Managerial Economics ec450
SYLLABUS
TEXTBOOK
There in NO textbook for this class.
There will be numerous reading assignments each week (see below).
ZOOM
https://loyola.zoom.us/my/thomaslyons
... this is the link if we need to have a zoom meeting... the password is on moodle.CLASSROOM TECHNOLOGY
Students may NOT use computers, tablets, phones, earphones during class.
LECTURES, READINGS and RESOURCES
Introduction 0
HOW TO PREPARE
Economic Organization 1
Assignment 1
Do you agree or disagree? Write a 2-3 page paper : 1) take a position 2) Explain the position that you took 3) Include in your paper how you want money that you invested handled by firms that you invest in.
Time, Uncertainty, Risk 2
HOW TO PREPARE
READ
Chapter 7 “The Meaning of Risk and Uncertainty”, pages 197-231
Chapter 8 “Structures and Methods for Meeting Uncertainty”, pages 232-263
CLASS LECTURE
Assignment 2 Solution
Change 3
HOW TO PREPARE
READ
Capitalism, Socialism and Democracy, Joseph Schumpeter, 1943
Chapter 7 “The Process of Creative Destruction”, pages 81-86
Chapter 2 “Entrepreneurship”, pages 30-75
CLASS LECTURE
Capital 4
HOW TO PREPARE
READ
Capital and Interest, Book II Positive Theory of Capital, Eugen von Bohm-Bawerk, 1889
"The Capitalist Production Process, page 79-88
Capital and its Structure, L. Lachman, 1956
Chapter 1 "The Order of Capital", pages 1-19
CLASS LECTURE
In Class Exercise
Balmoul's Cost Disease
Information 5
CLASS LECTURE
Innovation 6
HOW TO PREPARE
READ
The Innovator’s Dilemma, by Clayton Christensen, 1997
Introduction, pages 7-19
Chapter 1 “How great firms can fail?”, pages 20-34
The Disruption Dilemma, Joshua Gans, 2016
Chapter 2 “What is Disruption?, pages 13-31
Chapter 3 “Sources of Disruption”, pages 33-47
“Why Innovation is Still Capitalism’s Star”, New York Times, August 17, 2013, Robert Shiller
CLASS LECTURE
Intellectual Property 7
GUEST SPEAKER : The Patent Process
Technology 8
CLASS LECTURE
Strategy 9
Supplemental Resources
Economic Organization
The Role of Government
General Theory of Employment, Interest and Money, J. M. Keynes, 1936
Chapter 12 “The State of Long Term Expectations”, pages 147-164
The New Industrial State, John Kenneth Galbraith, Princeton University, 1967
Chapter 7, “The Technostructure”
"The Technostructure in John Kenneth Galbraith's Vision"', Catalin Marginean, 2015
Globalization
“The Globalization of Markets”, Theodore Levitt, Harvard Business Review, (1983)
Intellectual Property
Intellectual Property, by OpenStax
Strategy
“The Theory of Business, Peter Drucker, Harvard Business Review, 1994
“How Competitive Forces Shape Strategy”, Michael Porter, Harvard Business Review, 1979
Adaptability
The Disruption Dilemma, Joshua Gans, 2016
Chapter 7 “Insuring Against Disruption”, pages 97-111
Other
“My Years in Meetings”, Herbert L. Kahn, New York Times, A17, July 25, 1988
“The Entrepreneurial Society”, Thomas Lyons, working paper, (2022)
How Lower Transactions Costs are Changing the Structure of the Economy