Micro and Macro Economics. Lessons for the Master in Microfinance (CIPSI - UniversitÓ di Bergamo a.a. 2007-08 and 2009-10)
Prof. Stefano Lucarellistefano.firstname.lastname@example.org
Tel.: +39 0352052585 (Caniana)
Fax: +39 0352052549Office hours:
Il prof. Lucarelli Ŕ impegnato dall'1 Febbraio sino al 30 Giugno in
Francia presso l'UniversitÓ Sorbonne Paris 1. I prossimi ricevimenti
saranno Mercoledý 10 Aprile dalle 11.00 alle 12.30 e Lunedý 20 Maggio
dalle 10.30 alle 12.30. Stefano Lucarelli Ŕ sempre contattabile via mail o
via skype (stefanolucarelli812). Gli studenti che devono consegnare la
relazione di fine tirocinio devono inviarla al professor Lucarelli via
mail. Egli comunicherÓ il giudizio al prof. Gianpaolo Baronchelli, il
quale firmerÓ il documento di fine tirocinio. Gli studenti che invece
devono ancora attivare il tirocinio dovranno rivolgersi al prof.
Baronchelli. Le funzioni di delegato del prorettore alla ResponsabilitÓ
Sociale per l'area economica potranno essere svolte grazie alla
collaborazione della dott.sa Elena Gotti alla quale gli interessati sono
invitati a rivolgersi.
via dei Caniana 2 - 24127 Bergamo (BG) -
Faculty of Law
Department of Management, Economics and Quantitative Methods
Faculty of Management, Economics and Quantitative Methods
Lessons for the course in Micro and Macro Economics for the Master in Micro Finance, a.a. 2007-2008 and 2009-2010. ABSTRACT of the Introduction: that the only valid microfoundation is the Neoclassical one is no longer a tenable position (as the asymmetric informations world demonstrates). The most usual hypothesis accepted by the proponents of a rigorous microfoundation procedure is the representative agent, which is in contrast with their very viewpoint. Heterodox economists proposed an analysis in which the macroeconomic dimension always came first with respect to microeconomic dimension. They showed very clearly that the behaviour of the economic system as a whole is not reducible (except under very restrictive conditions) to the sum of its single individual parts. It does mean the impossibility of explaining crucial economic phenomena on the sole basis of microeconomic behaviour. ABSTRACT of the first part of the course: Neoclassical microeconomic theory is closely tied to two important concepts in economics: marginalism and decreasing marginal utility, suggesting that the more we acquire of a given good, the less additional utility we derive from it. Neoclassical economists modelled production theory on consumer theory. The principle of diminishing returns is the carbon copy of the principle of decreasing marginal utility. One of the goals of Neoclassical microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. The theory of supply and demand usually assumes that markets are perfectly competitive. In many real-life transactions, the assumption fails because some individual buyers or sellers or groups of buyers or sellers do have the ability to influence prices. Quite often -as New Keynesians' studies about asymmetric information show- a sophisticated analysis is required to understand the demand-supply equation of a good. However, the Neoclassical theory works well in simple (and often unrealistic) situations. ABSTRACT of the second part of the course: Before Great Depression of the 30s, comprehensive national accounts, as we know them today, did not exist. Theoretically, the ideas of the British economist John Maynard Keynes, who worked on explaining the Great Depression, were particularly influential. The traditional distinction in Macroeconomics is between two different approaches : Keynesian economics, focusing on demand; and supply-side (or neo-classical) economics, focusing on supply. To introduce students to the debate between the macroeconomic schools I suggest four readings: J.M. Keynes' General Theory of Employment (1937); Milton Friedman' s Nobel Lecture (1976), Robert Lucas' Nobel Lecture (1995) and a Lectio Magistralis by Joseph Stiglitz (2004).