Economic theory. Full MBA course

Chief Editor I. Fedosova

Executive Editor V. Shcherbakova

Art editor M. Levykin

Corrector T. Vasilyeva

Computer layout S. Terentyeva

Stankovskaya I.K., Candidate of Economic Sciences, Professor – chapters 1–9, mathematical application, glossary;

Sagittarius I.A., Doctor of Economics, Professor – chapters 10–20.

All rights reserved. No part of the electronic version of this book may be reproduced in any form or by any means, including posting on the Internet or corporate networks, for private or public use without the written permission of the copyright owner.

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Instead of a preface

No book can turn a donkey into a sage or make a genius out of a person without abilities... No strict knowledge can lengthen a man’s arm. But by building on the shoulders of his predecessors, he can extend its reach.

Peter Drucker, American economist

This book is written on the basis of lectures on courses in micro- and macroeconomics, given by the authors for more than ten years at the International Business School MIRBIS, at MGIMO and at the Russian Academy of Economics named after G.V. Plekhanov.

As the authors' many years of experience show, students of business schools are mainly people with a high level of initial training, who have a real need to gain additional knowledge, but at the same time are extremely busy and, therefore, treat the study of the offered courses pragmatically, based on the prospects for their further use in its activities. And if practically no questions arise when studying applied economic disciplines (such as marketing, finance, management, etc.), then when you first get acquainted with economic theory There may be some confusion: why is all this needed? Very often, after the first lectures, you can hear tactful statements from individual listeners to the effect that all this, of course, is very interesting, but it is too divorced from reality and is at odds with our everyday experience.

Yes indeed Why is economic theory needed?

There are many answers to this question. And the most obvious one is that the study of economics stimulates human intellectual development and is interesting by itself. Many years of communication with colleagues indicate that they are engaged in theoretical issues not because of mercantile considerations, but simply because they like it.

At the same time, the authors admit that an exclusively aesthetic approach to this issue may be sufficient for the teacher, but not for the listener. So what is it practical significance theoretical economics?

One of the most important purposes of economic theory is the creation optimization models of behavior of economic entities. Both an individual and groups of people, for example a company, a state, etc., are considered as a subject in economics. The use of these models in practice, for example in marketing research or to implement a company’s economic strategy, makes it possible to predict the consumer’s reaction to the company’s marketing efforts or with predict the retaliatory steps of competitors with a certain degree of probability.

As psychologists persistently remind us, people are quite poor at optimizing their behavior. Numerous laboratory experiments show that people often behave irrationally and neglect basic calculations of the probability of a particular event. And obviously, if economists were only interested in descriptive models of behavior, the practical usefulness of their work would be questionable.

This is why economists use observations of human behavior to make rational decisions and practical recommendations.

Many students compare economic theory with the natural sciences (such as physics or biology), and, as a rule, this comparison is not in favor of economics. This comparison, however, is not entirely correct. It would be more logical to compare economics with technology or medicine.

J.M. Keynes, in one of his works, jokingly compared economists with dentists, since both of them, firstly, are convinced that they can improve people's lives, and secondly, the fundamental principle of work of both is identical: valuable what is useful. It is the practical orientation of most economic research that makes the study of economics so necessary.

Another argument in favor of theoretical economics is related to the fact that very often people do not have the necessary information to make informed decisions. In this case, you can use the expensive trial and error method and reinvent your own wheel, or use your accumulated experience, learn from the mistakes of others, i.e. study theory.

Suppose you need to evaluate how customers will react to one-time discounts introduced by the company. To do this, you can study the dynamics of sales volume and the dynamics of prices for a specific product in the company and on the market as a whole over several previous years, and adjust the obtained data for a number of variables. The result is an equation that can be used to predict how customers will react to discounts offered. However, it is easier to use an estimate of the price elasticity of demand.

Thus, theory can be applied to anticipate and predict practical outcomes.

No less important is the fact that the theory suggests which parameters and data are important and how they can be measured, and offers practitioners method for solving various problems, and Quantitative assessment tools.

Theoretical economics provides a framework for calculating and qualifying economic relations. And this is the main difference between economics and other social sciences. If there is very little calculation in sociology, political science, history or cultural studies, then economics is full of them.

Many years of teaching experience confirms the impossibility of studying theoretical economics without solving a large number of practical problems. Mathematical analysis is especially important in conditions where an intuitive assessment of the situation does not allow us to give an unambiguous answer.

This textbook outlines the most common economic problems and ways to solve them.

When evaluating a theory, it should be remembered that there are no perfect models. Sometimes certain economic provisions are criticized for their inconsistency with real, especially Russian, practice. To a certain extent this is justified. None of the economic theories can absolutely reliably reflect the events taking place in a particular market, if only due to the fact that it model(i.e. simplified representation), and not a description.

