Undergraduate level, Faculty of Economics, Thammasat University.
This is a mandatory first-year undergraduate course that is aimed at introducing macroeconomics, their applications, and limitations. The course will explore how macroeconomic theories attempt to explain how society functions, and how they are constantly challenged by actual economic realisations and new data.
This course explains the current state of literature on the determinants of economic growth, and how/why they vary across countries. The foundations include understanding the determination of national income, theories of aggregate consumption and aggregate investment, accelerator principle, money market, theory of demand for and supply of money, the joint equilibrium model of product and money markets (IS-LM model), balance of payments, and fiscal and monetary policies as means to ‘stabilise’ an economy. This will lay the foundation of your future economic courses and career.
Important debates on the Thai economy, as well as the 1997 Asian Financial Crisis, Subprime Crisis, public debt, and inequality will be critically examined.