Course: Law and Economics 1

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Course title Law and Economics 1
Course code KFP/PAE1
Organizational form of instruction Lecture + Seminar
Level of course Bachelor
Year of study not specified
Semester Winter and summer
Number of ECTS credits 4
Language of instruction Czech
Status of course Compulsory
Form of instruction Face-to-face
Work placements This is not an internship
Recommended optional programme components None
Lecturer(s)
  • Bárková Dana, Ing. Mgr. Ph.D.
  • Seknička Pavel, PhDr. Mgr. Ph.D.
  • Martinčík David, JUDr. Ing. Ph.D.
  • Nový Miloš, Ing. et Ing.
  • Beck Jiří, Doc. Ing. CSc.
Course content
The course surveys main macroeconomic categories, terms, and phenomena. During the course, the students will learn about different philosophic and economic points of view and different macroeconomic theories in the time horizon from the beginning of human civilization till present time, including the analysis, orientation and categorization of the macroeconomic policy in the Czech Republic. The students will study basic economic institutions of market economy, their functions, position, and operation. The attention is drawn also to the analysis of influence of the market mechanism itself, its advantages and shortcomings, and to the analysis of individual elements on markets for goods, labour and capital (with specification on financial and money markets). Economic issues are presented in legal context. The course is focused on explaining economic role of the government in all consequences. Macroeconomic policy of the government is explored. Content: 1. The economic way of thinking: economics as a science, relations of law and economics, methods of economic research. Efficiency, basic economic problems. 2. The subject matter of economics, methods of research, tools used in economics. Structuring of economics. Relations between economics and law. Economics v economy. The development of economic thinking, outline of basic doctrines of current economic thought. Economic theories, their followers and ideology. Presentation of ideas of contemporary economists. 3. Market mechanism, market subjects, market forces, determination of market, types of markets. Circular flow in economy (physical and financial flows). Economic subjects, production factors and their prices. 4. Market mechanism and its functioning, supply, demand (elasticity, substitution and income effects) on markets for goods and services; perfect and imperfect competition. 5. Phenomena that accompany market mechanism, imperfections of market mechanism on general level, monopoly, oligopoly, preference of short-term benefits to long-term goals, property and social differentiation. 6. Specific features of production factor markets; focus on labour market. The importance of labour law regulation, minimum wage, discrimination 7. Introduction to government macroeconomic policy - role of fiscal and monetary policies in macroeconomic policy of the government under different economic doctrines. Economic role of the government. The relation between economic theory and (macro)economic policy, overview of macroeconomic government policy instruments. 8. Monetary policy I - history and functions of money, money and monetary theories (quantitative theory of money). Functions and forms of money. Money supply, demand for money, money markets. 9. Monetary policy II - Czech National Bank, monetary instruments, types of monetary policies in general their graphical analysis, including their impact on economy; commercial and central banking; bank reserves. Monetary union, perspectives of adopting euro in the Czech Republic. 10. Fiscal policy, economic nature of taxes, types of taxes, tax policy. Czech tax system. 11. The possibilities of measuring the total output of economy (gross product), externalities, public goods. 12. Economic cycles, inflation, unemployment, stabilisation politics of the government. 13. International economics, absolute and comparative advantages, tariffs and quotas. International monetary relations, globalisation, integration. As a part of EU project "Cooperating Lawyers", ECOP project No. CZ.1.07/2.4.00/17.011, the syllabus of this course was unified with the syllabus of the course "Fundamentals of Economics for Lawyers" (KFP/NZEP) at the Faculty of Law of Palacký University in Olomouc

Learning activities and teaching methods
Lecture, Seminar
  • Preparation for comprehensive test (10-40) - 26 hours per semester
  • Contact hours - 52 hours per semester
  • Individual project (40) - 26 hours per semester
prerequisite
professional knowledge
not specified
learning outcomes
The student will: - explain the function of market mechanism and its variations - evaluate the necessity of legal regulation of competition - assess the possibilities of evaluating the effectivity of the firm - explain the principle of utility and summarize the contribution of individual economic schools in this area - define special features of production factor markets - explain functions of money in economy, differentiate between money and currency - describe basic functions of capital markets - understand basic relations of law and economics
teaching methods
Lecture
Seminar
assessment methods
Test
Seminar work
Recommended literature
  • Frank, Robert H.; Bernanke, Ben S. Ekonomie. Praha : Grada, 2003. ISBN 80-247-0471-4.
  • Frank, Robert H. Mikroekonomie a chování. Praha : Svoboda, 1995. ISBN 80-205-0438-9.
  • Hazlitt, Henry. Ekonomie v jedné lekci. Praha : Alfa Nakladatelství, 2008. ISBN 978-80-87197-05-9.
  • Heyne, Paul. Ekonomický styl myšlení : Celost. vysokošk. učebnice pro stud. ekon. směru. Praha : Vysoká škola ekonomická, ----.
  • Hobza, V., Assenza, D., Zlámal, J. Základy ekonomie. Olomouc: Univerzita Palackého, 2006. ISBN 80-244-1295-0.
  • Holman, Robert. Dějiny ekonomického myšlení. Praha : C.H. Beck, 2005. ISBN 80-7179-380-9.
  • Holman, Robert. Ekonomie. Praha : C.H. Beck, 2005. ISBN 80-7179-891-6.
  • Holman, Robert. Makroekonomie : středně pokročilý kurz. 2. vyd. Praha : C.H. Beck, 2010. ISBN 978-80-7179-861-3.
  • Holman, Robert. Základy ekonomie : pro studenty vyšších odborných škol a neekonomických fakult VŠ. Praha : C.H. Beck, 2000. ISBN 80-7179-434-1.
  • Mankiw, N. Gregory. Zásady ekonomie. Praha : Grada, 1999. ISBN 80-7169-891-1.
  • Rothbard, Murray N. Zásady ekonomie : od lidského jednání k harmonii trhů. Praha : Liberální institut, 2005. ISBN 80-86389-27-8.
  • Samuelson, Paul A.; Nordhaus, William D.; Mejstřík, Michal. Ekonomie. 2. vyd. Praha : Svoboda, 1995. ISBN 80-205-0494-X.
  • Schiff, P., Schiff A. Ekonomické bajky. Dokořán, 2010 ISBN 978-80-7363-325-7.
  • Slaný A. a kol. Makroekonomická analýza a hospodářská politika.. Praha, 2003.
  • Sojka, Milan. Dějiny ekonomických teorií. Praha : Karolinum, 2000. ISBN 80-7184-991-X.
  • Tomažič, Ivan. Ekonomie pro právníky. 1. vyd. Dobrá Voda : Aleš Čeněk, 2003. ISBN 80-86473-36-8.


Study plans that include the course
Faculty Study plan (Version) Branch of study Category Recommended year of study Recommended semester
Faculty of Law Public Administration (15) Law, legal and public administration proceeding 2 Winter
Faculty of Law Public Administration (14) Law, legal and public administration proceeding 2 Winter
Faculty of Law Public Administration (13) Law, legal and public administration proceeding 2 Winter
Faculty of Law Public Administration (11) Law, legal and public administration proceeding 2 Winter
Faculty of Law Public Administration (12) Law, legal and public administration proceeding 2 Winter
Faculty of Law Law (15) Law, legal and public administration proceeding 2 Winter
Faculty of Law Law (14) Law, legal and public administration proceeding 2 Winter
Faculty of Law Law (13) Law, legal and public administration proceeding 2 Winter
Faculty of Law Law (11) Law, legal and public administration proceeding 2 Winter