Principles of mocro and macro-economics 2020/21

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All communication is carried out through the Piazza platform. You can access all the materials there.

Students are expected to be competent in basic algebra and calculus and be able to plot and manipulate simple functions.


This is a two-semester course for second-year undergraduate students. The goal of this course is to introduce students to the fundamentals of economic analysis and reasoning, which will help them to understand and approach more specialized/applied courses, projects or tasks related to economics.

To put it briefly, economics is the study of how society uses its scarce resources. Therefore, its aim is to provide insight into the processes governing the production, distribution and consumption of goods and services in a market economy.

One of the key features of economics, as opposed to other social sciences, is that the principles of economic analysis are (i) simple and (ii) relatively well defined, so they can be used to analyze human behaviour in many different areas of life. Economics is, therefore, much more of a “way of thinking”. And although the course provides some information that is descriptive (e.g., how the banking system works or how one calculates the value of the economic output of a country) its main focus is on introducing concepts and models which are used as tools of economic analysis. Concepts such as opportunity cost and approaches such as marginal analysis can be applied widely and prove useful in understanding various aspects of society and people’s lives. Pre-requisites: Students are expected to be competent in basic algebra and calculus and be able to plot and manipulate simple functions.

Lecturers and Teachers

Lecturer Y.Avtonomov
Teacher A.Vekilyan

Grading System



- Begg, D., G. Vernasca, S. Fischer and R. Dornbusch Economics. (London: McGraw Hill, 2014) 11th edition [BVFD]. - Introduction to economics EC1002, Subject Guide. O. Birchall with D. Verry and M. Bray. University of London, 2018. Available online via


- Lipsey, R.G. and K.A. Chrystal Economics. (Oxford University Press).

Somewhat more advanced books:

- Varian H.R., Intermediate Microeconomics. A modern approach. 11th edition. W.W. Norton and Company, 2014.
in Russian translation:
Х.Р.Вэриан. Микроэкономика. Промежуточный уровень. Современный подход. Пер. с англ. 4- ого изд. - М.: “ЮНИТИ”, 1997.)
- Blanchard O., Giavazzi F., Amighini A. Macroeconomics: A European Perspective. Financial Times Press, 2010.
- Mankiw, N.G., Macroeconomics, 7ed. Worth Publishers. 2010.

Internet resources

Some Internet resources for the macro part of the course:

oRussian Federation statistic agency:
oCentral Bank of Russian Federation statistic agency:

Key macroeconomic indicators for different economies: