Bachelor in International Liberal Arts: Economics

International College of Liberal Arts - Yamanashi Gakuin University

Program Description

Bachelor in International Liberal Arts: Economics

International College of Liberal Arts - Yamanashi Gakuin University

Bachelor in International Liberal Arts: Economics

Microeconomics

The course is divided into seven sections: (1) introduction; (2) how markets work; (3) markets and welfare; (4) economics of the public sector; (5) firm behavior and organization of industry; (6) economics of labor markets; and (7) topics for further study. Our learning is organized around the following concepts and themes: scientific method and the role of assumptions in economic analysis; understanding what economic models are and how they are used; positive versus normative analysis; market forces of demand and supply; elasticity and its applications; the efficiency of markets; the costs of taxation; international trade; various kinds of externalities; the concept of public goods; design of the tax system; costs of production; perfect competition, monopolistic competition, oligopoly, and monopoly; markets for factors of production; income inequality and poverty; the theory of consumer choice; and frontiers of microeconomics.

Objectives

At the end of this course, successful students will (i) have learned basic concepts from microeconomics, (ii) understand how these concepts apply to the world around them and to their own lives, and (iii) have constructed a basis from which to study deeper areas of economics.

Intermediate Microeconomics

The course is divided into six sections: (1) introduction and preview; (2) consumer theory; (3) producer theory; (4) the operation of markets; (5) market failures, and (6) asymmetric information. Our learning is organized around the following concepts and themes: the concepts of choice, preferences, and utility; demand and revealed preferences; consumer surplus; time and uncertainty in the context of economics; technology, profit maximization, and cost minimization; supply and aggregation; oligopoly and game theory; Walrasian equilibrium; the concept of externalities; public goods; small number of agents and Nash bargaining; adverse selection, moral hazard, and principal-agent model.

Course Objectives

At the end of this course, successful students will (i) have learned intermediate concepts from microeconomics, (ii) understand how these concepts apply to the world around them and to their own lives, and (iii) have constructed a fairly sophisticated basis from which to study other areas of economics.

Macroeconomics

The course is divided into eight sections: (1) introduction; (2) how markets work; (3) markets and welfare; (4) data of macroeconomics; (5) real economy in the long run; (6) money and prices in the long run; (7) macroeconomics of open economies; and (8) short-run economic fluctuations. Our learning is organized around the following concepts and themes: scientific method and role of assumptions in economic analysis; positive versus normative analysis; economic models; the circular-flow diagram; production possibility frontier; measuring a nation’s income, cost of living, and other macroeconomics variables; production and growth; labor markets; saving, investment, and the financial system; the IS-LM model; the AS-AD model; classical business cycle; price and wage rigidity; short-run tradeoff between inflation and unemployment; the monetary system and monetary policy; fiscal policy; current crises and policy debates; policy in an open economy; and global imbalances.

Objectives

At the end of this course, successful students will (i) have learned basic concepts from macroeconomics, (ii) understand how these concepts apply to the world around them and to their own lives, and (iii) have constructed a fundamental basis from which to more deeply study other areas of economics.

Japanese Economy & Business

This course focuses on the historical development of the Japanese Economy from the Meiji Restoration through post-WWII, maturation, rise and collapse of the "bubble economy" to the present, new-type economy through case analyses of various industries and firms. In the first half of the course, each student will analyze a company and present summaries of assigned reading in the context of themes assigned by the instructor. Themes will center on factors that have influenced the development of the Japanese economy over the past 150 years. In the last half of the course, each student will select their own theme, specific to a particular company or industry and time period in accordance with the advice and supervision of the instructor and write a research report (about 30 pages) consulting various research studies, journal articles, home pages and other media, and if necessary, make actual visits and conduct interviews at the target company. A summary of the research report must be presented orally in front of the class near the end of the semester. Occasional work-in-process presentations during the semester will also be required.

Objectives

(1)to be familiar with the major events, influences, growth path and limits of Japanese economic development from Meiji Restoration to the present; (2) to develop their own views of the optimum way for the Japanese economy and business the third decade of the 21st century approaches by considering success and failure factors from various perspectives; and (3) learn how to analyze companies and industries from the perspectives of history, company strengths and weaknesses, challenges of growth, and the forces of "globalization."

