1. University of Papua New Guinea International Economics Lecture 1: Introduction

2. The University of Papua New Guinea Slide 1 Lecture 1: Introduction Michael Cornish Overview Aim of the course Structure of the course Some basic concepts… Textbook Online resources Assessment

3. The University of Papua New Guinea Slide 2 Lecture 1: Introduction Michael Cornish Aim of the course Critical thinking! To understand: –Current major issues and debates in the global political economy –The major models used to understand international trade, and how to apply them

4. The University of Papua New Guinea Slide 3 Lecture 1: Introduction Michael Cornish Aim of the course To understand (cont.): –What trade policy tools government has, their effect, and how best to apply them –A basic introduction to international monetary policy –The effects of foreign direct investment (FDI) and international aid …and all with at least a little enthusiasm!

5. The University of Papua New Guinea Slide 4 Lecture 1: Introduction Michael Cornish Structure of the course Wks 1 and 2: Introduction / political economy Wks 2 to 6: Trade models and theorems Wk 7 and 8: Trade policy Second class in Wk 8: CLASS EXAM Wk 9: International monetary theory Wk 10: FDI and international aid Wk 11 and 13: Case studies Last class in Wk 13: Revision! Trade Intro Monetary Case studies

6. The University of Papua New Guinea Slide 5 Lecture 1: Introduction Michael Cornish Some basic concepts… Economics: –All about money? –The economic problem: unlimited wants versus finite resources –Economics ≠ capitalism –A social science: the ‘dismal science’

7. The University of Papua New Guinea Slide 6 Lecture 1: Introduction Michael Cornish Some basic concepts… Economics: –All about money? –The economic problem: unlimited wants versus finite resources –Economics ≠ capitalism –A social science: the ‘dismal science’

8. The University of Papua New Guinea Slide 7 Lecture 1: Introduction Michael Cornish Some basic concepts... What is international trade? What do our trade models try to do? What is the purpose of trade policy? What is international monetary theory? »Why is all this important???

9. The University of Papua New Guinea Slide 8 Lecture 1: Introduction Michael Cornish Textbook 9th Edition

10. The University of Papua New Guinea Slide 9 Lecture 1: Introduction Michael Cornish Online resources All material in the course will be made available at: –http://michaelcornish.org/international-economics/http://michaelcornish.org/international-economics/ This means: –The course outline –Lecture powerpoints –Links to articles and.pdfs –Anything else relevant or useful !

11. The University of Papua New Guinea Slide 10 Lecture 1: Introduction Michael Cornish Assessment Tutorial Participation: 5% –Tutorials are every week, starting in Week 2 Tutorial Hand-ins: 15% –Due in tutorials every week, starting from Week 3 Attendance at ‘Economics Inspired’ sessions: 5% –Sessions are every week, starting in Week 2

12. The University of Papua New Guinea Slide 11 Lecture 1: Introduction Michael Cornish Assessment Class Exam: 10% –Will be held in the second lecture in Week 8 –Will focus on trade models and will cover everything in Weeks 2 to 6 Group Assignment: 15% –Details to be provided later in the semester

13. The University of Papua New Guinea Slide 12 Lecture 1: Introduction Michael Cornish Assessment Final Exam: 50% –Will cover the entire course! –No ‘double-pass’ required (i.e. it is technically possible to pass the course without passing the exam – but I wouldn’t recommend this as a strategy!!) –Details about time, date and location to be provided as soon as they are confirmed

14. The University of Papua New Guinea Slide 13 Lecture 1: Introduction Michael Cornish Some final words…

15. The University of Papua New Guinea Slide 14 Lecture 1: Introduction Michael Cornish