The role of positive economics

The role of positive economics — The use of logic

The role of positive economics — The use of hypotheses, models, theories

The role of positive economics — The ceteris paribus assumption

The role of positive economics — Empirical evidence

The role of positive economics — Refutation

The role of normative economics

The role of normative economics — Value judgments in policy making

The role of normative economics — The meaning of equity and equality

Origin of economic ideas in a historical context

Origin of economic ideas in a historical context — 18th century: Adam Smith and laissez faire

Unit 1: Introduction to economics

19th century: classical microeconomics (utility); the concept of the margin; Classical macroeconomics (Say’s law); Marxist critique of classical economic thought

20th century: Keynesian revolution; rise of macroeconomic policy; monetarist/new classical counter revolution

21st century: increasing dialogue with other disciplines such as psychology and the growing role of behavioural economics; increasing awareness of the interdependencies that exist between the economy, society and environment and the need to appreciate the compelling reasons for moving toward a circular economy