This course provides students with an introduction to economic analysis and institutions. The course starts with developing simple graphical and mathematical models of decision making by individual economic agents: consumers, workers and businesses. Students are directed to analyze interactions between the agents in product and factor markets using the concepts of demand, supply, and equilibrium. It also introduces students to various market structures from perfect competition to monopoly, and describes the roles of government in market economy that include the pricing system in resource allocation and income distribution.
This course studies basic economic concepts and theories of both microeconomics and macroeconomics. It covers such topics as supply and demand, the firm and its cost structure, the public sector, national income accounts, inflation, unemployment, the business cycle, economic policies, the monetary and banking systems, international trade and finance, and economic growth. This course does not replace nor is it equivalent to ECON 105 or to ECON 125. (Not offered to students in the program)
This course introduces students to macroeconomic analysis and its applications. It starts with an understanding of how composition, size, and distribution of national income are determined, and continues with exploring the problems of inflation and unemployment in a modern economy. Students are expected to understand government roles in macroeconomics through the effectiveness of fiscal and monetary policies. Attention is also given to the sources and consequences of economic growth and to the nature of international linkages faced by an economy through goods and capital markets.
This course further develops student understanding of the economic behavior of individuals and firms—how they respond to changes in opportunities and constraints and how they interact in markets. Topics include consumer theory, theory of the firm, competition, and factor markets. Moreover, the course looks at market failures such as imperfect competition (monopoly and oligopoly) and externalities, as well as their consequences on welfare. Throughout the course students will get a sense of the conditions under which market economies are efficient, as well as the way governments can make the economy less or more efficient.
This course introduces students to basic macroeconomic theories, with emphasis on macroeconomic policies in an open economy. The course focuses on the determination of national income, money and inflation, unemployment, aggregate demand and aggregate supply, short-run fluctuations, and the determinants of productivity and long-run economic growth. Fiscal and monetary policies, and associated automatic stabilizers, will be discussed. Considering that macroeconomics consists of different, sometimes conflicting, interpretations of how the economy operates, students will be exposed to different schools of macroeconomics—Austrian and Post-Keynesian schools, New Classics, Monetarists, and New Keynesians—and how they interpret and recommend policies with regards to current events.
This course focuses on understanding the links among money, banking, financial markets, and central banks. The main goal of this course is to explain how the interest rate is determined in the economy. This requires to introduce students to the bond market. The course expands the analysis and shows that the interest rate is also determined in the money market. Thus, it explores how the money supply is determined in the economy via the interactions among banks, central banks, and households. This interaction is explained via introducing the balance sheet of the commercial bank and the central bank. Further, this course explains how the interest rate influences the foreign exchange market and demand for money.
This course introduces students to regression analysis in order to be able to create a good model that can capture the relationship between the underlying variables. The necessary assumptions for a good model, such as a correct functional form, no autocorrelation, constant variance and normality, will be tested one by one. Potential remedies will be sought in case any assumption is not fulfilled. Other topics that will be covered include hypothesis testing, forecasting and distinguishing between causality and correlation. All estimations will be performed via econometric software, EVIEWS or GRETL (which is a free version of EVIEWS).
This course introduces students to the basic techniques of project appraisal. The course is applied in nature but starts with the theoretical rationale of project appraisal, resource allocation and efficiency, and the Kaldor-Hicks compensation criterion. It evolves to explore different investment criteria and focuses on cost-benefit analysis (CBA) as a major technique widely used in assessing public investment opportunities. Students will examine real CBA case studies and try to apply the concepts they have learned. The course also considers other alternative techniques such the cost-effectiveness analysis (CEA), multi-criteria analysis (MCA), and the qualitative (non-economic) techniques of project assessment.
