Institute: Gazdaság- és Társadalomtudományi Intézet (1084 Budapest, Tavaszmező u. 15-17.) Credit: 3
Type of classes: Nappali Language: angol Semester: 2018/19/2
Level: Mûszaki menedzser BSc angol nyelvû képzés;
Responsible Teacher: Dr. Medve András Teacher(s): Dr. Csillag István;
Pre requirements: -
Consultations (total/week): Heti Lectures: 2 Practice lectures: 0 Labs: 0 Consultations: 0
Type of Exam: vizsga
Aim of the subject: The goal of the subject: The aim of this course to understand the institutions, tools and methods of different economic systems, and different
economic policies. The course introduces the underlying values of basics of economic policies, the theoretical background, the functions and
mechanisms of various policies. This course applies the well-known methods of comparative economic systems, as main efforts are focused on the
introduction of the most important institutions and the institutional framework.The historical background of institutions and development of
theories and practice is also emphasized. Relations and functions of macroeconomy (e.g.application of IS-LM model; AD-AS functions) are embedded
in economic policy solutions in situ.
Requirements during the semester
(homeworks, essays,
excercises, teamworks,
part and final
oral/written exam etc.):
- Requirements, Expectations: It is compulsory to take part on lectures and seminars.
- The level of absence cannot exceed the level written in TVSZ).
- Written test on the 13th week ).
- Missed written tests can be repeated up on the 14Th week.
- For those whose absence level had exceeded the regulated level missed written test cannot be made up for.
- Those who wrote the test are qualified for final written exam
Week of
Topics of lectures/practices
1. The main aims of economic policy, most important players. The collisions of national framework of economic policy and the playfield of global, world market
2. The development of theoretical background: the role of state intervention.Values and theories: classical, keynesianism, new-classical theory.
3. Functions of Economic Policy, Efficiency and Equity
4. The institutions and instruments of economic policy I. State budget: Expenditures and Taxes. The macroeconomc stabilization : supply-side and demand-side interventions and the multiplication function
5. The Institutions and instruments of economic policy II. Monetary policy. Regulation of money-supply, Interest-rate and exchange-rate mechanisms. Inflation, stagflation.
6. The Institutions and instruments of economic policy III: Institutions of Public Welfare: Education, Health-Care, Pension, and Social Policy
7. The Institutions and instruments of economic policy IV. State ownership and Privatization. Competition- Policy. Anti-trust legislation
8. The Institutions and instruments of economic policy V. Trade-policy. Possibilities of economc policy in open and in closed economy. Current-account and capital account. Multinationals and national policies.
9. The Institutions and instruments of economic policy VI.. Structural and regional policies. Collisions of environmental protection and Ifrstructural development. Externalities and internalization.
10. The Institutions and instruments of economic policy VII. Influence of international organizations on economic policy. Washington consensus, European Union. Economic integration and state intervention. Overflows and contagion.The possibilities of joining to the euro-zone.
11. The most important players int he formulation of national economic policy. Transparency and influence of interest-groups, lobbying. The economic reforms of the 80’ties in Hungary and in the region. Reforms and Changes
12. The Hungarian economic policy during the twenty years of transformation. Privatization, Institution-building, Interactions and programs
13. The Hungarian economic policy and Path Dependency.. The origins of cyclical stop and go policy..First Written test for the possibility to sit for the exam
14. Repeated written test for those who were not able to qualify at first test
Type of evaluation,
repetition, calculation
of grade, etc.
Grading: The written tests and the exam is evaluated as follows:
0-51%: fail (1)
52%-64%: pass (2)
65%-74%: good (3)
75%-84%: very good (4)
85%-100%: excellent (5)
Once the grades are available an inspection hour will be organised.
Type of evaluation,
repetition, calculation
of grade, etc.

Compulsory literature: Required literature: Stiglitz,Joseph E.: The economics of the public sector .W.W.NortonCo.2000.
Suggested literature: Reccomended literature: Acocella,Nicola: The Foundations of Economic Policy. Cambridge University Press. 1998. or 2006.