Posts from — September 2006
EC4333 Lecture 1
Just right click on the link and choose “Save Target As”.
September 26, 2006 1 Comment
Lots of Full Text Economics Classics
http://socserv2.socsci.mcmaster.ca/~econ/ugcm/3ll3/
This archive is an attempt to collect in one place a large number of significant texts in the history of economic thought. I have tried to cast my nets as wide as possible including representative texts of all of the major thinkers and schools of thought; and most of the sub-fields of economics. The archive is a work in progress that may never be completed. The field of economic thought is a very large one. The texts are posted primarily for the use of students who might not otherwise have access to these writings. They are to be used strictly for non-commercial educational purposes. There are mirror sites at the University of Bristol (maintained by Tony Brewer) and at the University of Melbourne (maintained by Robert Dixon). All complaints, suggestions, reports of errors should be sent to Rod Hay. There are as well, many other sites that might be of interest.
September 18, 2006 Comments Off
Software Carpentry (Version 1122)
Software Carpentry (Version 1122):
Version 1122 (Fri Sep 15 09:37:42 2006)
Overview
Many scientists and engineers spend much of their lives programming, but only a handful have ever been taught how to do this well. As a result, they spend their time wrestling with software, instead of doing research, but have no idea how reliable or efficient their programs are.
This course is an intensive introduction to basic software development practices for scientists and engineers that can reduce the time they spend programming by 20-25%. All of the material is open source: it may be used freely by anyone for educational or commercial purposes, and research groups in academia and industry are actively encouraged to adapt it to their needs.
September 18, 2006 Comments Off
Civilization Developed as Last Resort
Hmm.
“‘Civilisation did not arise as the result of a benign environment which allowed humanity to indulge a preference for living in complex, urban civilised societies,’ he told the annual meeting of the British Association for the Advancement of Science.
“‘On the contrary, what we tend to think of today as civilisation was an accidental by-product of unplanned adaptation to catastrophic climate change. Civilisation was a last resort,’ he added.’
TODO Re-read Jared Diamond, Guns, Germs and Steel for contrast.
[download paper]
September 12, 2006 Comments Off
EC4333 Economics of European Integration Course Pack
Click this link to download the pack.EC4333 Course Pack.pdf This file is pretty big-2.6mb, so make sure you’re inside the campus network or on a fast connection before downloading.To save this file and print it out, right click and choose `Save Target As’ and save the file to your desired location for printing or whatever.
September 11, 2006 Comments Off
EC4333 Economics of European Integration Course Outline
EC4333, Semester 1, 2006/7
Stephen Kinsella
Department of Economics,
Kemmy Business School,
University of Limerick
http://www.stephenkinsella.net
2006-09-04
1 Introduction
The years since 1945 have been the longest period since 113 B.C. in which no army has crossed the Rhine
with war-like intentions. The very idea of war between the European Union’s member States seems so
remote as to be nonsensical. The creation of the European Union (EU); a legal, political, economic,
cultural, and soon to be military entity, is one of the greatest economic experiments in the history of
Mankind. The shape and scope of the EU has the capacity to affect the lives of hundreds of millions of
people in different ways, some positive, some negative. Thus a careful study of this experiment is in
order.
This course is about using economics to understand the history of the EU, its significance in terms of the
post 1945 World Economy, its development up to today, and the prospects for change most likely in the
future. We have 24 contact hours. Each 2 hour block will be thematic, that is to say, this is
not a survey course in International Economics or naive Trade theory. Rather, this course
will focus on developing the appropriate models and conceptual frameworks to understand
a particular issue facing the EU today. The objective of the course is to inform potential
future policy makers of the issues at stake and equip them with the tools to analyze these
issues.
1.1
1.1 Grading
There will be a final exam worth 70% of your final grade, four bi-weekly problem sets worth 5% each
beginning in week 3, and an essay worth 10%.
Problem sets will be distributed in class, with each due the next class each week. The essay title
is
the present day. Discuss either the potential economic effects of the fifth enlargement,
enacted in May 2004, on Ireland’s economy or discuss the role of the Common
Agricultural Policy (CAP) in the constitutional negotiations of the early 2000s and
theorize as to how to overcome the stumbling block the CAP represents. Situate either
discussion in the context of the history of the EU to date.
Essays should be no longer than 10 A4 pages, typeset in Times New Roman font, size 11. Ensure you
reference all articles and data used. The essay will be due by the fifth week of term, no later than Monday,
23rd October.
