Political Economy I

Code:

D103 I

Acronym:

EP I

Keywords
Classification	Keyword
OFICIAL	Economics

Instance: 2022/2023 - 1S (since 12-09-2022 to 16-12-2022)

Active?	Yes
Course/CS Responsible:	Law

Cycles of Study/Courses

Acronym	No. of Students	Study Plan	Curricular Years	Credits UCN	Credits ECTS	Contact hours	Total Time
LDB	227	Novo Plano Oficial do ano letivo 2016	1	-	6	-

Teaching language

Portuguese

Objectives

Political Economics I addresses the fundamental issues of micro and macroeconomics (destined to students with no previous knowledge in these subjects).

The curriculum applies the methods of microeconomic analysis in dealing with the functioning of the market, its failures and the policies adjusted to the optimization of the results (efficiency objectives).

Macroeconomics focuses on short-term analysis, covering issues related to production, unemployment, inflation, monetary policy, natural resources and economic globalization.
From this school year onwards, the contents of Macroeconomics will also include a brief analysis of the current energy crisis resulting from the war between Ukraine and Russia, whose effects seem to be worldwide.

The methods follow a descriptive approach, enabling students to interpret the central ideas of contemporaneity, within the theoretical framework of economic analysis.

Learning outcomes and competences

The teaching methodology to be adopted serves the purposes deemed convenient for its adequacy to the objectives of promoting research skills and expertise of students, since it privileges the theoretical exposition, the practical treatment of the issues and the constructive debate.

The presentation of theoretical contents will always be illustrated with application cases, being the students invited to discuss the power and limitations of the theoretical elements in their application to practical situations in society.

Working method

Presencial

Program

I - Basic economic concepts

• Concepts of economics


• Modern mixed economics

II - Microeconomics: demand, supply and market

• Basic elements of demand and supply


• Supply and demand: elasticity and applications


• Demand and consumer behavior


• Production and business organization


• Cost analysis


• Markets in perfect competition


• Market failures


• Labor market and other factors of production


• Interference in the market: the taxation

III - Macroeconomics

• Essential concepts of macroeconomics, in particular the 3 macroeconomic objectives (economic growth, inflation control and unemployment fight).


• Developed study of each of the 3 macroeconomic objectives:


• Economic Growth (in particular GDP).


• The Inflation Control.


• The Financial System: key notions, multiplier effect of money and bond and stock markets, in particular.


• The Unemployment fight: brief approach.


• "The Energy Crisis: understanding a reality with multiple and demanding macroeconomic effects.

Mandatory literature

Paul Anthony Samuelson; Economia. ISBN: 84-481-4619-0
N. Gregory Mankiw; Introdução à economia. ISBN: 85-221-0408-5
José Neves Cruz; Economia e política. ISBN: 978-972-32-1583-0

Complementary Bibliography

Paul Krugman; Introdução à economia. ISBN: 978-85-352-1108-5
João Luís César das Neves; Introdução à economia. ISBN: 972-22-1516-7
José Neves Cruz; Reequacionando a acção do Estado na formulação de políticas de inovação
José Neves Cruz; Desafios jurídicos, económicos e políticos às crises mundiais
Eduardo Raposo de Medeiros; Economia internacional. ISBN: 978-972-592-400-6

Comments from the literature

Some additional texts will be distributed to the students in copies or made available in the DOCUMENTS PAPER of the course in SIGARRA, in particular regarding the Macroeconomics contents.

Teaching methods and learning activities

The course of teaching activities will be carried out mainly through theoretical and practical lessons, starting with a theoretical exposition by the teacher, opening itself later to debate and the promotion of constructive critical capacity and research of the students, who will have active participation in learning under the guidance of teachers.

Evaluation Type

Evaluation with final exam

Assessment Components

Designation	Weight (%)
Exame	100,00
Total:	100,00

Amount of time allocated to each course unit

Designation	Time (hours)
Frequência das aulas
Total:	0,00

Eligibility for exams

As provided by the FDUP's current Knowledge Assessment Regulations.

Calculation formula of final grade

In accordance with the Regulations for the Evaluation of Knowledge of the Degree in Law of FDUP, it was decided to use the system of evaluation by final examination.

This option is justified by the high number of students per class.

Classification improvement

According to the Assessment Regulations of the Degree in Law.