students will learn what kind of economic policies are being implemented for what purposes, and the theoretical basis by which such policies may be justified. The examples we examine will show us usefulness of economics, but we will also see its limitations. Knowing the latter is important, because many policies are often advocated without fully disclosing (or even worse, by proponents who cannot, or refuse to, see) their weaknesses or possible side effects.
The first part of this course (Week 1-7) covers a broad range of economics, both macro and micro, to give the students an overview of different economic theories and policies. The second part (Week 8-14) builds on the first part of the course and looks at the theory and practice of international economics, including trade policy, how economies relate to one another and the latest issues in globalization.
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