The objective of this course is to provide a historical overview of the
development of Microeconomics and to develop the basic theory of demand
and supply, market equilibrium, market efficiency and market failure.
Specific learning outcomes upon completion of this curricular item are:
• Understanding of the concept of value within its historical
• A basic knowledge of key principles of microeconomics (as listed
in the next paragraph).
We start with explaining why economists use models and that economic
models differ from models in other sciences. Then, we introduce the
basic three concepts of (micro) economics: optimization, equilibrium and
empiricism. The rest of the course then discusses:
- Demand, Supply and equilibrium
- Perfect Competitive models
- Externalities and public goods
- Regulation and the role of the government
- The labor market
- Game Theory, Auctions, School matching mechanisms
- Oligopoly and Monopolistic competition
- Time and Risk
- Social Economics
Lectures and working groups
Problem sets and written examination
Acemoglu, Daron, David Laibson and John A. List, 2016, Economics,
Harlow, Essex, Pearson Education Ltd. ISBN 13: 978-1-292-07920-2, incl.
access code MYECONLAB.
Basic knowledge of math and statistics, as provided in the academic core
of any academic program at the VU University Amsterdam or equivalent.