COLLEGE OF

BUSINESS
EMBA: 9973
Module 4: Economics for Business Leaders
Fall 2020

MODULE LEADERS: MODULE TEAM:

 Chuck Skipton, Ph.D.
Associate Dean, College of Business
Professor, Economics & Business
Analytics
Email: bkench@newhaven.edu
 Patrick Gourley, Ph.D.
Assistant Professor, College of Business
Email: PGourley@newhaven.edu
 Abigail Blanco, Ph.D.
Associate Professor, Bellarmine Univeristy, Economics
Email: ablanco@bellarmine.edu
 Claude Chereau, Ph.D.
Practitioner-in-Residence, Economics & Business
Analytics
Email: cchereau@newhaven.edu
 Brian A. Marks, J.D., Ph.D.
Senior Lecturer, Economics & Business Analytics
Email: bmarks@newhaven.edu
 Vivekanand Jayakumar, Ph.D.
Associate Professor, University of Tampa, Economics
Email: vjayakumar@ut.edu
 Russell Sobel, Ph.D.
Professor, The Citadel, Economics & Entrepreneurship
Email: russell.sobel@citadel.edu
 Kevin Rocco, MS
CEO, Biorez
Email: KRocco@gmail.com

MEETING DETAILS:

Meeting Dates Day Times Instructor General Topic

September 11 Friday 2:30pm – 10:00pm Gourley Microeconomics (online - Zoom)

September 12 Saturday 8:30am – 4:00pm Blanco Public Economics (online - Zoom)
October 2 Friday 2:30pm – 10:00pm Gourley Labor Economics (online - Zoom)
October 3 Saturday 8:30am – 4:00pm Chereau Trade and Globalization
October 23 Friday 2:30pm – 10:00pm Chereau The Federal Reserve
October 24 Saturday 8:30am – 4:00pm Marks Game Theory
November 6 Friday 2:30pm – 10:00pm Gourley Economics of Information
November 7 Saturday 8:30am – 4:00pm Jayakumar Macroeconomics I (online - Zoom)
November 20 Friday 2:30pm – 10:00pm Jayakumar Macroeconomics II (online - Zoom)
November 21 Saturday 8:30am – 4:00pm Rocco Entrepreneurship and Venture Capital
December 11 Friday 2:30pm – 10:00pm Sobel Austrian Economics (online - Zoom)
December 12 Saturday 8:30am – 4:00pm Gourley Sustainable and Dev Econ (online - Zoom)

Fridays: Snacks and Dinner; Saturdays: Breakfast, Lunch, and Snacks (when on ground)

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EXECUTIVE MBA SPEAKER SERIES:

Date Day Times Speaker General Topic

October 2 Friday 2:00pm-3:30pm Armand Lauzon Success and Leadership

MODULE DESCRIPTION:

The focus here is on economic analysis and the necessary tools to engage. We study the macroeconomic view of
the economy and the microeconomic view of the economy from the perspective of individuals and markets. The
over-riding goal is to develop your own informed point of view on the economy; to give you the elements of
analysis to frame your understanding of economic debates that appear in economic reports in the media and
economic pronouncements by business and government officials (domestic and international). We will also
examine applied managerial decision-making, integrating both the macroeconomic and microeconomic.

MODULE 4 LEARNING OBJECTIVES

Microeconomic Foundations
Understand the basic function of markets
Create a market for a good and extrapolate the consequences
Evaluate the risk of unintended consequences
Predict how policy changes affect existing incentive structures

Public Economics
Identify the critical ways in which private firms differ from public firms/government bureaus.
Articulate the unique challenges facing public/government entities with respect to planning and adaptability.
Analyze how the incentives facing different groups work to influence policy and the success or failure of particular
business ventures.

Labor Economics
Evaluate the costs and benefits of income taxes, minimum wage, and other policies on the labor market
Discuss the labor supply curve and labor demand
Determine why discrimination is endemic to labor markets
Apply basic labor economic concepts to various industries

Trade & Globalization

Describe the evolution from trade theory to competitiveness theory
Identify the various stages of globalization to globalization 4.0
Differentiate trade multilateralism from regionalism/mega-trade deals
Evaluate trade policy impact on economies
Assess the impact of covid on trade/globalization

The Federal Reserve

Describe what is money and how banks create money
Assess how monetary policy affects macro outcomes
Explain why inflation and deflation are both socioeconomic problems
Evaluate the quantitative easing process of the 2010s
Discuss modern monetary theory (MMT)
Define the role of the ECB in the EU

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Explore potential developments of central bank digital currencies.

