Development of Macroeconomic Thought


Course Objective

The objective of this course is to introduce core concepts and theories
of modern macroeconomic analysis including their development within the
economic and social context of the past centuries.

Specific learning outcomes upon completion of this course are:
- students know of and understand macroeconomic theories about growth,
inequality and unemployment within their historical contexts;
- students know of core macroeconomic concepts, including national
accounts and other frequently used aggregates
- students are familiar with recent empirical macroeconomic work on
growth, inequality and unemployment.

Course Content

Macroeconomics is about the behavior of economic aggregates, i.e.,
variables that capture the development and change of the entire economy
over time. The course starts with discussing the historical development
of macroeconomic theories about growth, inequality and unemployment.

Next the course proceeds with the introduction of core macroeconomic
concepts and theories including illustrations from recent empirical
macroeconomic work on growth, inequality and unemployment:
- circular flows and national accounts;
- aggregate incomes and inequality;
- growth accounting: labor productivity, technological progress,
human capital, Solow model;
- institutions and economic development;
- unemployment: measurement, types, costs of unemployment, wage

Teaching Methods

Lectures and tutorials

Method of Assessment

Grade is average of problem sets (30 %) and written examination (70%),
with written exam grade of at least 5.0.

Entry Requirements

Basic knowledge of math and statistics, as provided in the academic core
of any academic program at the Vrije Universiteit Amsterdam or


Acemoglu, Daron, David Laibson and John A. List, 2016, Economics,
Harlow, Essex, Pearson Education Ltd. ISBN 13: 978-1-292-07920-2, incl.
access code MYECONLAB.

Target Audience

Third-year bachelor students of any major (except Economics and Business
Economics; and Econometrics).

Additional Information

This course is an integral part of the University Minor Economics;
participants gain strongly from attending the entire minor program. This
course prepares for Business Cycles and Stabilization Policy as well as
Applications in Economic Policy.

General Information

Course Code E_ME_DMT
Credits 6 EC
Period P1
Course Level 200
Language of Tuition English
Faculty School of Business and Economics
Course Coordinator dr. W. Zant
Examiner dr. W. Zant
Teaching Staff J. Chen MPhil
dr. W. Zant
P. Kollenda

Practical Information

You need to register for this course yourself

Teaching Methods Lecture, Study Group
Target audiences

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