Thanks to this course, the student will become aware of the importance of the social approach in Economic Science and the need to maintain a global, reflective, and critical view of the existing economic reality, as well as the social consequences of the measures applied in the economic field. With the knowledge acquired, they should be able to understand the relationship between the individual and collective behavior of citizens, politics, and social agents, and, finally, the economic and social spheres. All of this will enable them to critically delve into the analysis of the causes that justify the existence of different viewpoints in addressing the economic challenges that contemporary societies face, both nationally and internationally.
UNIT I: Economics as a Social Science
Topic 1. Introduction to Economic Science
1.1. Economy and Society
1.2. Origin and definition of Economic Science
1.3. Object of study in economics: need and scarcity, economic goods and free goods
1.4. The scientific character of economics: methodology and tools for analysis
Topic 2. Economic Decision-Making Units
2.1. Economic agents as decision-making units
2.2. The rationality postulate
2.3. The interdependence of economic decision-making units
2.4. Different economic systems
Topic 3. Introduction to the History of Economic Thought
3.1. Relationship between the evolution of societies and economic thought
3.2. Major schools of economic thought up to World War I
3.3. Economic thought from the 1929 Crisis to the present
UNIT II: Introduction to Basic Microeconomic Concepts
Topic 4. Demand Theory
4.1. The consistent behavior of the individual consumer
4.2. Consumer preferences: indifference curves and utility functions
4.3. Economic constraints: the budget constraint
4.4. The equilibrium of the individual consumer
4.5. The individual demand function
4.6. Demand elasticities
4.7. Market demand
Topic 5. Supply Theory
5.1. The consistent behavior of the individual entrepreneur
5.2. The firm's supply function
5.3. Supply elasticity
5.4. Market supply
Topic 6. Factor Market Analysis: Special Focus on the Labor Market
6.1. Characteristics of markets in the short and long term
6.2. Functioning and equilibrium of the labor market
6.3. Other factor markets, with special focus on the energy sector
Topic 7. Analysis of Goods and Services Markets
7.1. Market characteristics
7.2. Market functioning: equilibrium
7.3. Types of markets
UNIT III: Introduction to an Aggregate View of the Economy
Topic 8. Basic Factors to Consider in Macroeconomic Analysis
8.1. Closed or open economy
8.2. Income generation: the real side of the economy
8.3. Financial System
8.3.1. Components: assets, markets, financial institutions
8.3.2. Monetary and financial authorities
8.3.3. Money market
8.4. Circular Flow of Income
Topic 9. Introduction to Macroeconomics
9.1. Definition and main macroeconomic objectives
9.1.1. Economic growth vs. inclusive and sustainable economic development
9.1.2. Labor market situations
9.1.3. Price stability
9.1.4. Public sector action in the economy: budget balance and financing
9.1.5. International relations: Balance of Payments
9.2. Key economic indicators
9.2.1. Production indicators
9.2.2. Demand indicators
9.2.3. Income indicators
Topic 10. Cyclical and Structural Economic Policies
10.1. Economic imbalances and the need for economic policies
10.2. Fiscal policy: who applies it and available instruments
10.3. Monetary and financial policies: responsible authorities and mechanisms
10.4. Social policies: Employment policy, Education policy, R&D&I policy
10.5. Sectoral policies: energy, infrastructure, communications, agriculture, industry
The working methodology for this course, in its in-person format, is highly practical. Therefore, it will be conducted in work sessions that include an introductory segment for each of the subjects or models discussed, followed by a practical component involving case studies, guided debates on best practices, and the development of a project applying the acquired concepts.
Complementary to the above, the course incorporates practical cases describing historical and current economic situations, behaviors, and cycles.
This blended approach aims to solidify the knowledge of various concepts related to Political Economy within a discussion and analysis environment.
Contextualization: Each content is preceded by an introduction and a mind map connecting the different concepts.
Reflection: Students are encouraged to develop critical thinking. In several chapters, different alternatives are presented, and students are asked to take a stance.
Conceptualization: Each student/team is required to develop their own personal mind map of the entire content and each individual topic. They should not merely copy the professor's version but enrich it.
Experimentation: In various chapters, students are encouraged to proactively change the format: new locations, articles contributed by them.
Evaluation: Upon completion, the degree of internalization of the main concepts and their interrelations is assessed.
Offering tutorials on specific knowledge to consolidate acquired competencies: interpretation of graphs, mind maps.
METHODOLOGY AND PEDAGOGICAL APPROACH
Two weekly theoretical classes of two hours each; two theoretical-practical classes of two hours, and weekly practical work sessions of two hours, distributed into groups according to the number of students enrolled.
Additionally, one-hour weekly consultation classes and tutorials for the preparation and presentation of practical assignments are offered.
The virtual classroom will be utilized, providing access to bibliographies, supplementary texts, information related to the course delivery, and communication with students.
