| Lecture handout: Macro Risk |
Recommended reading
Recommended course
To keep up to date with my thoughts on economic issues either follow me on Twitter or see Kaleidic Economics.
| Lecture handout: Macro Seminar |
The key finding of monetary economics is that the root cause of inflation is excessive money creation. We looked at some specific examples of hyperinflation, and to learn more you can watch “Zimbabwe and Hyperinflation: Who Wants to Be a Trillionaire?” (Marginal Revolution University).
| Group activity: ECB Simulation, April 2025 |
| Group activity: Canadian Multiplier, April 2025 |
The concepts discussed in this section should help students to understand the rationale for Georgia’s “Law on Economic Freedom”, which limited the government to the following (see Lawson and Powell, 2019, p. 114):
Also:
To keep up to date with my thoughts on economic issues either follow me on Twitter or see Kaleidic Economics.
Macroeconomics can be a daunting subject matter but it is too important to be left to specialists. All senior managers need to be able to understand and interpret the macroeconomy, and reflect on the factors that cause it to change. This page gathers material that equips participants with a foundation in the models and frameworks needed to make sense of our context and policy responses, and develop an awareness of several key risks. They will help you to become familiar with with global growth forecasts and identify the key challenges facing policymakers.
And the best part is that the lecture is live!
| Lecture handout: Macro Trends. Here is the quiz. |
My attempt to provide some theoretical background to core macro concepts is my video on “The emoji equation of exchange“. See here for a quiz.
You can find the latest global growth forecasts from the institutions mentioned in the lecture here:
What you should be reading:
Newspapers: The Economist • Financial Times • The Guardian (international edition)
Business press: Harvard Business Review • McKinsey Quarterly • Knowledge@Wharton
Suggested podcasts:
Where to look for good charts:
What I’ve been reading:
What I’ve been writing:
Background resources:
| Lecture handout: Macro Models: from DICE to doughnuts |
This session integrates ecological concerns wirth standard economics, providing an overview of how macroeconomists model the economy and how those methods and models relate to climate issues.
For a history of the Phillips curve, listen to:
Here are the scorecards on social progress mentioned:
In some versions of this presentation I discuss agent-based models. You can play with the Schelling model here. To learn more about ABMs I recommend this Runestone Academy interactive textbook. Also see:
Here is a fascinating video (in French) on the limits to growth and the World 3 model
Here is Ray Dalio’s 30 minute explainer on his economic framework:
Here’s a short quiz to test your knowledge about the sessions:
https://forms.gle/7gS6wzAuUxirvKJ57
| Learning Objectives: Consider the upper limits of economic growth and the impact of economic activity on the environment. |
Opportunities and threats from emergency monetary policy in Europe
Session 1: Lecture
Session 2: Small group discussion
Session 3: Presentations
Additional slides:
Further reading:
Lecture handouts for the Jan 2020 version are available here.
Introduction
This short course provides provides a survey of global poverty and a discussion of the causes of prosperity. Particular emphasis is placed on the institutions required for market exchange, and the importance of economic calculation. As a satellite photo of the Korean peninsula makes clear, socialist planning is literally groping in the dark. We will look at the theoretical reasons behind this claim, and the empirical validation that economic freedom matters.
Prerequisites
The course does not rely on any previous study of economics.
Teaching methods
Textbook
The course is designed to tie into Chapters 4 and 12 of the following (amazing) textbook:
The website for the book contains an array of other resources: https://anthonyjevans.com/books/markets-for-managers/
An additional reading list is available here: https://anthonyjevans.com/course-readings/
An edited list of highly recommended articles from The Economist is here: https://anthonyjevans.com/the-economist-an-mba-reader/
Schedule
9am Session 1
Economics matters: The link between economic institutions and global prosperity
In this lecture I will ask some broad and fundamental questions about the application of economic theory to the real world, and the role of the economist as a force for making the world a better place. I will try to convince you that we have a fairly good understanding of what causes economic growth, and how important this is for raising living standards and improving people’s quality of life. In other words, economics matters.
