MASE Economics Basics

This Economics Basics course is a self-paced, self-study course designed to get MASE students up to speed with the basics of economics. The goal is for students to develop the economic literacy necessary to thrive in the courses in the MASE curriculum and to become informed and critical consumers of economically-oriented publications. The modules in this course provide an overview of economic theories and their applications in the energy sector. Students will compare the works of prominent economic thinkers, assessing their underlying assumptions and exploring efficiently functioning markets and potential market failures. By applying the theory of the firm to various market structures, students will analyze how firms operate in competitive, monopolistic, and oligopolistic markets. The course will introduce the concept of effectiveness of government interventions, such as taxes, subsidies, tradable pollution allowances, and price controls, in addressing market inefficiencies. Students will also examine government responses to uncertainty, externalities, and public goods, gaining insights into the interplay between economic forces and policy decisions. By the end of the course, students will have a solid foundation in economics and have a chance to put their analytical skills into practice by completing optional hands-on labs.