1.2
1.2 Course Notes and Textbook
There is no one textbook for the course. Readings are taken from many textbooks, and all are
available online as a coursepack at http://www.stephenkinsella.net. Course notes and (hopefully) a
podcast of the lecture will be available from the site after each lecture. Attendance at lectures is
mandatory.
2
2 Course Outline
The lectures are not designed to fit into 2 hour slots: some will be longer—like the economics of Monetary
Union— and some will be shorter. Thus there are eleven lectures and a recap lecture at the end of the
course. All readings available in the library have their codes given in sans serif font to speed you in finding
them. Readings marked with a (*) will be distributed on a CD at the start of the class, and are available
as a single .pdf file from the course website.
Lecture One Introduction to the course, definition of ’economic integration’, history of the
institutions of the European Union to date. Readings: none
Lecture Two History of the EU to date continued, Institutional Analysis of the dynamic of European
integration and the stages of economic integration (customs union-common market-economic and
monetary union) especially the fifth enlargement and the Treaty of Rome. Structure of the EU.
Readings:
- Beach, D., The Dynamics of European Integration, pgs. 1–31, and pgs. 214–244, 337.142
- BEA.
- El-Agraa, A.M., The European Union: Economics and Policies, 6th ed., pgs 1-19 and
72-79, 337.142 AGR. - McDonald, F. and Dearden, S. European Economic Integration, 3rd ed., pgs 34-53,
- 337.142 MCD.
Lecture Three Economic and Monetary Union, development of current policies and prospects for the
future. Models of Customs Unions for Product and Factor Markets and empirical results on levels of
integration across these markets Readings:
- Pelkmans, J. European Integration: Methods and Economic Analysis 1st ed., pgs. 83–104
and 133–155. 337.142 PEL. - El-Agraa, A.M., The European Union: Economics and Policies, 6th ed., pgs. 149–164,
- 337.142 AGR.
- Lane, P. (2006) The Real Effects of EMU, Journal of Economic Perspectives,
forthcoming. (*)
Lecture Four Economic and Monetary Union Continued, theories of Monetary Union. Readings:
- Buiter, W.H. “The Economic Case for Monetary Union in the European Union”, in
Deissenberg, Owen and Ulph, eds. European Economic Integration, published as a
supplement to the Review of International Economics, Vols. 4-5., pgs. 10–35. 337.142 - DEI.
- Hansen, J.D., European Integration: An Economic Perspective, Oxford University Press,
2001, 1st ed. pgs. 163-189, 337.142 DRU. - Healey, N. ‘Economic and Monetary Union’, in McDonald, F. and Dearden, S. European
- Economic Integration, 3rd ed., pgs. 94–114, 337.142 MCD.
- Wyplosz, C. ‘European Monetary Union: The Dark Sides of a Major Success’, Economic
- Policy, 2006 (*)
Lecture Five The Common Agricultural and Fisheries Policies, history, theory, and analysis.
Readings:
- El-Agraa, A.M., The European Union: Economics and Policies, 6th ed., pgs. 232–261,
- 337.142 AGR.
- Pelkmans, J. European Integration: Methods and Economic Analysis 1st ed., pgs.
164–182. 337.142 PEL.
Lecture Six Competition Policies, Regional Policies and Environmental Policies in the EU.
- El-Agraa, A.M., The European Union: Economics and Policies, 6th ed., pgs. 388-399
and 187-199, 337.142 AGR. - Pelkmans, J. European Integration: Methods and Economic Analysis 1st ed., pgs.
164–182. 337.142 PEL.
Lecture Seven Economic Inequality across the EU.
- Michie, J., ‘Unemployment in Europe’, in Amin and Tomaney, eds. Behind the Myth
- of European Union: Prospects for Cohesion, Routledge Press, 1995, pgs. 51–82. 337.14
- AMI.
- Jensen, S. E. H. “Wage Rigidity, Monetary Integration and Fiscal Stabilisation in
Europe”, in Deissenberg, Owen and Ulph, eds. European Economic Integration, published
as a supplement to the Review of International Economics, Vols. 4-5., pgs. 36-54. 337.142 - DEI. (Note, this is a hard paper, but students who know calculus should attempt it.)
- Bertola, G. ‘Europe’s Unemployment Problems’, in Artis and Nixson, eds. The
- Economics of the Europen Union, 3rd ed., pgs. 353–381.
Lecture Eight Enlargement: Factor Mobility and Political Economy of accession to the
EU.
