Political economy

lespo2100  2019-2020  Louvain-la-Neuve

Political economy
Note from June 29, 2020
Although we do not yet know how long the social distancing related to the Covid-19 pandemic will last, and regardless of the changes that had to be made in the evaluation of the June 2020 session in relation to what is provided for in this learning unit description, new learnig unit evaluation methods may still be adopted by the teachers; details of these methods have been - or will be - communicated to the students by the teachers, as soon as possible.
4 credits
30.0 h + 15.0 h
Main themes
This course forms the introduction to the fundamental economic problems facing economic agents at an individual and collective level. It will focus on the main concepts and instruments of analysis on which the answers put forward by contemporary economic science are based.
Part I: Introduction to economic analysis 1. The field of economic analysis: Kinds of problem and how to deal with them (micro/macro). 2. Economic choice: Opportunity cost and production opportunities. 3. The comparison of choices: The market and competition. The accounting individual choices by the market, and microeconomics. 4. The overall economic system: The global economy and macroeconomics. Part II: Microeconomics 5. Supply and demand: An initial examination. An explanation of hypotheses and representation of a market; displacements throughout the length of a curve, and displacements of a curve; balance, and the displacements of balance. 6. From the consumer's behaviour to the function of demand. 7. From the producer's behaviour to the function of supply: costs, revenue, profit maximisation, …. 8. The market in perfect competition: Conditions, functioning and proprieties. 9. Other market structures: Monopoly and imperfect competition. 10. Rationing situations: Administered prices and imperfect adjustments. Part III: Macroeconomics 11. The circular flow of revenue: Aggregates, flights and injections. 12. National accounting: The three standpoints, the four agents, and Belgian data. 13. Determining national revenue and the multiplier 14. Currency: A brief history, functions, form and the monetary multiplier. 15. The balance of payments and the exchange rate: Components of the trade balance, and fixed and floating rates of exchange.
Teaching materials
  • Support recommandé (non obligatoire) : de Crombrugghe, Alain (2016) Introduction aux principes de l'économie : Choix et décisions économiques", LLN : De Boeck Supérieur, 688 pp.
Faculty or entity

Programmes / formations proposant cette unité d'enseignement (UE)

Title of the programme
Master [120] in Human Resources Management

Master [60] in Labour Sciences (shift schedule)

Certificat universitaire en éthique économique et sociale

Master [120] in Labour sciences (shift schedule)

Bachelor in History

Additionnal module in Chemistry

Minor in Chemistry