This course introduces timely topics related to the Environment-Energy-Economy relation. Topics include the economics of pollution, the greenhouse effect and global warming. We use data for the UAE and GCC region to analyze the relationship between different patterns in energy production and consumption, economic diversification, and emissions growth. We also study market-based policy solutions to reduce carbon footprint, such as carbon trading and carbon taxes, in light of the world’s environmental obligations. The second part of the course focuses on energy and the essential transition to renewable resources. We study the economics of oil and the behavior of oil prices and the OPEC, new trends in the production of natural gas, and the prospects for renewable energy with special focus on Abu Dhabi’s MASDAR city initiative and other environmental policies.
This course provides students with economic foundations for strategic analysis and helps them understand the basic theoretical and policy implications of concepts related to the different types of market structures. Students will get familiar with the behavior of firms and their strategic interrelations. Among the topics covered are basic game theory; agency problems and incentives; boundaries of the firm and product diversification; competition and evolution of industry structure; firm strategic positioning and sustaining of competitive advantage; and the origins of competitive advantage innovation. The coverage of these topics will be illustrated with applications related to current events and policies. The course will cultivate the students’ analytical thinking and, among other things, develop their ability to comprehend different firm and industrial issues from the firm, industry and social desirability perspective.
This course introduces students to the field of economic development. It examines a number of definitions and measures of development and highlights the structural diversity and common characteristics of Less Developed countries LDCs. In addition, the course reviews different theories of development and underdevelopment. The role of globalization and international trade in development is discussed. Major issues in economic development of the Arab world are also addressed.
This course introduces students to the concepts of international economics and international business, focusing on two main themes: international trade and globalization. The course covers Ricardo’s comparative advantage theory and the allocation of trade based on specialization and opportunity costs, the Heckscher-Ohlin model of resource abundance and factor intensity as the main source of comparative advantage and direction of international trade in the modern world, the role of different market structures, such as monopoly, oligopoly, and monopolistic competition, in international trade from the business perspective, and the welfare implications of barriers to trade, such as tariffs, quotas, and regulations. Last, the process, trends, historical facts, and effects of globalization will be discussed in conjunction with international trade.
The aim of this course is to develop an understanding of the role of the government and the public sector in mixed economies in theory and practice. The course discusses the ideal situation of perfectly competitive markets and how market structure relates to economic efficiency. Under perfectly competitive markets, externalities result in inefficiency. Inefficiency is also the result of monopoly. Government has a role to play in market failure to improve efficiency, but it also plays a role in the redistribution of resources in the society. Government expenditures to improve efficiency and how revenues finance these expenditures are discussed. Topics covered include market efficiency, market failure, externalities, equity, public goods, public expenditure, taxation, and fiscal federalism. The applied nature of these topics will also be considered.
The aim of this course is to supply students with an understanding of the issues and problems of conducting research in economics and the tools available to them. The course will enable students to develop skills necessary to conduct applied research in economics or an allied field. During the course students will develop original research question/s and hypotheses, conduct a literature review and use bibliographic software to manage their citations and references, analyze the problem/s using appropriate research methods (quantitative/qualitative) according to ethical standards, test their analysis or model of the problem, interpret their results, and write up the findings using appropriate academic language.
This course aims to provide students with an understanding of the socio-economic and structural characteristics of the Middle East and North African economies. The course analyses the contemporary opportunities and challenges facing these economies, with a specific focus on the Gulf region. Learning methods require students to analyze academic articles on the region and utilize econometric techniques. Among the topics covered are developments in the oil and gas sector, labor markets and migration, the implications of changing demographics such as declining birth rates, the role of inter-regional and international trade, capital flows, the role of government policy, economic reforms and diversification, and finally the significance of banks and financial markets in the region’s economic development.
This course exposes students to the key aspects of labor economics and human resource development theory: demand and supply; market equilibrium; productivity; and incentive structures. It also highlights the synergies between these two fields. It introduces the main tools used to analyze, evaluate and understand labor market dynamics. In addition, it concentrates on the labor markets of the UAE and the Arab Gulf. It introduces UAE specific case studies and labor market data for empirical applications. Topics covered include: national unemployment; labor nationalisation; investments in human capital; and the strategic goal of transitioning to a more knowledge-based economy.
