School: Social Sciences
Academic Unit: Social Anthropology and History
Level of studies: Undergraduate
Course code: EC-400 Semester: 1st
Course Title: Principles of Economics
Independent teaching activities Weekly teaching hours Credits
Lectures 3 5
Course type: General Background
Prerequisite courses: None
Language of instruction and examinations: Greek
Is the course offered to erasmus students:
Course website (Url):


    Learning outcomes: The aim of the course dual; to enrich students’ understanding and evaluation of the functioning of modern economies and to enable them to examine critically the methodology of mainstream economics. Emphasis is placed on the logic behind economic model building. It is also intended to show that economic policy recommendations that seem to have purely technocratic character reflect essentially political value judgments.
    The course is designed to enrich students’ understanding of alternative methodologies employed in social sciences and to enhance their ability to follow and participate in the public dialogue related to economic issues.

    General Competences: Criticism and self-criticism.
    Production of free, creative and inductive thinking.
    Search for, analysis and synthesis of data and information, with the use of the necessary technology.

    (3) SYLLABUS

    The relationship between markets and the state is examined under the light of modern economic theory. The course begins with the introduction of key economic concepts such as cost and choice, exchange and money,inflation and unemployment, aggregate production and its growth, and the standard of living. The supply-demand model of a free market is subsequently presented together with the cases of market failure (public goods, externalities, monopoly, poverty and inequality). This leads to the examination of state intervention in the market economy (direct and indirect taxation, tariffs, subsidies, and market regulation) as well as to thestate’s direct role in the economy (state production of public goods and services, and public investment). In the macroeconomic part the two rival models (Keynesian and monetarist) are juxtaposed and their different implications on the effects of fiscal and monetary policies on key macroeconomic variables (GDP, unemployment, the price level, the balance of payments) are examined.


    Delivery: Face-to face
    Use of information and communications technology : Lectures are supported by handouts uploaded on a weekly basis. The material includes lecture outline in PPT form, questions and problems, and related statistical material mainly related to the Greek economy.
    Teaching methods:  Activity Semester workload
    Lectures 39
    Reading 40
    Writing of short essays and problem solving 30
    Exam preparation 20
    Final exam 3
    Course total: 132
    Student performance evaluation: An optional mid-term test, and a compulsory end of term examination. In case that mid-term test mark exceeds that of the end of term, the average of the two is taken as the final mark. Otherwise, the end of term mark is considered only.


    Suggested bibliography:
    a) Textbooks:
    Mankiw, G., Taylor, 2011. Αρχές της Οικονομικής Θεωρίας. Gutenberg.
    Arnold, R., 2007. Εισαγωγή στην Οικονομική. Επίκεντρο.
    b) Additional reading:
    P.A. Samuelson and W.D.Nordhaus Οικονομική (εκδόσεις Παπαζήση, Αθήνα 2000).
    Heilbroner, R., Thurow, L., 1984. Για την κατανόηση της μικροοικονομικής.Παπαζήσης.
    Heilbroner, R., Thurow, L., 1984. Για την κατανόηση της μικροοικονομικής. Παπαζήσης.
    Robinson, J., Eatwell, J. 1977. Εισαγωγή στη σύγχρονη οικονομική. Παπαζήσης.
    Sweezy, P.M. 1993. Θεωρία της καπιταλιστικής ανάπτυξης: Αρχές της μαρξιστικής πολιτικής οικονομίας. Παπαζήσης.