Outlook:

Current public debates about economic Policy Issues

Weitere Infos zum Thema (in German):
- Übersicht: Konjunkturprognosen für Deutschland - Die Vorhersagen der Wirtschaftsschätzer (Tagesschau)

= Joint Economic Forecasts (english)

Joint Economic Forecast Spring 2024:
Headwinds from Germany and Abroad – Institutes Revise Forecast Significantly Downward    27 March 24

´Policy Brief 1/2024
The Debt Brake after the Federal Constitutional Court Judgement: Increase Flexibility - Maintain Stability

On Nov 8 2023 the Council of Economic Experts published its annual report 2023/24:
Overcoming sluggish growth – investing in the future

House / Principle:
(teamwork in class- short presentations of 5 to 10 minutes)
- content of your principles / text
- own example for each principle

House-Teamwork in class
- A: Mankiw Principles 1 - 4
- B: Mankiw Principles 5 - 7
- C: Mankiw Principles 8 - 10
- D: Obama Text

Section I: Introduction

WHY - What's it about?

- 10 Principles of Economics (Mankiw) [Reader 2024, p 3]
- B. Obama "The Audacity of Hope" (p. 178-185 for the teamwork)
- Basic Concepts of Economics
- Goals in Economics and Economic Policy
- Economic systems and Hierarchy of goals

Houses:
- Alfa:     Alexander, Angela, Vladyslaw 
- Bravo:   Inken, Kira, Laura
- Charlie: Mary, Partha
- Delta:

Welcome.ppt

- "Basic Concepts"
- Economics @ Wikipedia 

- 10 Principles of Economics (Mankiw - review, esp. 5-7) [Reader]

Chapter 1: Economics for Business
(chapters refer to "Economics for Business" by David Begg und Damian Ward - 6th edition in our library SuUB)

- Hierarchy of goals in market economies
- See also the quotations of T. Friedman

- "Wall Street" @ Wikipedia

Housework for today:
(please prepare short presentations = 9 up to 12 (=maximum!) minutes are requested - thank you)

Mankiw: "Problems and Applications":
A:  9,10,12 + one story for 17
B:  5, 6, 8 + one story for 17
C:  1, 3, 4 + one story for 17
D: 13 - 15 + one story for 17

Section II: Understanding Markets

- Chapter 2: Consumers in the Market Place
-------> Elasticity

(Chapter 3: "Firms in the Market Place" will not be discussed in this class)

No house-homework,
   but we'll do exercises in class

As we'll finish chapter 2 quickly, I recommend that you read parts 2.4 and 2.5 (starting p 41 in the book or p 94 in the pdf) about elasticity.

- Chapter 2: Consumers in the Market Place
-------> Elasticity

(Chapter 3: "Firms in the Market Place" will not be discussed in this class)
Chapter 4: Markets in Action

Section III: Competition and Profitability
Chapter 5: Market structure and Firm Performance
    Competition, Monopoly and the public interest.

(chap. 3 - "The Production Process" )
see also the Excel file with some Figures from the book

 Movie "A beautiful Mind" about John F. Nash
- 'Beautiful Mind' mathematician John Nash killed in crash
- Famed 'A Beautiful Mind' mathematician John Nash, wife, killed in N.J. Turnpike crash
"Split or Steal" and "From Stealing to Trust"

Section III: Competition and Profitability
Chapter 5: Market structure and Firm Performance
    Competition, Monopoly and the public interest.

Sa 25.05.24

Chapter 5: Market structure and Firm Performance
    Competition, Monopoly and the public interest.

Review Microeconomics -> What did we learn? / your questions

Section IV: Domestic Macroeconomics

Chapter 9 : An introduction to the macro economy: National Accounting @DeStatis:
- National Accounts at a glance 2022
(23/24 only in German: Wichtige Zusammenhänge im Überblick 2023 - Stand: Februar 2024)

Test preparation: We can briefly discuss some exercise questions, that you can prepare if you want:
- Micro Exam (WS 06/07): tasks 2 and 3 (hints)
- MBA Exam (Oct 08): task 5 (here some (very few) hints to this exam)
+ Exampe test in AULIS
+ Example: exam MBA May 2016 (and numerical results)
(only limited content - microeconomics) 

And you definitely should do the example test available in our AULIS group - please ask questions if you don't understand the solutions

Test (9:15-10:15 / AULIS): The topics covered will be discussed in class.      Preview:
- Basic problems and concepts of Economics, Hierarchy of goals in market economies, systems
- Mankiws Principles
- Begg/Ward:
- Microeconomics chap 1, 2, 4, 5

Teamwork in class (10 minutes + 5 minutes presentation):
Current Macroeconomic situation
- Angela, Laura, Mary:
Joint Economic Forecast Spring 2024 (March)
- Inken, Kira:
Spring Report Council of Economic Experts (May)
- Alex, Partha, Vladyslav:
ifo Economic Forecast Summer 2024 (June)

Please recall the house work for next session
(see below at Sa 29.06.24)

*** Evaluation ***
please let me know, what you think about this class

Section IV: Domestic Macroeconomics

Chapter 9 : An introduction to the macro economy

National Accounting @DeStatis:
- National Accounts at a glance 2022
(23/24 only in German: Wichtige Zusammenhänge im Überblick 2023 - Stand: Februar 2024)

