ECONOMA ESPAOLA Facultad de Economa Prof Manuel Sanchis

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ECONOMÍA ESPAÑOLA Facultad de Economía Prof. Manuel Sanchis i Marco OPENING SESSION 1. Teaching

ECONOMÍA ESPAÑOLA Facultad de Economía Prof. Manuel Sanchis i Marco OPENING SESSION 1. Teaching guide 2. Topic 0: The humbleness of the economist i. ii. About the humbleness of the economist Practice of the humbleness of the economist: a test of 40 multiple choice questions on the Spanish economy The Economics of Spain Academic Year 2006 -07

SPANISH ECONOMY Faculty of Economics Prof. Manuel Sanchis i Marco TEACHING GUIDE 1. 2.

SPANISH ECONOMY Faculty of Economics Prof. Manuel Sanchis i Marco TEACHING GUIDE 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Introduction to the topic Work load General aims Contents Abilities to achieve Program Bibliography Teaching approach Exams, also of previous years Tutorial hours Look at the web site “manuel-sanchis. net” The Economics of Spain Academic Year 2006 -07

SPANISH ECONOMY Faculty of Economics Prof. Manuel Sanchis i Marco TOPIC 0: THE HUMBLENESS

SPANISH ECONOMY Faculty of Economics Prof. Manuel Sanchis i Marco TOPIC 0: THE HUMBLENESS OF THE ECONOMIST 1. 2. 3. 4. Why should we be careful with economics? There are plenty of cunundrum The post hoc phallacy (Paul Samuelson) Good in theory but bad in practice (Jeremy Bentham) The paradox of thrift The Economics of Spain Academic Year 2006 -07

SPANISH ECONOMY Faculty of Economics Prof. Manuel Sanchis i Marco TOPIC 0: THE HUMBLENESS

SPANISH ECONOMY Faculty of Economics Prof. Manuel Sanchis i Marco TOPIC 0: THE HUMBLENESS OF THE ECONOMIST 1. Some paradoxes concerning the “time” variable: Ø Self-fulfilling prophecies Ø Time inconsistency 2. Economic traps with statistical support Ø The appreciation/depreciation effect Ø The overhang/carry over effect The Economics of Spain Academic Year 2006 -07

SPANISH ECONOMY Faculty of Economics Prof. Manuel Sanchis i Marco TOPIC 0: THE HUMBLENESS

SPANISH ECONOMY Faculty of Economics Prof. Manuel Sanchis i Marco TOPIC 0: THE HUMBLENESS OF THE ECONOMIST 1. The sources of growth in the Solow growth model: L, K, λ 2. The Solow residual: the measure of our ignorance 3. Wealth the road to riches 4. The current situation of the Spanish economy The Economics of Spain Academic Year 2006 -07

PANISH ECONOMY Faculty of Economics Prof. Manuel Sanchis i Marco For any other queries

PANISH ECONOMY Faculty of Economics Prof. Manuel Sanchis i Marco For any other queries you can always get in contact me through my Web site: http: //www. manuel-sanchis. net But also whenever you reach me in the corridors and, of course, during tutorial hours at my office in 4 E 12: Tuesday: Thursday: Friday: 09. 30 – 12. 30 14. 30 – 16. 30 09. 30 – 10. 30 The Economics of Spain Academic Year 2006 -07