Thus, the theory of the firm assumes that all firms strive to maximize their profits, while real companies may have different goals.

Consumer theory assumes rational behavior of consumers in the market, which is not always achievable due to a number of circumstances.

The model of perfect competition is based on the assumption that firms are unable to influence market prices, the absence of non-price competition, etc.

An economic model reflects a specific situation to the same extent that a model of the globe - a globe - reflects the geography of the Earth. AND the importance of the economic model, like any other, is determined not by its reliability, but the possibilities of its use to study and explain any economic phenomenon.

Microeconomics

Introduction to Economics

Economics is the study of how people exist, develop, and think in their daily activities.

Alfred Marshall, English economist

Subject of economic theory: resources and needs

Problem of choice. Opportunity Cost

Market economy and its characteristics

Methodology of economic analysis

1.1. Subject of economic theory: resources and needs

Any person (regardless of whether he wants it or not) constantly has to engage in economic activity and face a wide range of economic problems.

Free courses from MIT Business School. A huge resource of materials for undergraduate and graduate levels, in addition, all courses can be downloaded to your computer.

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Kutztown Business School at the University of Pennsylvania offers more than 70 free online business courses for anyone, available at any time. All courses are divided into 13 categories, including courses in marketing, law, sales, finance, and startups.

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An online university for free education, it also has a large section on business and entrepreneurship. Everything is freely available, the materials are compiled based on complete programs for students.

OpenCourseWare

A free platform with educational materials for various programs of Capilano University (Canada), including the MBA program. The program materials can be downloaded in Power Point on the resource website.

webcast.berkeley

New online education service from the University of California. The site is currently operating in beta mode, all video lectures can be found on their Youtube channel (link). You can also download audio materials via iTunes. They promise that the resource will be operational in full format this spring.

These 5 free business administration resources are virtually identical to traditional business school courses taught in the classroom to undergraduates. It is worth noting that these programs do not provide for obtaining a university diploma.

A suitable opportunity for self-education - convenient, accessible and free. It also allows you to understand whether an MBA education is right for you.

The debate about whether a Russian manager needs to obtain an MBA degree has not subsided for a long time. Some say that without it it is impossible to competently manage a business, while others easily counter. Nevertheless, job requirements increasingly indicate that it is desirable for a candidate to have either any academic degree or a second higher education, even if we are not talking about a top position. And for managerial vacancies, the line about an MBA diploma in a CV often becomes a big plus. But against the backdrop of a general decline in the quality of education, such “advanced training” sometimes seems like a waste of time. And big money.

According to the popularity index based on transitions and page views of the MBA.SU portal as of February 2016, the TOP 5 most popular sites of Russian universities where you can get a business education are as follows:

1. Institute of Business and Business Administration RANEPA (the cost of the full-time-distance iMBA program for the 2016 intake is 496,000 rubles (2 years of training, of which 8 months are an online module).

2. Moscow International Higher School of Business Mirbis (cost varies from 480,000 to 920,000 rubles depending on the program).

3. Graduate School of Business of the State University of Management (cost varies from 391,000 to 510,000 rubles depending on the program).

4. Stockholm School of Economics (EMBA General Management program consists of 15 five-day modules (Wednesday - Sunday), cost not specified).

5. Higher School of Project Management of the National Research University Higher School of Economics (the cost of the full-time and part-time program “EMBA - Project Management: Best Practices and Technologies for Business” is 299,000 rubles, duration of study is 1 year).

Let's be honest: an MBA, even from the most famous educational institution, does not guarantee you employment in a highly paid position. In many cases, established entrepreneurs and senior managers come for business education - for a new look at familiar things, acquaintances and status. Indeed, in such education the goal is not only to gain knowledge, but also to communicate and exchange experiences between fellow students. Plus it's a matter of prestige. There are even closed clubs in which the only admission ticket is an MBA degree.

If you do not need such executive pathos, have not saved up enough funds for quality education at leading institutions, or do not consider it necessary to spend time on lectures, seminars and homework to develop your business, but would like to know what the essence of business is? programs, then just for such cases we have prepared a selection of the best books on MBA, after reading which you can finally make sure whether you are a future “client” of business universities.
Let's start with the new item.

1. Instead of an MBA. Useful tips from legendary managers

Publisher: Mann, Ivanov and Ferber, 2016

The highlight of this book is its author's tandem. Jack Welch - legendary CEO Chief Executive Officer- Chief Executive Officer) of the no less legendary company General Electric, over the 20 years of whose work the value of the corporation soared 30 times. His wife - Susie Welch - former editor-in-chief Harvard Business Review, a popular science magazine devoted to various issues of business management. Between them, the spouses have 81 years of experience in business, so any of their joint literary creations should become a reference book for a self-respecting entrepreneur.

