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The aim of the module is to provide students with the skills and a toolbox to analyse and evaluate legal phenomena from an economic perspective. In particular, to help students develop an understanding of the basic tools of economic reasoning, in order to interpret the main working mechanisms of modern economic systems and the different forms of economic organisation at the macro and micro level.

In the first part, the module provides the concepts and logical categories necessary to analyse the main macroeconomic facts, considering both the relationships between macroeconomic variables (such as aggregate supply and demand, employment and inflation), and the role of fiscal and monetary policies. In the second part, a microeconomic point of view is taken to consider the economic description of business organisation and interactions within different market structures. Particular emphasis is given to the application of economic theory to real-world examples, prioritising conceptual and analytical rigour over mathematical formalisation.

The module provides theoretical and applied knowledge and vocabulary to analyse current economic and business phenomena (at the national, industry and firm levels). The programme is the same for both attending and non-attending students and covers the following topics, which are studied in depth and in line with the analytical needs of Bachelor of Laws (LLB) graduates:

Basic concepts

-      The central concepts of economics

-      The modern mixed economy

-      Basic elements of supply and demand, elasticity and applications

Macroeconomics

-      Overview of macroeconomics and measuring economic activity

-      Consumption and Investment

-      Business Cycles and Aggregate Demand; Unemployment and Aggregate Supply

-      Inflation, money and the financial system; Monetary policy and the economy

Microeconomics

-      Production and business organisation

-      Cost analysis

-      Analysis of perfectly competitive markets

-      Imperfect competition and monopoly

The textbook adopted (A) for the preparation of the exam is the following:

(A) Samuelson P.A., Nordhaus W.D.; Economics; McGraw Hill/Irwin; New York; 19th edition; 2010; ISBN 978-0-07-351129-0. Chapters: 1, 2, 3, 4; 6, 7, 8, 9, 10; 19, 20, 21, 22, 23, 24, 29, 30.

Throughout the module, materials useful to facilitate study and learning activities will be made available to students, including slides used during lessons, exercises, or summary handouts of specific parts of the programme.

Please note: the module will be held exclusively in English. For students NOT enrolled in the IECoLS study programme, a level of knowledge of the English language of at least B2 is required.

• The teaching style is theoretical and applied and the main teaching method is lectures held on the topics indicated in the programme. Reading of relevant articles, as well as interactive elements, such as solving analytical exercises in class and group work could be arranged during the lectures.

• The exam procedure is the same for both attending and non-attending students.

  Exam sessions. The exam (in English) consists of a written test on the topics of the entire study programme with multiple-choice questions and open questions. The multiple-choice questions are intended to assess the knowledge and ability to understand the contents of the module and weigh approximately 70% of the overall assessment. The open questions, in which the development of a graph and a related comment are required, are aimed at assessing autonomy of judgment and critical thinking and weigh approximately 30% of the overall assessment. After the written exam, on the same day, if the student has gained a pass grade, they may request to take an oral exam on the topics of the study programme, which is essentially aimed at further verifying the knowledge and skills expressed in the written exam and at assessing the ability to make connections across the module’s contents. The grade of the written exam, expressed out of thirty, is modified by the grade of the oral exam by +/- 3 points.

  Evaluation in progress. It is possible for all students (attending or not) to be assessed by means of two intermediate tests in progress (i.e., during the teaching term). The first intermediate test is written, with multiple-choice questions and open questions (i.e., development of a graph and related comment), on the parts of the programme relating to Basic concepts and Macroeconomics (chapters 1, 2, 3, 4 and 19, 20, 21, 22, 23, 24, 29, 30, respectively, of the adopted textbook). In case of a pass grade in the first intermediate test, it is possible to take a second, written intermediate test on the remaining part of the programme (chapters 6, 7, 8, 9, 10 of the adopted textbook) towards the end of the teaching term, with multiple choice questions and open questions (i.e., development of a graph and related comment). In case of a pass grade in each written intermediate test (i.e., grade greater than or equal to 18/30 in each test), the exam is considered passed with a grade equal to the average of the two grades obtained in the written intermediate tests (without the need to take an oral exam). In both written tests, the multiple-choice questions are intended to assess the knowledge and ability to understand the contents of the module and weigh approximately 70% of the evaluation. The open questions, in which the development of a graph and a related comment is required, are aimed at assessing independence of judgment and critical thinking and account for approximately 30% of the assessment. In case of failing one of the two intermediate tests, the exam can only be taken in the way described for the regular exam sessions.

  It is not possible to access any study materials during the tests.

English

English