Competences: detailed in English

In the 1st term of studying economics the students can

I n  t h e  F i e l d  B a s i c  Q u e s t i o n s  o f  P o l i t i c a l  E c o n o m i c s: 

- outline the key tasks and the subsections of political economics,

- exemplify the importance of models – for the explanation of complex economic interrelationships, 

I n  t h e  F i e l d  P r o s p e r i t y  a n d  Q u a l i t y  o f  I i f e: 

- outline the significance of GDP-growth for the prosperity of an economic system as well as

   critically reflect the limitations of this indicator for measuring the prosperity of a country (social and ecological perspective). 

- explain economic parameters. 

I n  t h e  F i e l d  E c o n o m i c  T h e o r i e s  a n d  E c o n o m i c  S y s t e m s: 

-  compare different market systems covering a spectrum ranging from free to eco-social market economy

-  exemplify the specific features of the Austrian economic system, 

-  explain the policy-makers, objectives and task fields of economic policy and

    present the possibilities for action of the individual based on examples. 

I n  t h e  F i e l d  M a r k e t  a n d  P r i c i n g: 

- illustrate the model of supply and demand and its limitations. 

I n  t h e  F i e l d  L a b o u r  a n d  S o c i a l  W e l f a r e: 

-  explain frequently used methods for the elicitation and calculation of unemployment figures, 

-  differentiate important causes of unemployment and explain as well as

   argue significant consequences of unemployment for the individual and for the society, 

-  analyze and argue the connection between causes of unemployment and the instruments designed to fight unemployment. 

I n t  h e  F i e l d  Business Cycles 

-  list the measurement parameters to define the prevailing economic conditions,

    outline the main reasons for cyclical fluctuations and describe instruments of economic policies, 

-  distinguish between supply-oriented and demand-oriented economic policy and assign individual measures to both concepts, 

 

In the 2nd term of studying economics the students can

I n  t h e  F i e l d  M o n e y  a n d  F i n a n c i a l  E c o n o m y: 

-  describe the stages of money development, the stages of appearance, the functions, the characteristics of money, the

    money creation process of commercial banks as well as the causes and consequences of price increases, 

-  outline the connections between monetary policy and inflation and assess important instruments of monetary policy critically, 

-  exemplify the central objectives, the tasks and organs of the European Monetary Union, its monetary policy and instruments, 

-  outline the link between the financial market and the real economy. 

I n  t h e  F i e l d  B u d g e t: 

-  outline budget preparation as well as the effects of budget policy on the long-term development of a national economy.  

I n  t h e  F i e l d  E u r o p e a n  E c o n o m y: 

-  name and explain important milestones in the development of the European Union, its most important institutions and its tasks, 

-  describe and reflect the importance of the European Union for Austria and

   see where the future challenges for the European Union will be. 

I n  t h e  F i e l d  I n t e r n a t i o n a l  E c o n o m y: 

-  explain the term, the causes of globalization and argue as well as assess the central advantages and disadvantages of globalization, 

-  outline and assess the tasks of the most important international economic organizations. 

Economics in the news:

Blogs:

Nobel Price Laureate Paul Krugman: NY Times, Robert Shiller,...

https://www.nytimes.com/column/paul-krugman

Nobel Price Laureate Joseph Stiglitz and others: Project Syndicate

https://www.project-syndicate.org/section/economics

Critical Cambridge Economist: Ha Joon Chang in the Guardian

https://www.theguardian.com/profile/hajoonchang

50 things that made the modern Economy

https://www.bbc.co.uk/programmes/w3csv3gv#play

 

 

Right and Left side of Economics

Neo liberal think tank: Mises Org

https://mises.org

https://www.youtube.com/watch?v=6e_8H7E3cTo

Weekly American radical economist Richard Wolff 

https://economicupdate.podbean.com

Ron Paul (Tea Party vs. Paul Krugman)

https://www.youtube.com/watch?v=AJgzx88RgEw

 

Newspaper & Magazins:

The Guardian

https://www.theguardian.com/global-development

 The local: Austrian news in English 

https://www.thelocal.at

Business and Economic New Channel Bloomberg

https://www.bloomberg.com/europe

The Economist

https://www.economist.com

 

The Economics Book 

http://www.btng.education/uploads/9/3/9/2/9392622/economics.pdf

 

Austrian News 

Die Presse/Economist

https://diepresse.com/home/wirtschaft/index.do

Der  Standard/Wirtschaft

https://derstandard.at/Wirtschaft

Der Kurier/ Wirtschaft

https://kurier.at/wirtschaft

Businessart

http://www.businessart.at/wohlstand-fuer-alle-utopie-oder-theoretisch-moeglich

00 Introduction

Learning activity 1: Robinsons

Handout1.pdf
Adobe Acrobat Dokument 891.8 KB

Learning activity 2: Vocab session: Introcution

Introduction Vocab exercise.ppt
Microsoft Power Point Präsentation 6.3 MB
AA1 Glossary economics_Introduction_Oct8
Microsoft Excel Tabelle 42.6 KB

Learning activity 3 Team teaching: What do we know already about economics?