International Trade & Economics of Globalization

The course is divided into six sections: (1) introduction; (2) comparative advantage; (3) winners and losers in international trade; (4) the importance of scale and scope; (5) globalization of firms within and across industries; and (6) offshoring and outsourcing. Our learning is organized around the following concepts and themes: balance of payments; the terms of trade; tariff and non-tariff barriers; technology and international trade; models of international trade: merchantilism, absolute advantage, comparative advantage, factor proportions theory, international product life cycle, new trade theory, and national competitive advantage; gains from trade and regional agreements; case studies: America and Japan; exporting versus non-exporting firms; multinationals and organization of the firm; offshoring; horizontal FDI; vertical FDI; complex integration; and internalization.

Objectives

At the end of this course, successful students will (i) have learned basic concepts from international trade, (ii) understand how these concepts apply to the world around them and to their own lives, and (iii) have constructed a fundamental basis from which to more deeply study other areas of economics.

Entrepreneurship

Throughout the course, students will experience the ‘real world’ of entrepreneurship through eyes and true stories of entrepreneurs of highly successful fast-growing cross-border venture businesses who will visit our class to give their real life stories. Students will also be exposed to a wide range of theories and conceptual frameworks and will learn practical skills through the analysis of case studies many of which are still on-going. Groups ("Companies") of students will be formed and will participate in a business plan competition to be waged toward the end of the semester. The presentation will be judged by ‘real world’ entrepreneurs and the instructor. In the event that there emerges an exceptionally attractive plan, students may have an opportunity to bring your dream to the real world through the instructor’s own venture capital network.

Objectives

The objective of the course is to learn management theories of entrepreneurship and experience the real entrepreneurial stories through case studies, guest lectures by real successful entrepreneurs, and students’ group business plan contest to nurture future entrepreneurs, who are also expected to easily cross national borders in their venture business activities related to Japan in future.

Corporate Finance

Corporate finance concerns two distinct but related activities: the acquisition of financial capital and its investment in productive assets to generate economic profit. The course begins with an introduction to the objectives of firms from the perspectives of shareholders and other stakeholders. During the first few weeks, students become familiar with the concepts of time value of money, present and future value, valuation of stocks and bonds, discounted cash flow, and net present value. The rest of the semester focuses on risk and return and the management of risk, market efficiency, cost of capital, hurdle rates, and capital budgeting, financing and capital structure theories, agency theory, dividend policy, corporate governance, foreign exchange, financial statement analysis, and the market for corporate control.

Objectives

At the successful completion of the course, students will be able to: (i) demonstrate a familiarity with basic corporate finance topics and tools for decision-making, (ii) calculate future and present values, (iii) compute discounted cash flow and net present value, (iv) explain the relationship between risk and return and understand its relevance in the context of decision-making, and (v) know how to use basic techniques for simple analysis of financial statements.

Economic Growth: Theories and Evidence

The course is divided into five sections: (1) development and underdevelopment; (2) key factors in the development process; (3) perpetuation of underdevelopment; (4) the role of the State in the allocation of resources and sustainable development; and (5) financing economic development. Our learning is organized around the following concepts and themes: the development gap and measurement of poverty; characteristics of underdevelopment and structural change; the role of institutions in economic development; theories of economic growth: why growth rates differ between countries; role of agriculture and surplus labor for industrialization; capital accumulation, technical progress and techniques of production; population and development; resource allocation in developing countries and sustainable development; project appraisal, social cost-benefit analysis and shadow wages; development and the environment; financing development from domestic resources; and foreign assistance, aid, and debt and development.

Objectives

At the end of this course, successful students will (i) have learned the fundamental arguments for why certain economies have progressed while others remain backward, (ii) understand how these concepts apply to the world around them and to their own lives, and (iii) have constructed a fundamental basis from which to more deeply study other areas of economics.

History of Economic Thought

Economics has been defined as the study of how society distributes scarce resources that have alternative uses. The five big questions of economics are: Which economic system is best? What goods and services should a society produce? How should they be produced? How many should be produced? And for whom should they be produced? These questions have been present in societies from our beginnings. As we trace the history of economic thought (HET) through its major stages: pre-classical thinking from moral philosophers Aristotle to the catholic schoolmen, feudalism, merchant capitalism, producer capitalism, to consumer capitalism, we will pay attention also to advances in other perspectives of world history. A few of the main characters in our study of HET include: William Petty, John Locke, Bernard Mandeville, David Hume, Francis Quesnay, Jacques Turgot, Adam Smith, Thomas Malthus, David Ricardo, J.S. Mill, Karl Marx, J.M. Keynes, Milton Friedman, and many others.