The purpose of the book is to make your business knowledge up-to-date, useful and practical. But it is suitable for those who prefer to work collectively - individual superheroes are better off choosing other reading material. It is for the sake of team play that the Welchs reveal the rules of doing business, regardless of the industry in which the company operates. The authors help to understand the structure and organization of any well-built company that has every chance of becoming a leader in its segment. Strategies, fighting competitors, developing innovative thinking, marketing and finance - this is not a complete list of issues covered in this publication. Pay attention to the specific leadership model that the Welches offer and the importance of creating a “wow team”, because in their opinion (and in their opinion we can trust!), business is a team game.

2. MBA in 10 days. The most important programs from the world's leading business schools

Publisher: Alpina Publisher, 2014

A bestseller from the Marketing Director at Plimouth Direct, it's a mini MBA course on paper, nothing more, nothing less. This is the quintessence of the programs of the top ten American business schools.

Don’t expect that after reading it your business will skyrocket in all respects overnight. But if you develop the right strategy, take Silbiger’s advice into account and methodically implement new installations, then your business will take off.

The book will be useful for beginning entrepreneurs who need deep knowledge in all areas: marketing, economics, corporate ethics, accounting, etc. The author tried to present in as much detail and clearly as possible the postulates of each individual discipline applied in a particular area of work.

3. MBA in your pocket. A practical guide to developing key management skills

Publisher: Alpina Publisher, 2015

Another successful writing tandem of practicing professionals. Neil Thomas is Managing Director of Falconbury and Chairman of Thorogood Publishing Ltd. His fellow writer, Barry Pearson, is the CEO of Realization, a company that provides coaching services to entrepreneurs and company executives.

No sales? Has the matter stalled? Problems with the team? Then study the experience of experienced CEOs! No yawn-inducing theory, just advice tested in real business.

4. My own MBA. Self-education 100%

Publisher: Mann, Ivanov and Ferber, 2015

If you decide to pick up this book, you will definitely like the author, because throughout the entire book he conveys a key idea: you don’t need to pay millions for business education, you need to learn to educate yourself competently. Psychology, marketing, sales - Josh Kaufman does not chew everything to the smallest detail, does not strive to do pseudofundamental work. He gives the reader threads that need to be pulled so that knowledge, turn by turn, accumulates into one big ball, turning you from an ordinary person into an entrepreneur who knows how to think, reason and make the right decisions.

This book is the basis, the basis for your further independent advancement in business. The author sets the vector and, in addition to vivid stories and interesting examples, he shares a list of additional literature useful for study. If you have already read a dozen other books on business, marketing, and sales, then it is possible that many things will seem banal. Get ready that the author will not open America to you, but he does not pretend to be an innovator. But the text is very easy to read!

Publisher: Medley, 2012

"Mr. Creator", “Business Shark” is just about Harvey Mackay, a famous American journalist and businessman who has published more than one bestseller that has sold millions of copies around the world. His MBA course is a classic of the genre, focused specifically on sales. This is a 368 page training in which you will be the main participant. Digging into legal acts and accounting entries? No, an MBA in his style is a powerful challenge in which you will have to work primarily with your personality and thinking.

McKay pays great attention - and rightly so - to the use of the Internet as one of the main tools for communication with clients, partners, brand and product promotion, and establishing useful contacts for the future. Streams of energy and motivation will fall upon you from every page. Leadership, courage, enthusiasm, charisma - turn everything on at full capacity and conquer the market!

Come on, are you still sitting? And someone is already absorbing the advice of the pros and becoming closer to success!

We are for any kind of educational content, except stupid books. If you have grown to the point of thinking that it’s time to change something in life, then this is a reason to congratulate you. Of course, books, no matter how meticulous and fundamental, cannot replace a full-fledged education. But sometimes they can be a good push for us to get up and take action.

Copying materials without indicating an active hyperlink to the source is prohibited!

A successful business is based on a clear, consistent strategy. It is her preparation that is the main factor in achieving results. The basic skills of a manager are not always enough to implement tasks and lead a project to success.

Competent project management

The MBA course is a recognized international standard for advanced training for managers and executives. Book “Project Management. The complete MBA course" is based on a condensed package of knowledge, where you will master project management as a process. Use the experience of recognized experts Mikhail Dubovikov and Alexey Polkovnikov.

After studying the book, you will get a holistic understanding of the project management system. Use practical examples to examine different types of projects, organizational structures, and participants.

In the book:

Personnel management, control strategy;
Methods and tools for managing risks, supplies and enterprise costs;
Fundamentals of international standards and classifications;
Examples from foreign and domestic practice.

The training is suitable for graduate students of universities, employees responsible for solving short-term and long-term programs, and managers at any level.

Read the book, use the methods and practices described, and start building a management career, focusing on the highest level of training.