10:45am Break
11:00am Session 2
Groping in the dark: Why socialist calculation is impossible
12:30pm Lunch
2:00pm Session 3
Economic transition in Central and Eastern Europe: Shock therapy or gradualism?
3:30pm Finish
If you’ve taken the course, you can check your learning with this quiz:
Can also include the Bag Game and the International Trade Game
The purpose of this workshop is to understand basic models in contemporary Monetary Theory and Policy.
Readings on methods:Two lectures on methods:
| Dynare | |
| Julia | |
| Latex | |
| Matlab | |
| R | |
| Stata |
Introduction
This short course provides an overview of the ways in which governments try to influence the economy. It will provide an explanation of what monetary and fiscal policy are, and why they are used. We will assess the ECB’s response to the financial crisis and the 2009 Obama stimulus bill. Emphasis will be on providing a framework for participants to refine their own opinions.
Prerequisites
The course does not rely on any previous study of economics. However, a familiarity with economic terms (such as “inflation”, “GDP”, “balance sheet”), and an awareness of contemporary policy debates (such as zero lower bound monetary policy), will be useful. The course is aimed at people who watch Newsnight but don’t quite feel they understand the economic foundations of what’s being said.
Teaching methods
Textbook
The only mandatory readings are provided in the schedule below. However the course is designed to tie into the following (amazing) textbook:
The website for the book contains an array of other resources: https://anthonyjevans.com/books/markets-for-managers/
An additional reading list is available here: https://anthonyjevans.com/2010/03/course-readings/
An edited list of highly recommended articles from The Economist is here: https://anthonyjevans.com/2011/05/the-economist-an-mba-reader/
Schedule
9:00am Breakfast
9:15am Welcome address
9:30am Session 1: Monetary policy: A Beginner’s Guide to Central Banking*
Video: “An introduction to the Dynamic AD-AS model“
11:15am Break
11:30am Session 2: The Euro in crisis
“The Euro in Crisis: Decision Time at the European Central Bank” Harvard Business School case no. 9-711-049 (£)
Questions:
1. How does the ECB conduct monetary policy?
2. What actions were taken after the BNP Paribas freeze?
3. How do these actions compare to the Federal Reserve?
1:00pm Lunch
2:00pm Session 3: Fiscal policy: The Confidence Multiplier*
3:30pm Break
3:45pm Session 4: Workshop
Market for Managers Problem Set
Questions: 7.1, 7.2, 8.1, 8.2, 8.3, 8.4, 8.5, 8.6, 8.7, 8.8, 8.9, 9.1, 9.2, 9.4
4:45pm Debrief
5:00pm Finish
Note: Sessions marked with an asterix (*) have a lecture handout available in advance. Cases marked with a pound sign (£) will be distributed in advance.
Extensions
The course does not cover the following: international economics, business cycle theory, growth theory, supply-side economics.
In 2008 I was asked to provide a short, intensive bootcamp for incoming students. This page is a collection of the resources that I used for that course. It contains some slides that define and explain key concepts, and also provides some examples of numeracy tests. In addition, I noticed that many students – particularly females – felt that they “weren’t math people”. I’ve done a video to discuss these fears. I hope you find these resources helpful.
I also recommend the following page, which is full of links:
Download the handouts here.
Additional topics:
Some fascinating ideas:
Download the handouts here.
Download the handouts here.
Further reading:
And remember:
This proposed two-day seminar is aimed at junior faculty teaching on general management programs. It shows attendees how to teach using the case method, and provides content for market-focused courses. If satisfactory progress is made attendees will then become licensed to utilise the classroom material in their own courses, and have access to ongoing support and follow up workshops.
Schedule
Day 1
Introduction to participant-centred learning
The Case Method
Day 2
Create your own teaching notes
Create your own cases
Date: TBD
Location: TBD
Resources
Please get in touch if you would like further information.
