PETETR Market Theory

Faculty of Economics and Administration
Autumn 2008
Extent and Intensity
2/2/0. 5 credit(s). Type of Completion: zk (examination).
Teacher(s)
prof. Ing. Pavel Ondrčka, CSc. (lecturer)
prof. Ing. Pavel Ondrčka, CSc. (seminar tutor)
Guaranteed by
prof. Ing. Pavel Ondrčka, CSc.
Department of Economics – Faculty of Economics and Administration
Contact Person: Lydie Pravdová
Timetable
Wed 7:40–9:15 S311
  • Timetable of Seminar Groups:
PETETR/1: Wed 9:20–11:00 S311, P. Ondrčka
Prerequisites (in Czech)
PEMAII Macroeconomics II
Course Enrolment Limitations
The course is offered to students of any study field.
The capacity limit for the course is 30 student(s).
Current registration and enrolment status: enrolled: 0/30, only registered: 0/30, only registered with preference (fields directly associated with the programme): 0/30
Course objectives
Market theory is an advanced course that completes student's knowledge of economic theory and national economy. In the framework of this subject, students should to be able to demonstrate the ability to connect economic theory with economic reality in transition countries. At the end of this course, student should acquire review of arguments supporting the function of the state in the market economy as well as arguments for the function of the market. The course ought to be oriented on a critical view of economic policy and reforms in the transition process. The course consists of lectures and seminars. Seminars are obligatory and obtaining credits requires active work throughout the semester. Component part of seminars involve critical analysis of economic articles on the subject that was given in the lecture.
Syllabus
  • 1. Market theory and market economies in historical context. Background of the market and market economies. Freedom, private ownership and competition as conditions of the market economy. 2. Theory of the state and its role in the market economy. What should be managed by the state and what should be managed by the market. 3. Market mechanism in different economic systems. Free market or managed market. 4. Principles of the social market economy. Thoughts of the market economy and their first realisation. 5. Social framework of the market economy. The social market economy and globalisation processes. 6. Principles of liberalization and the liberal economic policy. The liberal policy of Misses. 7. Neoliberal formulation of the growing role of the state. Reasons of the growing role of the state. 8. Pareto's principles of "new welfare economies". Interrelation between the market and welfare. 9. Austrian school and their significance for the present time. Works of Murray, Rothbard and their arguments defending the conception of monopoly. 10. Theory of public interest and public choice. How to reach the allocation of resources according to Arrow. 11. Market failure and state failure in the market economy. Forms of failure and their manifestations and the ways how to avoid them. 12. European Union policy and national economic policies. Does the Unified economic policy restrict the national economic policy? 13. Current problems of economic policy in the Czech Republic.
Literature
  • EUCKEN, Walter. Zásady hospodářského řádu. Translated by Alžběta Kvasničková. Praha: Liberální institut, 2004, 500 s. ISBN 8086389324. URL info
  • HAYEK, Friedrich A. von. Cesta do otroctví. Vyd. 2., v ČSFR 1. Praha: Academia, 1990, 180 s. info
  • ROTHBARD, Murray Newton. Zásady ekonomie : od lidského jednání k harmonii trhů. Translated by Josef Šíma. Praha: Liberální institut, 2005, xxvii, 755. ISBN 8086389278. URL info
  • ŠÍMA, Josef. Trh v čase a prostoru : Hayekovská témata v současné ekonomii. Praha: Liberální institut, 2000, 104 s. ISBN 80-86389-09-X. info
  • ONDRČKA, Pavel. Teorie monetární a fiskální politiky. 1. vyd. Brno: Masarykova univerzita, 1997, 2148 s. ISBN 8021015101. info
Assessment methods
Lectures and class discussions. The students can take the exam provided they attended the seminars (max. 2 absences) and actively participated in discussions.
Language of instruction
Czech
Follow-Up Courses
Further comments (probably available only in Czech)
The course is taught annually.
The course is also listed under the following terms Spring 2002, Spring 2003, Autumn 2003, Autumn 2004, Autumn 2005, Autumn 2006, Autumn 2007.
  • Enrolment Statistics (recent)
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