The department will implement the creation of reading summary sheets for addressing mandatory texts. These summaries will be prepared with the assistance of student helpers.
In theoretical classes, the instructor will develop the basic conceptual tools necessary for understanding the bibliographic material and will promote reflection and debate among students.
Theoretical-practical classes aim to serve as a space for reflection, confrontation, and development of tools in political economy.
Practical Work sessions focus on deepening the critical approach and situated reflection on texts and structuring problems in political economy, developed in theoretical and theoretical-practical classes, through individual and group production instances.
Ordinary Call: In order to be assessed in the ordinary call, all evaluable activities must have been completed. These activities must be submitted by the deadlines indicated by the professor. If, for a duly justified reason communicated to the professor, a student is unable to submit the required work within the established period, they may still do so before the date of the final exam, allowing the professor to grade them. However, in this case, the professor will not be required to provide feedback on the submitted work.
Additionally, the student has the right to take the final written exam even if they have not submitted all the other evaluable activities. However, the final grade for the course will only be calculated if all activities have been submitted, and the grade will be based on the evaluation criteria and weightings established in this syllabus. If any evaluable activity has not been submitted or completed, the student will be marked as "Not Presented" in the official record for that call.
Extraordinary Call: The evaluation criteria are the same as those used in the ordinary call. Therefore, all evaluable activities required for the course must be submitted. Grades from previously completed activities (including the final written exam) will be retained until the pending activities are submitted. The same grading criteria and weightings as in the ordinary evaluation will be applied.
This policy is valid only for the current academic year. If the student does not pass in the extraordinary call, re-enrollment in the course will require completing all course activities again.
A. - ORDINARY CALL
1. WRITTEN TESTS AND ASSIGNMENTS: 75%
Throughout the course, students must complete three types of written assessments: a final exam, an individual paper, and group assignments.
1.1. Final Exam
All students will be required to take a final exam lasting 1 hour and 30 minutes. The exam will be conducted in written form online via the Modlerooms platform. If this is not possible, the exam will be administered orally online (via Blackboard Collaborate with recording). If a student is unable to take the exam in person for a justified reason, the exam will be oral via Skype and recorded. All online students will be informed in advance of the date and time of the exam.
The exam will consist of two clearly differentiated parts:
? The first part will include multiple-choice questions and will account for 40% of the exam's total value.
? The second part will feature open-ended questions or practical exercises to assess the student?s understanding of the material. This will account for 60% of the exam?s total value.
1.2. Individual Paper
Students must delve into a specific topic from the syllabus. This paper must be selected during the first month of the course and will be both defended and submitted in the final weeks. The written paper will represent 10% of the final grade. It must be submitted no later than the date of the final exam in the ordinary call.
1.3. Group Work
All group assignments must be submitted in written form. The overall evaluation of group-written work, including its oral presentation, will account for a maximum of 10% of the student?s final grade.
2. ORAL TESTS: 15%
Students must complete two types of oral assessments:
2.1. Contributions to Case Discussions
Part of some sessions will include debates on current issues in which students must defend different positions. Assessment of these contributions will consider the quality of the presentation, the soundness of the arguments, and the technical and academic rigor of the claims. These contributions will account for 10% of the final grade.
2.2. Presentations and Debates on Group Work
Oral presentations of group projects will take place in specially scheduled sessions on the platform. This will represent up to 5% of the student?s grade.
3. EVALUATION OF GROUP INTERACTION: 10%
3.1. Participation in Group Work
The evaluation of each group assignment will take into account the extent to which each group member collaborated with others in preparing, presenting, and defending the work.
3.2. Participation in Course Activities
This includes participation in debates, forums, and other interactive elements of the course.
Given the nature of the course, there is no single book that adequately covers all the material. Therefore, a selection of key textbooks has been highlighted to help students grasp the main concepts of the different sections included in this subject.
Cuadrado, J. R. (dir.) (2015). Política Económica. Objetivos e instrumentos. McGraw Hill, Madrid.
Chang, H. J. (2015). Economía para el 99% de la población. Debate.
Mochón, F. (2010). Principios de Economía, 4ª Ed. McGraw-Hill, Madrid.
VV.AA. (2006). Lecciones de Historia Económica. McGraw-Hill, Madrid.
CASOS PRÁCTICOS:
Jon Emaldi (2021) Banking and Financial Crises. Can a never-ending story change? Ed.
Desclée De Brouwer Bilbao.
Úcar, P y Fernández, Y. (2021). Lengua y Economía en el aula y la calle. Madrid:
Universidad Pontificia Comillas.
Cameron, R y Neal, L. (2005). Historia económica mundial. Desde el paleolítico hasta el presente (4ªedición). Madrid: Alianza Editorial.
Krugman, P.R.; Wells, R.; Graddy, K. (2022). Fundamentos de Economía, 3ª Ed. Editorial Reverte. Barcelona.