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. 

Economic Games

Economics in the news:


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

Nobel Price Laureate Joseph Stiglitz and others: Project Syndicate

Critical Cambridge Economist: Ha Joon Chang in the Guardian

50 things that made the modern Economy



Right and Left side of Economics

Neo liberal think tank: Mises Org

Weekly American radical economist Richard Wolff

Ron Paul (Tea Party vs. Paul Krugman)


Newspaper & Magazins:

The Guardian

 The local: Austrian news in English

Business and Economic New Channel Bloomberg

The Economist


The Economics Book


Austrian News 

Die Presse/Economist

Der  Standard/Wirtschaft

Der Kurier/ Wirtschaft


00 Introduction

Learning activity 1: Robinsons

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


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

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?


Types of Economic Systems


Nixon und Khrushchev at the American Fair in Moscow 1959

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


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

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

Money and inflation.ppt
Microsoft Power Point Präsentation 10.0 MB
CM Money Inflation and Deflation 4hlw 20
Microsoft Power Point Präsentation 4.1 MB

Development, Institutions, Euro, ECB, Monetary Policy, inflation, deflation

10 Role of government, Tax, Budget

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

11 Europe

Programm Brüssel.pdf
Adobe Acrobat Dokument 68.1 KB
Locations Brussels.pdf
Adobe Acrobat Dokument 1.5 MB
Infografiken Brüssel.pdf
Adobe Acrobat Dokument 8.1 MB

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

State of the Union: Juncker September 2018

European Parliament

The European Council and the Council of the European Union

European Council sets the directions and priorities.

It does not negotiate or adopt EU laws.

It is made up from the heads of states or government from each EU country.

It meets at least 4 times a year.

Meetings are chaired by the president of the European Council, selected every 2,5 years (currently: Donald Tusk).

Council of the European Union: negotiates and adopts EU legislation together with the EU Parliament.

It is made up from national ministers grouped together by policy area (national education ministers, finance ministers)

It develops and adopts policies, concludes agreements and budgets.

Presidency rotates among the member states every 6 month

Council of Europe in Strasbourg is not an EU institution. 

It consists of 48 member states including the 27 EU states.

This is the continents leading human rights organisation. 

European Commission: The government of Europe

How does the EU pass new laws?

Österreichische Gesellschaft für Europapolitik

The future of Europe: Joseph Stiglitz lecture on Basel University 2014

International economics 4hfa input

International trade and Austria (David)


Theories of Tree Trade (Laura) (Smith & Ricardo)


Theories of Protectionism (Cristian) (Mercantilism, Friedrich List, Alexander Hamilton up to Trump's Policies)


International organisations (Marcus)


Balance of payment (trade balance, current account, capital account,...) (Tanja)


Exchange rates (Cathi)


Globalisation (Leonardo), Pros and Cons, Stiglitz on Globalisation


Poverty, inequality (Elly)


People, Population (Marija)


Micro Credits (Selina)


Hajoon Chang (Kicking away the ladder, 23 things ...) (Mathias)

Thing 7


12 International Economics, Globalisation, ...

Adobe Acrobat Dokument 469.2 KB

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

b) development countries, developed countries

c) balance of payment and international trade, trade wars


Why do we trade, what are advantages?

What is comparative advantage?


Tarifs & Protectionism

Arguments against international trade

History of economic thought

13 Sustainability

Future of learning

2018 Nobel Prize winner in Economics

Theories of Economics

Theories of Economics: BBC Documentary > Masters of Money: Karl Marx

Friedrich Hayek

John Maynard Keynes

Game Theory

Behavioral Economics

Adobe Acrobat Dokument 1.3 MB
Adobe Acrobat Dokument 2.9 MB

Economical Theories: Economics is for everyone...

Economics Test:

  • Europe
  • International Economics + Microcredits
  • Money Inflation & deflation
  • Theories of Economics