This course introduces students to the art of applying different economic theories and concepts to specific “real world” topics in economics. The course topics may vary to reflect changing interests and state of the art topics. Depending on faculty interest and availability, the course may cover a wide range of special topics in economics with an applied orientation. For instance, it may cover topics that belong to Health Economics, Public Economics or Sustainable Development Economics. The present course topics are related to sustainable development. This course is aimed at giving an introduction to the basic concepts of “sustainable development” and how these concepts have been implemented through “sustainable development policies” at the micro and macro level. The theoretical contents of the course is based on the concepts of environmental and resource economics and macroeconomics. Theoretical issues are illustrated by case studies with a special emphasize on the UAE and/or GCC cases. It covers topics such as: definitions and intellectual backgrounds of sustainable development, measurement of sustainable development, sustainable urban management, sustainable management of resources, sustainable development and firms environmental strategies.
The course will focus on the principles and techniques of economics important for analyzing economic aspects of public policy. First, the course will focus on the working on the aggregate economy highlighting topics like employment, productivity, trade and fiscal deficits, inflation, interest rate and exchange rates and their impacts on public policy. Then the course will focus on micro issues like the models of economic behavior, the price system, market failure and interventions, and related policy instruments. The course will examine Islamic principles and theories of the above topics, as appropriate
This course will examine the major aspects of financial planning and public budgeting focusing on topics like the philosophy of public finance, financial analysis and planning techniques, theories of budgeting and budget as a mechanism for planning and control, accounting and auditing in the public sector, government responsibility for capital facilities planning, etc. The course will also look at the contemporary issues in public budgeting and financial management, and how they interface with public management drawing on comparative regional and international experiences, as available and appropriate.
Deeper global economic integration is a key strategic goal for the UAE and is seen as a catalyst for the UAE’s sustainable economic development. This course will provide students with an in depth understanding of how international business issues affect the UAE and how the UAE is positioning itself in the global economy. The course will provide a clear framework for understanding the process of globalisation, international transactions, financial issues, global economic trends and their significance for UAE organisations, as well as how government policy is facilitating the UAE’s deeper integration into the global economy.
This course applies economic analysis to the study of human resource management issues. In particular, it focuses on the economic rationale for formulating specific personnel strategies and policies such as those related to incentive systems to enhance performance and stimulate innovation within organizations. The course covers the key topics of personnel economics within five aspects of employment relationships: incentives, matching firms with workers, compensation, skill development, and the organization of work. In each of these aspects, the course aims at bringing valuable cutting-edge economics research findings and case studies to managers which can help them develop a deeper understanding of human resource issues and tradeoffs in the complex business environment of today. The course starts by studying firms’ hiring decisions and how the job offer can be structured to improve the effectiveness of recruiting under imperfect information and the presence of search costs. So, we study the latest research on matching firms with workers under asymmetric information and the firm’s decision to investment in workers’ skills and human capital. We then study issues related to job design and the economics of teamwork. The course then moves to a central issue in personnel economics: incentives and encouraging employees’ efforts. In this we critically analyze the trade-off between risk and incentives, performance evaluation, rewarding performance and compensation models. Lastly, the course considers benefit design issues.
This course covers the essential principles and tools of Managerial Economics. The course examines the principles of microeconomics, and illustrates how they apply to managerial decision-making. Students who master this material will be better prepared for leadership positions in business, not-for-profit, and government entities. The first part of the course discusses basic economic concepts such as supply, demand and costs. We move from these basic concepts to studying how firms behave when they have market power. Topics include differences between perfectly and imperfectly competitive markets, optimal pricing for firms with monopoly power, and the use of advanced pricing such as bundling and versioning to capture value. The final section of the course focuses on advanced topics in market analysis. These include the role of externalities and imperfect or asymmetric information.
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