Foundations of Economics. Учебное пособие
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XI. |
Retell the both texts in short using your plan. |
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XII. Read the following text without a dictionary. Retell the content in Russian:
HIGH UNEMPLOYMENT
If hyper-inflation is a particularly frustrating form of inflation, then its counterpart in unemployment is a severe recession or depression, in which the unemployment rate reaches double-digit levels and stays there. For example, in the Great Depression in the 1930's in the United States, the unemployment rate reached as high as 33 percent, and it was over 20 percent for nearly a decade.
It was the experience of the Great Depression, which was experienced by most economies of the developed world, that stimulated the development of macroeconomics, primarily the work of English economist John Maynard Keynes. Keynes focused on the link between aggregate demand and unemployment, and he provided the theory of the multiplier, which suggested that the government could alleviate high unemployment with stimulative fiscal and monetary policy.
Since World War II, the United States has not suffered anything close the Great Depression. Although Keynes has gone in and out of favor, for the most part our political leaders accept responsibility for maintaining low unemployment and believe in the use of fiscal and monetary policy for that purpose.
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UNIT 11
RELATED SUBJECTS
I. Topical vocabulary. Read the words.
Text A
-Related – , ;
-Field – , ( );
-To border on… – …;
-Area – ;
-Public choice – - ;
-Effect – , , , , ;
-Legal rules – , ";
-To assess – , ;
-To predict – , ;
-Seminal – , , - ;
-To suggest – ", "- .;
-Property right – ;
-To over come – , ;
-Externalities – ., .;
-Rent-seeking – , ;
-To impact smth. – ..;
-To employ – ", ;
-To effect – - ;
-Beneficial – , , ;
-Subject area – " ;
-Energy supply – ., .;
-Energy demand – . ;
-To arise – , ;
-In relation to – , ;
-Overarching – = "- , - ;
-Paradigm – , , ";
Text B
-Public sector – ;
-Public finance – . ;
-To deal with – " - ., " "- .;
-Budgeting – , "; ;
-Expenditure – , ;
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-Entity – . " =, , ";
-To address – ;
-Tax incidence – , ";
-Particular – , ;
-Cost-benefit analysis – ,
, ; -Effect on smth. – , - .;
-Economic efficiency – ;
-Fiscal politics – - (
);
-Analogous- , ;
-Self-Interested – ;
-Voter – ;
-To seek – " "- ., ;
-To identify – , ;
-Techniques – , ", , ";
-Allocative efficiency – . ;
-To comprise – , ;
II.Translate these words without a dictionary:
cultural |
externality |
rent |
effect |
concept |
analogously |
combine |
modernity |
III.Skim the text. Try to understand the general sense.
IV. |
Translate the texts. Make the plan. |
RELATED SUBJECTS
Text A. Economics is one social science among several and has fields bordering on other areas, including economic geography, economic history, public choice, energy economics, cultural economics and institutional economics.
Law and economics, or economic analysis of law, is an approach to legal theory that applies methods of economics to law. It includes the use of economic concepts to explain the effects of legal rules, to assess which legal rules are economically efficient, and to predict what the legal rules
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will be. A seminal article by Ronald Coase published in 1961 suggested that well-defined property rights could overcome the problems of externalities.
Political economy is the interdisciplinary study that combines economics, law, and political science in explaining how political institutions, the political environment, and the economic system (capitalist, socialist, mixed) influence each other. It studies questions such as how monopoly, rent-seeking behavior, and externalities should impact government policy. Historians have employed political economy to explore the ways in the past that persons and groups with common economic interests have used politics to effect changes beneficial to their interests.
Energy economics is a broad scientific subject area which includes topics related to energy supply and energy demand. The work of Georgescu-Roegen contributed significantly to thermoeconomics and to ecological economics. He also did foundational work which later developed into evolutionary economics.
The sociological subfield of economic sociology arose, primarily through the work of Emile Durkheim, Max Weber and Georg Simmel as an approach to analyzing the effects of economic phenomena in relation to the overarching social paradigm (i.e. modernity).
PUBLIC SECTOR
TEXT B. Public finance is the field of economics that deals with budgeting the revenues and expenditures of a public sector entity, usually government. The subject addresses such matters as tax incidence (who really pays a particular tax), cost-benefit analysis of government programs, effects on economic efficiency and income distribution of different kinds of spending and taxes, and fiscal politics. The latter, an aspect of public choice theory, models public-sector behavior analogously to microeconomics, involving interactions of self-interested voters, politicians, and bureaucrats.