Chapter 10: Measuring Macroeconomic Variables and Policy Issues

- GDP: What does the indicator describe? + How is it calculated?
- German Statistical Bureau - DeStatis
- National Account, Domestic Product
- current figures: National Accounts at a glance (in German: "Wichtige Zusammenhänge im Überblick")

- "Monitoring economic performance, quality of life and sustainability" by the German Council of Economic Experts in association with the french Council of Economic Analysis - Joint Report 2010 requested by the Franco-German Ministerial Council to Chancellor Mrs. Angela Merkel and then french President Nicolas Sarkozy (deutsche Übersetzung: Wirtschaftsleistung, Lebensqualität und Nachhaltigkeit: Ein umfassendes Indikatorensystem). This report (and request) was based on the ...
Report of the commission on the measurement of economic performance et social progress by the "Stiglitz-Sen-Fitoussi commission" (more in German) 2009

- Joseph Stiglitz - Problems with GDP as an Economic Barometer
- Amartya Sen: Beyond GDP, measures of welfare and sustainability (2/7 ..)

OECD: "Beyond GDP" Joseph E. STIGLITZ, Jean-Paul FITOUSSIand Martine DURAND (2018)

"Descentrar el producto interno bruto (PIB) - Bienestar, cuidados y tiempo" ( Iliana Vaca Trigo y Camila Baron), también en ingles:
"Decentring GDP - Well-being, care and time" United Nations publication 2022

The German Statistical Office (DeStatis) publishes Environmental indicators and also "Measuring Well-being and Progress: Well-being Research" (OECD)

Current

Issues / reports / forecasts

Mai 2024          Arbeitsgruppe Alternative Wirtschaftspolitik - MEMORANDUM 2024

Schuldenbremse lösen: Auftakt zum gerechten Klimaschutz

Arbeitsgruppe Alternative Wirtschaftspolitik (auch: "Memorandum-Gruppe" bzw. "Memo-Gruppe") -> https://www.alternative-wirtschaftspolitik.de Auf dieser Webseite finden sich auch akutelle Veröffentlichen zur derzeitgen (Wirtschafts-) Lage

= Joint Economic Forecasts (english)

Joint Economic Forecast Spring 2024:
Headwinds from Germany and Abroad – Institutes Revise Forecast Significantly Downward    27 March 24

ifo Economic Forecast Summer 2024: New Hope, But Not (Yet) a Summer Fairytale ...          20 Jun 2024

On Nov 8 2023 the Council of Economic Experts published its annual report 2023/24:

Overcoming sluggish growth – investing in the future

• Press Release
• Executive Summary
• 1. "Economic Recovery Delayed"

Spring Report 2024:                                                          2024-05-15
Recovery of the German economy is delayed further

Weitere Infos zum Thema (in German):
- Übersicht: Konjunkturprognosen für Deutschland - Die Vorhersagen der Wirtschaftsschätzer (Tagesschau)

Team House-work    (to prepare for this session):
present in class the most important messages of the following reports / approaches:
[max 15 min/house]

Alfa: One report / approach from row 7: (22.06.24) or the next row (current issues)

Alternative Economic approaches:

Bravo: The Economy for the Common Good -> links in the middle column ->

Charlie: Doughnut Economics (Ways to Think Like a 21st-Century Economist) -> links ->

-----------------
Measuring WELFARE & SUSTAINABILITY

- The Economy for the Common Good
- What if the common good was the goal of the economy? | Christian Felber (TEDxVienna) [up to 12:45]
- Common Good Matrix 5.0
- Workbook ECG Balance Sheet 5.0
- Description on "TheNextSystem.org"

- Doughnut Economics (Ways to Think Like a 21st-Century Economist)
- Why it's time for 'Doughnut Economics' | Kate Raworth | TEDx
- www.kateraworth.com/
- Re-Writing (Neo-Liberal) Economics

_________________________________________

Chapter 13: Expenditure and Fiscal Policy
History of economics thoughts and policy / Economic Theory and Policy:
- Keynesian Cross,
- Multiplier, Balanced Budget

Chapter 14: Money, Banking and Interest
- Money and the Banking system,
- Monetary Policy: the ECB

- Eurostat with National Accounts
- Source OECD & ILibrary - The OECD's Online Library of Statistical Databases, Books and Periodicals (accessible from the campus net - or via VPN)

- GDP to NNI and summary of National Income accounting

Price index in Germany: (Statistisches Bundesamt)
- Price Kaleidoscope (Basket)
- Basket of goods and services and weighting pattern

Keynesian theory / application:
- Data for Consumption Function @Destatis (open "Chain-linked volume data and contributions to growth" at end of page (+ incl. regression)
- Annenberg Video @ learners.org: 17. John Maynard Keynes

- European Integration (ECB presentation)

ECB homepage - definitions of monetary aggregates - MFI information - Inflation Monitor - see also: Leitzins.info
videos (YouTube channel): The History of the European Central Bank - Chapter 5: Monetary Policy Instruments -

Key ECB interest rates and Leitzinsen.info for an overview
Monetary policy: Inflation