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This module aims to give a glimpse into the theory of market exchange and provide the students with a solid understanding of its conclusions. The course could appeal to any student who enjoys a bit of maths and would like to learn how to frame and analyse economic and social problems in a structured and logical way. The point of departure will be the concept of market equilibrium. We will first explore the relationship proposed by Marshall between market demand and consumers’ preferences. We will then turn to market supply and understand how and to what extent it relates to firms’ production costs. Later, we will discuss the notions of welfare and surplus, which measure how well an economy performs. We will finish by introducing two instances where markets fail at being efficient: the presence of externalities and the existence of a monopoly.
Module leader: Cabau Noémie Aimée