Much of economics is positive, seeking to describe and predict economic phenomena. Normative economics seeks to identify what economies ought to be like.
Welfare economics is a normative branch of economics that uses microeconomic techniques to simultaneously determine the allocative efficiency within an economy and the income distribution associated with it. It attempts to measure social welfare by examining the economic activities of the individuals that comprise society.
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TEXT ASSIGNMENTS
V. Answer the following questions:
Text A
1)What subjects is economics related with?
2)What is economic analysis of law?
3)What is political economy?
4)For what purposes have historians employed political economy?
5)What is energy economics?
6)What is economic sociology?
Text B
1)What does public finance deal with?
2)What does it address?
3)What is fiscal politics?
4)What is the difference between positive economics and normative economics?
5)What is welfare economics?
VI. |
Say whether the following statements are true or false: |
1)Law and economics is an approach to legal theory that uses methods of economics to law.
2)Such questions as how monopoly, rent-seeking behavior, and externalities should influence government policy are the subject of political economy.
3)A seminal article by Emile Durkheim published in 1961 suggested that well-defined property rights could overcome the problems of externalities.
4)Georgescu-Roegendid solid work which later developed into evolutionary economics.
5)Public finance influences economic efficiency and income distribution of various kinds of spending and taxes, and fiscal politics.
6)Welfare economics is a normative branch of economics.
7)Welfare economics seeks to determine social welfare by examining the economic activities of the individuals that contain society.
8)Only small part of economics is positive.
VII. Fill in the gaps with the prepositions in black type. Some of
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them may be used several times. Consult the text if necessary. Translate these sentences:
to |
on |
in |
within |
as |
with |
1)Law and economics is an approach … legal theory that applies methods of economics to law.
2)Economics has fields bordering … other areas.
3)Groups with common economic interests have used politics to effect changes beneficial … their interests.
4)The work of Georgescu-Roegen contributed significantly …thermoeconomics and … ecological economics.
5)As an approach to analyzing the effects of economic phenomena … relation … the overarching social paradigm.
6)Public finance deals … budgeting the revenues and expenditures of a public sector entity.
7)The subject addresses such matters … tax incidence cost-benefit analysis of government programs, effects … economic efficiency and income distribution of different kinds of spending and taxes.
8)Welfare economics determines the allocative efficiency … an economy and the income distribution associated … it.
VIII. Read and translate nouns. Find their derivatives as much as possible. Learn them:
impact |
different |
public |
law |
distribution |
deal |
IX. |
What are synonyms for the following words taken from the |
|
text: |
|
|
|
to include |
to explore |
|
efficiency |
tax |
|
seminal |
legal |
|
incidence |
choice |
X.Give English equivalents to the following sentences:
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XII. |
Retell the both texts in short using your plan. |
UNIT 12
CONTEMPORARY ECONOMICS
I. Topical vocabulary. Read the words.
Text A
-To be confronted with – "- .;
-Charge – , ;
-Value judgments – , = ;
-Preconception – , , ;
-Bias – , ;
-Unavoidably – ;
-To interfere with – ", " "- .;
-To derive – , ;
-To espouse – ( );
-Wont – "- ;
-To seek – , " "- .;
-To lower – , ";
-To reduce – - , ;
-To foster – ", - , ;
-Matter of fact – , " ;
-To concern (with) – ", ;
-Trade-off – ", , " ";
-To tax income – ;
-Legislation – ;
-In favour of – , ;
-To involve – , ;
-Impersonal – =, ;
-Addition – , ;
-Body – ;
-To creep – , , " ;
-Concealed – , ", ;
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-Merely – , ;
-Commitment – , ;
- Value-free – ;
-Candid – =, , , ";
-To bend to – , ;
-Assurance – ;
-In the name of – ";
- Pleading – - , ;
Text B
-Around – , ;
-Major – , - , ;
-Academic degree – ;
-To award – , ";
-Liberal arts – " ;
-Study – ;
-Commonly known – - ;
-Prize – ";
-Outstanding – - ;
-Banking – ;
-Government department – ";
-The national treasury – ;
II.Translate these words without a dictionary:
confronted |
subsidy |
objectivity |
progressive |
realistic |
stability |
industry |
consultant |
III.Skim the text. Try to understand the general sense.
IV. Translate the texts. Make the plan.
METHODOLOGICAL CONSIDERATIONS IN CONTEMPORARY
ECONOMICS
Text A. Economists, like other social scientists, are sometimes confronted with the charge that their discipline is not a science. Human behavior, it is said, cannot be analyzed with the same objectivity as the behavior of atoms and molecules. Value judgments, philosophical
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