What is international economics?
International economics deals with how an economy interacts with the rest of the world, and how policies in one country can affect other countries. The international component of microeconomics usually deals with international trade and what determines why trade occurs, how much is traded and which countries produce specific goods and services for trade. The international component of macroeconomics deals with foreign exchange rate determination and how government policies in one country can affect the state of the another country’s economy. An understanding of international economics can help entrepreneurs and businesses to maximize their international exposure in foreign markets while minimizing their risk from adverse international events.
An analysis of why international trade takes place and how private agents react to changes in government policies. Determination of exchange rates, exports, imports, capital flows, employment, prices, interest rates, and economic growth are the focus of simple analytical techniques. Monetary and fiscal policies are also examined in an international macroeconomics context.
The objective of the course is for students to acquire an understanding of some of the basic notions and concepts used in international economics. This not only involves understanding basic international trade theory but also involves appreciating how exchange rates are determined and how international events can impact other countries like the United States.
By the end of this course, students will be able to:
1. Understand the nature of the inter-linkages between countries.
2. Comprehend the basic tenets of international trade theory.
3. Be able to assess the effects of protectionist trade policies on individual domestic markets using diagrammatic analysis.
4. Appreciate the usefulness and limits to international trade theories.
5. Appreciate the international nature of money and how exchange rates are determined.
Throughout the semester, feel free to contact me at the coordinates listed on the 'professor' page. Good luck in this course.
Professor Patrick Crowley