BUU11520 Economics for Management

(10 ECTS)

Lecturer:

Francis O’Toole

E-mail: fotoole@tcd.ie 
Office Hours: Arts Building Room 3008 MT TBC

Not available to exchange students

Module Description:

This full academic year module focuses on the principles of economics and provides a foundation for more advanced modules in economics/social sciences-related disciples available in later years. The module assumes no previous knowledge of economics.

The first part of the module covers microeconomics, which is concerned with the allocation of scarce resources between competing uses at the disaggregated level of individuals, households and firms. The central issue concerns market equilibrium and the roles of the (appropriately related) market place and of the government in allocating resources. Efficiency, equity and administrative simplicity provide the underlying metrics of success (or otherwise).

The second part of the module covers macroeconomics, which is concerned with economy-wide aggregates such as the overall scale of, and growth in, economic activity, the rate of inflation, the levels of employment/unemployment. The central issue concerns the role of the government in tackling macroeconomic challenges such as reducing unemployment, maintaining price stability and promoting growth and equity as well as environmental sustainability.

Learning Outcomes:

The module will consist formally of a weekly double lecture and a weekly tutorial. Very active participation and involvement is expected within that context and more generally, e.g. assignments, readings, discussions/debates. Participants will receive extensive feedback on their two assignments.

1. Explain and apply basic economic terminology
2. Identify the key outcomes of interest for economic policy makers and the primary policy tools used to pursue the associated goals
3. Explore economic, social and political events through the lens of economics
4. Evaluate public policy making; and, 
5. Articulate economic reasoning and results to others.

Workload:

Textbook and Reading:

Required core course textbook: Gregory Mankiw, Principles of Economics, any recent edition, is recommended.

General Supplemental Readings:

See Blackboard for suggested readings and media links which will be updated on a regular basis. 

Also see http://www.core-econ.org. CORE is an open-access, interactive ebook-based course for anyone interested in learning about the economy and economics.

Course Communication:

See blackboard and TCD email.

Assessment:

There will be regular problems/issues to be addressed and submitted via Blackboard before the associated regular class/tutorial. There will be approximately 5 such homeworks/classes each term. These questions will prepare you for the type of questions asked in the final exam which will be worth 50 per cent of your overall grade/mark. It is expected that this final exam (administered by College) will be two hours Face-to-Face in late April/early May 2025.

There will be a MT assignment (worth 25 per cent of your overall grade) due to be submitted by the end of teaching term, i.e. Friday 29^th November 2024 (details to be confirmed). A maximum extension of two weeks in this deadline is possible, via the submission of a medical certification or a request for an excused absence from your College Tutor (via email to fotoole@tcd.ie).

There will be a HT assignment (worth 25 per cent of your overall gared) due to be submitted by the middle of reading/study week, i.e. Wednesday 5^th March 2025 (details to be confirmed). Again, a maximum extension of two weeks in this deadline is possible, via the submission of a medical certification or a request for an excused absence from your College Tutor (via email to fotoole@tcd.ie).

For students who do pass the module and hence require a supplemental exam (again, Face-to-Face), the module final grade will be based 100% on the supplemental exam.

Biographical Note:

Professor Francis O’Toole:

Francis O’Toole has a Ph.D. in Economics from Georgetown University, Washington DC, USA. His current position is Associate Professor of Economics, Department of Economics, School of Social Sciences and Philosophy, Trinity College Dublin. He has been a visiting professor in Georgetown University, University of Dushanbe (Tajikistan) and Senshu University, Toyko.

His teaching and research interests are in the areas of the Economics of Competition Policy (e.g. mergers, exclusivity agreements, state aids) and the Economics of Public Policy (e.g. taxation, redistribution, universal basic income and compulsory voting). He has also advised Irish competition and regulatory authorities and state bodies as well as law firms and private sector companies in the area of competition policy. He has supervised Ph.D. students in areas such as bank competition, cartel immunity, income inequality, public goods, regulatory impact assessments and vertically restrictive agreements.