Game Theory
Recognize games of strategy and mutual interdependence across a multitude of disciplines, e.g., economics,
business, criminology, political science, psychology, philosophy, public health
Use game theoretic analytical tools to explain various social phenomena as the outcome of logical outcomes of
rational choices
Identify, describe, and explain as well as critically assess the implications associated with different rules of the
game (institutions that govern the structure of interactions between individuals)
Formulate a game theoretic experiment to empirically test behavioral models, hypotheses, of social interaction in
connection with various institutional rules

Economics of Information
Discuss the market for lemons
Apply concepts such as adverse selection and moral hazard to various markets
Link the importance of signaling to the labor market

Macroeconomics
Analyze key variables that measure the state of an economy (GDP, unemployment rate, inflation rate, etc.)
Identify the proximate and fundamental determinants of long-run economic growth, and evaluate the significance
of the role of technological progress in shaping the domestic and international economic landscape
Analyze the impact of macroeconomic policy choices on the business environment.
Explain key open-economy linkages between savings, investment and the current account, and identify the factors
responsible for recent global imbalances.
Explain the evolution of the international monetary system
Explain how international businesses undertake country risk assessment

Entrepreneurship and Venture Capital

Evaluate how and when to create something from nothing
Create a business plan & pitch deck
How to finance a new venture, including when and how to raise venture capital
How to operate, grow, and or exit your venture

Austrian Economics and Entrepreneurship

Identify the key differences between traditional ‘Neoclassical’ economics and ‘Austrian’ economics.
Explain the role of discovery, creative destruction, and the profit and loss system in the entrepreneurial process
underpinning economic growth.
Describe a spontaneous order and how local knowledge and its utilization are the key factors in both an economic
system, and within an organization.
Compare and contrast how different types of formal and informal institutions, and government policies, affect
productive and unproductive entrepreneurship.

Sustainability and Development Economics

Evaluate the tension between sustainability and development
Construct policies that can aid both the environment and people
Understand the fundamental differences between developed and developing countries

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READINGS:

Many of the readings for the course will be provided as the term goes on. A few of the co-instructors have
indicated that they will provide the readings a meeting ahead in preparation for your session with them.
 Wheelan, Charles, Naked Economics. 3rd Ed.
 Eichengreen, Barry, Globaziling Capital, 3rd Ed.
 Other readings as assigned.

ASSESSMENT:

There are 250 points in this course. Topic area instructor will distribute your assignment in class and determined
the due date. Scores for each assignment will be posted on Canvas.

GRADING SCALE:

% Points Grade % Points Grade % Points Grade % Points Grad % Points Grade
e
92.5 Above A 87.5 to 89.4 B+ 79.5 to 81.4 B- 69.5 to 77.4 C Below 59.5 F
89.5 to 91.4 A- 81.5 to 87.4 B 77.5 to 79.5 C+ 59.5 to 69.4 D

NOTES:
(1) The syllabus and course outline is subject to change based upon, among other things, class progression and topics
of interest.
(2) It should be noted that requirements may also be adjusted during the semester and supplemental materials may
be provided from time-to-time. Graded assessment shall be taken (due) when scheduled; make-up assessment
shall be provided at the sole discretion of the instructor (in cooperation with the module leader) and subject to a
grading penalty.
(3) University Policies:
A continually-updated list of University-wide academic policies and descriptions of key university student
resources, can be found on Canvas. You can access them by simply clicking on the (?) help button.
The University-wide academic policies include (but are not limited to) the University’s attendance policy,
procedures for both adding / dropping a course and course withdrawals, an explanation for the sorts of
circumstances where incomplete (INC) grades could be considered by the faculty, and the academic integrity
policy (among others). Also in this location you will find information regarding the process for reporting bias
and topics related to our maintaining a positive learning environment (including, but not limited to,
discrimination and sexual misconduct).
The list of key university student resources to enable learning include (but are not limited to) the University’s
Center for Student Success, Writing Center, Center for Learning Resources, and the Accessibility Resource
Center.

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