Business Economics in the Global Economy

Prof. Dermot McAleese
Required Core Course
Fall -- 1 credit
 
This course provides an introduction to best practice modern economics.  It focuses on those elements of the subject that provide the maximum value added to good quality business decision-making in a world economy that has become increasingly integrated (´globalized´).  Previous knowledge of economics is not required.

The course is divided into three sections.  The first section analyses the economic rationale behind the move towards greater reliance on competition and the market system in the management of the economy.  The second section deals with macro-stability (price stability and sound government finances) as a foundation for sustainable economic growth.  Attention is given to the linkage between macro-stability and the business environment.  The third section addresses openness and globalization, including the economic effects of trade liberalization, multinational investment, immigration and capital mobility and the main elements of exchange rate policy. 

The course offers an integrated overview of current issues in the world economy, paying particular attention to concerns about the stalled recovery in the euro area, the growing fiscal and balance of payments imbalances in the US, the rise of the Chinese economy, the challenge of low growth in Africa and global energy and environmental problems.