- Estrin, S. and Holmes, P. Competition and Economic Integration in Europe, pp. 1–22.
- 337.142 EST
- Smith, E. ‘EU Competition Policy Without Membership: Lessons for the European
Economic Area’, in Estrin, S. and Holmes, P. Competition and Economic Integration in - Europe, pgs. 48–60. 337.142 EST
- Willem H. Buiter and Anne C. Sibert, ‘Eurozone Entry of New EU Member States from
Central Europe: Should They? Could They?’ (*)
Lecture Nine Location Effects, Regional and Industrial Policy. Deeper EU integration may have
significant implications for the economic activity of member states. Changing trade relations,
increasing competition, and the increased mobility of goods, services and people will all
affect the location of industries across the EU. How should member states and the EU
react? Can an active industrial policy be justified? What form should regional policy
take?
- Puga, D., ‘European regional policy in light of recent location theories’, Journal of
- Economic Geography 2(4), October 2002: 372-406 (*)
- Puga, D. ’The rise and fall of regional inequalities’, European Economic Review 43(2),
February 1999: 303-334.(*)
Lecture Ten International Trade, Tariffs, and Globalization. The EU is the largest trading bloc in the
world. What are the effects one might expect from a economic entity as large as the EU changing its
trade-tariff policies?
- Stiglitz, J.E., and Greenwald, B. Helping Infant Economies Grow: Foundations of Trade
Policies for Developing Countries, American Economic Review, Papers and Proceedings,
May 2006. (*) - Shaikh, Anwar, Globalization and the Myth of Free Trade.(2003) Prepared for the
Conference on Globalization and the Myths of Free Trade, New School, NYC.(*)
Lecture Eleven The Eu and Ireland. Ireland is the poster-child for the benefits of accession to the EU.
Other small open economies have not done so well. What does continued membership of the EU
mean for Ireland today?
- Barrett, A., Bergin, A., and Duffy, D. ‘The Labour Market Characteristics and Labour
Market Impacts of Immigrants in Ireland The Economic and Social Review, Vol. 37, No.
1, Spring 2006. - McAleese, D. ‘Policy Objectives and Competitiveness for a Regional Economy’, in
O’Hagan and Newman, eds. The Economy of Ireland: National and Sectoral Policy - Issues, 9th ed., pgs. 2–28. 330.94178024 OHA
Lecture Twelve Recap lecture. Readings: All of them!
September 11, 2006 78 Comments
EC3601 Course Outline
Josephine Palmolive
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Steve Kinsella
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UNIVERSITY OF LIMERICK
KEMMY BUSINESS SCHOOL
DEPARTMENT OF ECONOMICS
International Political Economy 1
EC6101
Course Outline and Reading List
AUTUMN SEMESTER 2006/2007
Lecturers: Dr
Anthony Leddin and Stephen Kinsella
External Examiner: Professor
Eamon O’Shea, NUI (University College, Galway)
The purpose of
this course is to introduce the student to the principles underlying the
macroeconomy. This is the study of
how aggregate economic variables such as, the real growth rate, inflation and
unemployment, behave and how the government and central bank might influence
their behaviour. The latter part
of the course is concerned with three issues in macroeconomic theory and
policy: (1) The “Celtic Tiger”
economy and the recent performance of the Irish economy, (2) Ireland in
European Monetary Union (EMU) and the economic performance of EMU and (3)
globalisation.
As part of this course, students are required to
submit a project based on econometric analysis. The titles are given by the lecturer and the class will be
divided into project groups of 4 to 5 students (depending on class size). The project will account for 40% of the
final mark.
The reference book is:
Leddin, Anthony and Brendan M.
Walsh, The Macroeconomy of the Eurozone. Gill and Macmillan, 2003.
Students should
also consult the following books for certain sections of the course: (listed edition or more recent).
Blanchard, O., Macroeconomics, Third
edition, Prentice Hall, 2003.
Taylor, L. Reconstructing
Macroeconomics, Harvard University Press, 2004.
De Grauwe, Paul, The Economics of Monetary
Integration, Oxford University Press, 5th
edition, 2004.
D. Gujarati, Basic Econometrics, McGraw Hill, 4th edition, 2003.
Eiteman, David, Arthur Stonehill
and Michael Moffett, Multinational Business Finance, Addison Wesley, 10th edition, 2004.