Teamteaching Introduction Economics.ppt
Microsoft Power Point Präsentation 9.0 MB

Learning activity 4: Concept Maps: Introduction

CM Introduction to Economics 1.ppt
Microsoft Power Point Präsentation 8.6 MB
CM Introduction to Economics 2.ppt
Microsoft Power Point Präsentation 2.9 MB

Next Class session: Test on 00 Introduction

Christian Felber: Economy for the Common Good

Vorab session: Examples

Cool Working instruction for further sessions:

AA1 Cool Working Instruction Economics 2
Microsoft Word Dokument 168.0 KB

01 Basic1:

01 a Concept Map Volkswirtschaft Grundla
Microsoft Power Point Präsentation 6.1 MB

key words: needs, wants, micro, macro, scarcity, Production possibility curve, opportunity cost, min. max Principle, circular flow model and its conflicts

02 Basic 2:

02_Concept Map Volkswirtschaft Grundlage
Microsoft Power Point Präsentation 183.5 KB

key words: key measures: GDP, issues with gdp inequality, inflation, unemployement rate, Gini Coefficient, sustainability, other measures

 

Growth of the Economy: GDP, rate of Unemployment, rate of Inflation

https://www.youtube.com/watch?v=3GTgniuxA50&index=6&list=PLjtHdTsAECMISeMDZI3BZ2OubRJivmPKF

 

Bob Kennedy on GDP Issues: environment, sustainability,...

https://www.youtube.com/watch?v=hSeNLgRrtFQ

03 Economic Systems:

03_Concept Map Wirtschaftsordnungen 2018
Microsoft Power Point Präsentation 8.6 MB

Justice, Rawls, Nozick, etc. Basic Systems, examples for, Economists (Platon, Aristotle, Smith, Marx,) Capitalism critique

What is justice?

https://www.youtube.com/watch?v=H0CTHVCkm90

 

Types of Economic Systems

https://www.youtube.com/watch?v=5xgwYRX19VU

 

Nixon und Khrushchev at the American Fair in Moscow 1959

https://www.youtube.com/watch?v=8kOKb9JcWTI

04 Market 1

04_Concept Map Markt 2018_19.ppt
Microsoft Power Point Präsentation 4.7 MB

Supply Curve, Demand curve, Market Model, Assumptions, shifts of curves, shifts on curves 

Indiana Jones and the market

https://www.youtube.com/watch?v=RP0j3Lnlazs&index=4&list=PLjtHdTsAECMISeMDZI3BZ2OubRJivmPKF

 

MR University: Demand curve, consumer surplus, shifts, supply curve, producer surplus, shifts,Market Equilibrium

https://www.youtube.com/watch?v=outYDTq-jPc

https://www.youtube.com/watch?v=lyUQZZ75DpE

https://www.youtube.com/watch?v=7eZcPs9z9OA

05 Market 2

05_Concept Map Marktformen Elastizität M
Microsoft Power Point Präsentation 3.5 MB

Elasticity, market forms, Monopols, Market failure, competition law, EU national, cartels

06 Business Cycles

06_Concept map Konjunktur 2018.ppt
Microsoft Power Point Präsentation 2.7 MB

Business Cycle, Measurement, Economic Crises, unemployment, business cycle Policies, Supply Side Economics, Demand Side Economics (Keynesian Economics)

07 Employment, labor market, social policies

Occupation and earnings, trade unions, labour markets, unemployment, how to fight unemployment,

Social Policies: Health insurance, ...

08 Business Cycles: global financial crises

Global Financial Crises 10 years after, what happened, Financialisation, lessons learned and evaluation

09 Money

Development, Money Creation, Institutions, Euro, ECB, Financialisation, Quantity theory of money

10 Role of government, Tax, Budget

Budget, Tax System, Economic policy: government, Macro objectives, demand side, supply side, 

11 Europe

Europe: Development, since 1960, Institutions, Policies, Future of Europe

12 Globalisation

a) Globalisations, +/-, international organisations (WTO,...), trade

b) development countries, developed countries

c) balance of payment and international trade, trade wars

 

History of economic thought

https://www.youtube.com/watch?v=tZvjh1dxz08

2018 Nobel Prize winner in Economics