Objectives

(i) To be familiar with the essential ideas of the greatest contributors to HET, (ii) to create in students an awareness that many of the theories and concepts from the fields of economics and business that are often assumed to be recent advances in human thought are in fact restatements of awareness of human condition that were understood in some cases many hundreds of years earlier, and (iii) to be able to trace the development of core concepts from the field of economics, such interest rates, risk-adjusted future cash flow/present value, and economic value.

Money & Banking

The course is divided into five sections: Foundations; Financial Markets; Banking; Money and the economy; and Monetary Policy. Our learning is organized around the following concepts: the financial system; money and central banks; asset prices and interest rates; foreign exchange markets; asymmetric information in the financial system; the banking industry; the business of banking; bank regulation; money supply and interest rates; short-run economic fluctuations; economic fluctuations, monetary policy, and the financial system; inflation and deflation; policies for economic stability; monetary institutions and strategies; monetary policy and exchange rates; and financial crises.

Objectives

At the end of this course, successful students will (i) have learned the fundamental concepts related to money, banking, other financial institutions and financial markets, (ii) understand how these concepts apply to the world around them and to their own lives, and (iii) have constructed a fundamental basis from which to more deeply study other areas of economics and macro finance.

Japanese Economy & Business (in Japanese)

This course focuses on the historical development of the Japanese Economy from the Meiji Restoration through post-WWII, maturation, rise and collapse of the bubble economy to the present, new-type economy through case analyses of various industries and firms. In the first half of the course, each student will analyze a company and present summaries of assigned reading in the context of themes assigned by the instructor. Themes will center on factors that have influenced the development of the Japanese economy over the past 150 years. In the last half of the course, each student will select their own theme, specific to a particular company or industry and time period in accordance with the advice and supervision of the instructor and write a research report (about 30 pages) consulting various research studies, journal articles, home pages and other media, and if necessary, make actual visits and conduct interviews at the target company. A summary of the research report must be presented orally in front of the class near the end of the semester. Occasional work-in-process presentations during the semester will also be required.

Objectives

(1)to be familiar with the major events, influences, growth path and limits of Japanese economic development from Meiji Restoration to the present; (2) to develop their own views of the optimum way for the Japanese economy and business the third decade of the 21st century approaches by considering success and failure factors from various perspectives; and (3) learn how to analyze companies and industries from the perspectives of history, company strengths and weaknesses, challenges of growth, and the forces of "globalization."

Competitive Strategy

Over the semester, students will become familiar with more than 300 concepts and theories related to corporate strategy. An attempt will be made to integrate what students are learning in this course with what they have learned in other courses in the fields of economics and other areas of the curriculum not obviously related to the world of business and economics. Frequently, after students have been introduced to a concept or theory, they will be required to explain how it applies, or in some cases explain why it does not apply, in the context of Japanese firms. The structural framework of our study will be the Strategic Planning Process (SPP), a widely taught and practiced model for the formulation and implementation of strategy. The major elements of the SPP are: (1) mission and goals, (2) SWOT analysis, (3) the three levels of strategy: corporate, business, and functional, (4) organizational structure, (5) control systems, (6) matching of strategy to structure and controls, and (7) management of strategic change.

Objectives

Students will be able to apply facts, concepts, and theories from the field of strategic management to analyze and propose solutions to various strategic challenges and dilemmas facing managers in the real world of business, and to discover when the concepts and theories do not apply, or may apply uniquely, to the Japanese market.

Seminar (Economics)

The role of the seminar is to support the successful completion of the Graduation Research Project (GRP), a graduation requirement for all students. In this seminar, we will look at the theme that each student has chosen for the Writing-Across-Curriculum (WAC) program, upon which the GRP is based, through the lens of theories, paradigms, and concepts from the field of Economics. Students will take turns presenting their research at different stages of their thesis development. Their peers, under the supervision of the seminar instructor, will discuss and critique each presentation to give the presenters an opportunity to refine their own thesis. Through such interactions, peers will learn how to avoid problems with their own projects.

Objectives

At the end of this course, students will have: (i) analyzed an important world issue from the perspective of an economist, (ii) conducted at a high level of proficiency their own research project, and (iii) written a high-quality graduation thesis in their own chosen area.

Instructors:

  • Michael Lacktorin, Dean

This school offers programs in:
  • English


Last updated January 12, 2018
Duration & Price
This course is Campus based
Start Date
Start date
Apr. 2018
Duration
Duration
Full time
Price
Price
Information
Deadline
Locations
Japan - Kōfu
Start date: Apr. 2018
Application deadline Request Info
End date Request Info
Dates
Apr. 2018
Japan - Kōfu
Application deadline Request Info
End date Request Info