Foundations of Micro & Macroeconomics: From Individual Choices to National Prosperity

This lecture introduces the fundamental concept of externalities and market failures, providing a crucial microeconomic foundation for understanding why government intervention might be necessary.

Building on the concept of market failures, this lecture explores the justifications for government intervention, establishing the 'why' and 'how' of public finance in addressing economic inefficiencies.

Moving from market-level failures to individual units, this lecture delves into the microeconomics of household decision-making, analyzing how families allocate resources under scarcity.

Extending the analysis of household behavior, this lecture specifically examines savings decisions, highlighting behavioral aspects and constraints that influence economic outcomes for individuals and families.

Transitioning to macroeconomics, this lecture broadens the scope to national prosperity, arguing that inclusive institutions are fundamental drivers of economic development, building on the micro-foundations of individual and household choices.