Compass for economic decisions - BMEGT30BX4T003-00

The course has a dual objective. On the one hand, it aims to demonstrate how the economic logic underlying standard economic theory can be applied to individual decision-making situations — even those not directly related to economic phenomena — with special emphasis on simple pricing issues, financial decisions, and choi-ces made at the family or political level. On the other hand, the course seeks to illustrate how the logic underpin-ning alternative economic theories can help explain certain real-world economic phenomena. Particular focus is placed on the divergence between the evolution of financial data and real economy, the issue of public debt, unemployment, and economic crises.

1. the process of scientific theory building, basic economic notions and the logics of the main economic the-ories
2. the mainstream economic theory’s (general equilibirum theory) analysis method (comparative statics, equilibirum, alternative cost)
3. the method of analysing economic welfare
4. the princing strategies for some market structures
5. some specific microeconomic issues of market failures (adverse selection, signaling, moral hazard, pol-lution, public goods)
6. the logics of national accounting and data available from national accounting
7. the three basic properties of monetary economies underlined by Keynes (multiplier effect, paradox of thrift, unvolontary unemployment)
8. the growth logc of market economies
9. the rules that govern the modern banking system and its properties
10. the basic logics of financial decisions

1. apply mainstream theory to assess welfare variations, tax impacts and other pricing issues
2. carry out profitability calculus (presnet value, cost-benefit analysis) including different loan constructi-ons (ex. CHF loan),
3. identify fundamental market structures, determine indexes to describe market structures and firm’s po-sition,
4. understand macroeconomic changes, especially monetary and fiscal policy measures
5. extend economic knowedge alone
6. understand economic issues and use economic litterature
7. understand economic events published in the media

1. collaborate with their instructors and fellow students during the learning process,
2. continously gain knowledge and information,
3. are open to learn and adapt the methodology of information technology tools
4. are aiming at knowing and using the tools that helps economic problem solving
5. are aiming at precise and correct problem solution.
6. are aiming at applying economic efficiency on firm level; and are able to take well founded decisions in complex or unexpected situations

1. independently formulate and solve micro- and macroproblems,
2. are open for reliable critical remarks
3. collaborates with the experts of other fields
4. use systemtic approach.

Lectures, computational exercises and communication in written and oral form. use of IT technics, optional: individual and in group problem solving.

• Pindyck, R. S.– Rubinfeld, D. L.: Microeconomics. Eighth Edition (Global Edition). Pearson, 2015.
• Gilányi, Zs.(2020), Piacgazda(g)ság: oikonomia vagy khrematistiké?, Akadémia kiadó.
• L-Randall Wray (2015), Modern Money Theory, Palgrave.
• Hal. R Varian (2014), Intermediate Microeconomics with Calculus, WW Norton and Co. New York
• Tóth-Bozó Brigitta, Bánhidi Zoltán (szerk.): Piaci játszmák - A játékelmélet és alkalmazásai a modern világ-ban, Akadémiai Kiadó Budapest, 2025. ISBN 978 963 664 121 4
• Egyéb oktatási segédanyagok (gyakorló feladatok, mintazh stb.) a tanulmányi rendszerben, a tárgy neve és kódja alatt érhetőek el- other learning material (ex.: exercices for practice, sample tests) is available ont hele-arning system under the subject code.

Assessment of learning outcomes described under 2.2. is based on two written mid-term tests during the semes-ter. Extra points can be earned by completing homework assignments and group tasks during classes.

Learning unit assessment: the complex assessment of knowledge, skills and attitude is written test contai-ning a test part and an exercice part. The test part is intended to assess the knowledge of notions and principles, the exercice part is intended to assess students’ problem solving. The precise from, content and assessment of the written test is to be determined by the lecturer in accordance with the subject res-ponsible.

• learning unit assessment: 50
• learning unit assessment: 50

• during the semester assessment: 100

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1) The obligatory mid-term test can be retaken or made up according to the general rules of the university. In case of make up, the grade of the make up test is the grade.

Consulted with the Faculty Student Representative Committee, approved by the Vice Dean for Education, valid from: 07.07.2024.

Subject includes the topics detailed in the course syllabus to ensure learning outcomes listed under 2.2. can be achieved. Timing of the topics may be affected by calendar or other circumstances in each semester.