The Study of Economics

… a core topic in Economic Analysis and Atlas102

Topic description

This topic introduces students to the study of economics and the names of some of the subdisciplines.

The treatment of the subject of Economic Analysis, and the corresponding course Atlas102, closely follow that in the open access Principles of Microeconomics course offered by Tyler Cowen and Alex Tabarrok at the Marginal Revolution University (MRU) online education platform (http://www.mruniversity.com/courses/principles-economics-microeconomics, accessed 20 April 2016). The video above is the Introduction to Economics video for the MRU course.

Topic learning outcome

Familiarity with the names of the main fields of economics including following core concepts and terms.

Core concepts associated with this topic

Introduction	Selected concepts	Fields
Economics Incentives and Introduction to Economics Invisible Hand Economic Efficiency Market Failure Unintended Consequences Economics and Ideology	Marginal and Marginalism Opportunity Cost There Ain’t No Such Thing As A Free Lunch – TANSTAAFL Productivity Economic Model Utility Property Rights Laissez-faire or Liberal Economics	Microeconomics Macroeconomics Political Economy Welfare Economics Public Finance Econometrics International Economics Behavioural Economics

Readings

Each of the Atlas concept pages above (top to bottom, starting in left column).

Tyler Cowen and Alex Tabarrok, Introduction to Economics (4-minute video), Principles of Economics – Microeconomics, Marginal Revolution University, at http://www.mruniversity.com/courses/principles-economics-microeconomics, accessed 18 April 2016.

Alex Tabarrok, I Rose (3-minute video), Principles of Economics – Microeconomics, Marginal Revolution University, at http://www.mruniversity.com/courses/principles-economics-microeconomics/price-system-definition-invisible-hand, accessed 1 May 2016.

Mark Thoma (2015), Are Economists Driven by Ideology or Evidence? The Fiscal Times, at http://www.thefiscaltimes.com/Columns/2015/11/03/Are-Economists-Driven-Ideology-or-Evidence, accessed 2 May 2016.

Robert Hessen, Capitalism, The Concise Encyclopedia of Economics, at http://www.econlib.org/library/Enc/Capitalism.html, accessed 2 May 2016.

Robert Heilbroner, Socialism, The Concise Encyclopedia of Economics, at http://www.econlib.org/library/Enc/Socialism.html, accessed 2 May 2016.

Steven E. Rhoads, Marginalism, The Concise Encyclopedia of Economics, at http://www.econlib.org/library/Enc/Marginalism.html, accessed 2 May 2016.

Rob Norton, Unintended Consequences, The Concise Encyclopedia of Economics, at  http://www.econlib.org/library/Enc/UnintendedConsequences.html, accessed 2 May 2016.

Tyler Cowen, Public Goods, The Concise Encyclopedia of Economics, at http://www.econlib.org/library/Enc/PublicGoods.html, accessed 2 May 2016.

William F. Shughart II, Public Choice, The Concise Encyclopedia of Economics, at http://www.econlib.org/library/Enc/PublicChoice.html, accessed 2 May 2016.

Sam Ouliaris (2011), What Are Economic Models?, Finance and Development, June 2011, Vol. 48, No. 2, at http://www.imf.org/external/pubs/ft/fandd/2011/06/basics.htm, accessed 30 April 2016.

Arnold C. Harberger, Microeconomics, The Concise Encyclopedia of Economics, at http://www.econlib.org/library/Enc/Microeconomics.html, accessed 2 May 2016.

Leonard Read (1958), I, Pencil – My Family Tree as told to Leonard E. Read, at http://www.econlib.org/library/Essays/rdPncl1.html, accessed 1 May 2016.

Sample assessment questions

[TO COME]

Page created by: Ian Clark, last modified on 11 May 2016.

Image: Tyler Cowen and Alex Tabarrok, Introduction to Economics (4-minute video), Principles of Economics – Microeconomics, Marginal Revolution University, at http://www.mruniversity.com/courses/principles-economics-microeconomics, accessed 18 April 2016.