Newman, C. & O’Hagan, J. The Economy of
Ireland, 9th Edition National & Sectoral Policy Issues, Gill & MacMillan, 2005
The Basic Model
September, 27. Introduction
(AL)
GNP,
business cycle, unemployment, inflation. Policy constraints.
L
& W Ch. 1.
September 28 & 29. Theory of Income Determination: Basic Model (AL)
The aggregate
supply and demand model: Three
issues: 1. Demand and supply-side shocks. 2. Okun’s law.
3. Natural real GNP and automatic
adjustment mechanisms.
L
& W Ch. 2 and 3
October 18. Fiscal
Policy (Hereafter SK)
Stabilisation
policy and the Washington consensus, fiscal policy in Ireland, past and
present.
L
& W Ch. 4, and 5
Barrett
et al, eds. ESRI Quarterly Commentary
CSO.ie,
various reports to be distributed in class.
IMF
and OECD Country Reports for Ireland.
October 19. Project
Econometrics: An Introduction to Regression Analysis
with Microsoft Excel
Regression
analysis, data sources and econometric software packages.
Theory: e.g.
Gujarati, Damodar. - Basic Econometrics – 4th ed. - New York : McGraw Hill, 2003.
Short
Loan 330.015195/GUJ
Software: Microsoft Excel, Data Analysis Package. Useful
Tutorials are available at http://helios.bto.ed.ac.uk/bto/statistics/tress11.html and http://phoenix.phys.clemson.edu/tutorials/excel/regression.html
.
October 20. Money
and Banking, the Quantity Theory of Money and Interest Rate Determination
Money; functions, creation and control. European Central Bank. Inserting the money market into the AD/AS model.
L
& W Ch. 6 and 7.
Taylor,
pgs 79-93.
November 15. The
Balance of Payments and Exchange Rate Theory (SK)
Foreign
exchange market, flexible exchange rates, real exchange rates, trade-weighted
exchange rate index,
Central Bank intervention, external reserves, fixed exchange rates. Inserting the foreign exchange market into
the AS/AD model.
L
& W Ch. 9, 10 and 11.
November 16. Purchasing power parity. (SK)
Absolute
and relative PPP.
Burgernomics,
http://research.stlouisfed.org/ publications/review/03/11/pakko.pdf and www.economist.com/markets/bigmac/index.cfm
L&W,
Chapter 10.
November 17. Covered and uncovered
interest rate parity theory and the Fisher equation. (SK)
L&W,
Chapters 10 and 8.
November 17. Open Economy Monetary Model.
(SK)
L&W,
Chapters 10 and 12.
Lane,
Philip, The New Open Economy Macroeconomics, A Survey. Available at http://www.tcd.ie/Economics/TEP/1999_papers/TEPNo3PL99.pdf
Three Major Topics
December 6. The
Economic Performance of the Irish Economy in the Long-run, the “Celtic Tiger”
and recent economic
performance.
L&W,
Chapter 24.
December 7. Why
Ireland joined EMU and the economic performance of the EMU economy.
L
& W Chapter 14.
De
Grauwe, Chapters 2 & 3.
December 8. Globalisation
Benefits and costs. Global
inequality and poverty. Role of the IMF and World Bank.
Additional
reading: Joseph Stiglitz, "Globalization
and its Discontents", Penguin Books, 2002. and, J. E. Stiglitz, Fair
Trade for All: How Trade Can Promote Development (Initiative for Policy Dialogue Series C) (Hardcover), 2006.
Guest
speaker : Dr Donal Donovan, IMF,
Washington D.C.
September 11, 2006 2 Comments
Against Intellectual Monopoly
Against Intellectual Monopoly:
Economic and Game Theory
Against Intellectual Monopoly
by Michele Boldrin and David K. Levine
top | general | research | classes | links | David “Monopoly corrupts, absolute monopoly corrupts absolutely.”
[new version November 11, 2005]
It is common to argue that intellectual property in the form of copyright and patent is necessary for the innovation and creation of ideas and inventions such as machines, drugs, computer software, books, music, literature and movies. In fact intellectual property is not like ordinary property at all, but constitutes a government grant of a costly and dangerous private monopoly over ideas. We show through theory and example that intellectual monopoly is not neccesary for innovation and as a practical matter is damaging to growth, prosperity and liberty.
Chapter 1: Introduction
Chapter 2: Creation Under Competition
Chapter 3: How Competition Works
Chapter 4: Innovation Without Patents
Chapter 5: The Intellectual Monopoly Apologists
Chapter
September 11, 2006 Comments Off
