Management and corporate law

Premise • Economic policy in market economies • Efficiency criteria • Concepts of equity The reasons for public intervention • Perfect competition hypotheses and the two theorems of welfare economics • Causes of market failures: microeconomic failures • Macroeconomic aspects of market failures: cyclical instability, inflation, unemployment Business cycle, inflation, and unemployment in different economic theories • The Keynesian approach • The neokeynesian synthesis and the IS-LM-BB framework • The monetarist approach and economic policy • The new-classical approach and economic policy • The new synthesis and the AD-AS framework • The new-Keynesian approach and the dynamic IS-AS framework (overview) The normative theory of economic policy • Objectives and instruments • The theoretical model, the empirical model, its use in policy forecasting/simulation • Controllability and the “golden rule” of economic policy • Examples of application: economic policy in action • Limits: Lucas’ critique • Empirical-econometric investigation and the actual scope of Lucas’ critique (overview) Microeconomic public policies • Minimal state and market guarantee functions • Non-competitive market forms and antitrust policies • Externalities and interventions to restore market completeness • Public goods and direct public provision • Information asymmetries and public guarantees • Merit goods, paternalism, welfare • Inequity and redistribution Trade policies • Comparative advantage and free trade in international commerce • Justifications for protectionism • Limits of free trade and protectionism • Instruments of trade protection • Economic effects of tariff and non-tariff protection Macroeconomic stabilization public policies • Monetary policy in normal times and in liquidity trap situations • Fiscal policy in normal times and in liquidity trap situations • Income and price policies • Policies for the balance of payments, exchange rate controllability, conditions for effectiveness • Public debt sustainability: repayment policies, conditions for effectiveness, fiscal action, monetary support • Fiscal action and monetary policy – advantages and limits of central bank autonomy • Exchange rate policy: the euro debate • Motivations and macroeconomic implications of the European Stability and Growth Pact Structural public policies • Industrial policies • Policies for price competitiveness • Policies for product competitiveness • Policies for labor market flexibility • The European stance on structural reforms

The exam in Economics is required.

ACOCELLA N., Politica economica e strategie aziendali, 7a edizione, Carocci, Roma, 2020 Possible additional papers and research notes provided by the teacher

The teaching model of the course provides for frontal lectures and exercises. With respect to the objectives of the course, the lectures provide students with the knowledge that the course aims at transfering to them, whereas the excersises will enable them to apply that knowledge to practical problems of economic policy and to utilise the proper analytical instruments.

Voluntary attendance

Written exam with closed answers and oral exam. Exams will be held in the time windows established by the Faculty.

The course's teaching model includes frontal lectures and exercises. Regarding the course's objectives, the lectures give students the knowledge the course aims to convey. In contrast, the exercises enable them to apply that knowledge to practical problems of economic policy and to use the appropriate analytical instruments.