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Introduction to Economic Theories

Approx. 41 hours to complete

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Course Summary

Learn about the different theories of economics and how they apply to real-world situations. This course covers topics such as supply and demand, market structures, and international trade.

Key Learning Points

Understand the basics of micro and macro economics
Learn about different market structures and their impact on the economy
Apply economic theories to real-world situations

Learning Outcomes

Ability to analyze real-world economic situations using economic theories
Understanding of market structures and their impact on the economy
Knowledge of micro and macro economics

Prerequisites or good to have knowledge before taking this course

Basic knowledge of mathematics
Familiarity with graphs and charts

Course Difficulty Level

Beginner

Course Format

Online
Self-paced

Similar Courses

Principles of Economics
Economics of Money and Banking

Related Education Paths

Notable People in This Field

Paul Krugman
Nouriel Roubini

Related Books

Description

Wondering why economists have not predicted serious financial crises? Shocked by economic assumptions of human behavior as self-centered and focusing only on what can be measured? Asking yourself if there are no sensible economic alternatives to free markets? Then you are at the right place to learn economics!

This is the first online course that teaches economics from a pluralist perspective. Economic pluralism means that a plurality of theoretical and methodological viewpoints is regarded as valuable in itself and is simply the best way in which economics can make progress in understanding the world. This MOOC will illustrate economic pluralism not only in substance but also in form. You will see not only me, a Professor of Economics, but also a pop-up Prof of our business school, who illustrates the actor perspective of firms, government and civil society. And you will meet an online student, based in Greece, who will help you through the tutorial videos in which I will explain key concepts, tools and techniques. I will not limit myself to the dominant theory, as almost every other course does. Instead, I will introduce you to four very different economic theories for the whole set of standard topics in microeconomics and macroeconomics. The theories are presented every time from broad and more interdisciplinary to narrow and more mathematical. The four theories that I like to introduce you to are Social Economics, Institutional Economics, Post Keynesian economics and, at the very end of each topic, Neoclassical Economics, for the special case of ideally functioning markets. But not everything is different in this course. Like every economics course, it includes numbers, diagrams, tables, equations, and some calculations. Why would you go through the effort of learning the basics of four theories instead of one? Because it will help you to see why many economists cannot predict crises, whereas others can see signals but are often not being listened to because they do not belong to the dominant school of thought. It will also enable you to see that it is just one theory claiming economic agents to be self-centered and focusing on the measurable only. Other economic theories go well beyond these limitations. And, finally, the pluralist approach will provide you with policy alternatives to neoliberalist policies promoting free markets. The objective of this course is twofold. First, to enable you to understand different economic viewpoints, linked to important traditions in economic thought, and basic economic concepts belonging to these theoretical perspectives. Second, to enable you to do some basic economic calculations that are important in economic life, such as calculating an inflation rate, and in economic policies, such as estimating the rough gains from trade for both trading partners, and in economic arguments, such as in calculating utility maximization with given prices and budgets. Please note that if you do all course elements, total course load is likely to be 4 ECT (approx. 134 hours). I hope you will enjoy the course!

Outline

Introduction to Pluralist Economics
Introduction to the MOOC
Economics as a Science
What is Meant by Utility Maximisation?
Test Your Knowledge about Economics

Micro Economics: Individuals, Households and Consumers
Concepts of Individuals and Households
Social and Institutional Economics of Individuals and Households
Neoclassical Economics of Individuals and Households
Three Theories of Consumption
Neoclassical Theory of Consumption
How Does Household Bargaining Work in Institutional Economics?
How to Calculate the Price Elasticity of Demand?
How to Calculate Utility Maximization?
How to Derive the Individual Demand Function?
What about the Organization of Communities?
What about Gender?
Test Your Knowledge about Individuals, Households and Consumers
Graded MC Quiz about Week 1 & 2

Micro Economics: Firms and Markets
General Overview of Firms
Post Keynesian Theory of the Firm
Neoclassical Theory of the Firm
Types of Markets
Market Failures
How to Calculate the Profit Rate?
How to Calculate the Growth of the Firm in Post Keynesian Economics?
What is the Profit Rate in Post Keynesian Economics?
How many Workers should a Firm hire to Maximize Profit?
How to Calculate Profit in Neoclassical Economics?
What are the Key Differences between Types of Markets?
What about the Organization of the Market?
What about Markets, Consumption and Production?
Test Your Knowledge about Firms and Markets

Micro Economics: The state
The State
Public Goods and Commons
How Can we Find the Optimal Tax Rate?
What about the Organization of the State?
What about Water and Sanitation?
Test Your Knowledge about the State
Graded MC Quiz about week 3 & 4

Micro Economics: Factor Markets
Labour Markets - General Concepts
Labour Markets - Social Economics
Labour Markets - Institutional Economics
Labour Markets - Post Keynesian Economics
Labour Markets - Neoclassical Economics
Financial Markets - Key Concepts
Financial Markets - Social and Institutional Economics
Financial Markets - Post Keynesian and Neoclassical Economics
How Important is Labour Productivity for a Firm?
What Causes Unemployment in Post Keynesian Theory?
What about Decent Work and Income Inequality?
Test Your Knowledge about Factor Markets

Macro Economics: Real and Monetary Economy
Key concepts about the Macro Economic Flow
The Macroeconomic Flow in Social and Institutional Economics
The Macroeconomic Flow in Post Keynesian Economics
The Macroeconomic Flow in Neoclassical Economics
Social Economics of Money
Institutional Economics of Money
Post Keynesian Economics of Money
Neoclassical Economics of Money
How to Calculate Consumption and Savings at a Macro Level?
How to Calculate the Multiplier?
How to Picture the Effects of Macro Economic Shocks?
How to Calculate Inflation?
What are The Causes of Inflation?
What about the Governance Challenges for Society?
Test Your Knowledge about the Real and the Monetary Economy
Graded MC Quiz about week 5 & 6

Macro Economics: Growth and Trade
Why and How of Economic Growth
Social and Institutional Economics of Growth
Post Keynesian Economics of Growth
Neoclassical Economics of Growth
Key Concepts about International Trade
Social Economics of Trade
Institutional Economics of Trade
Post Keynesian Economics of Trade
Neoclassical Economics of Trade
What does Demand-led Growth Mean?
What is Endogenous Growth?
What is the Consumer Surplus?
What is the Leakage Effect of Trade?
What is Meant by the Comparative Advantage of Trade?
What about Partnering in a Balanced Society?
What about the Global Organization of Societies?
Test Your Knowledge about Growth and Trade

Macro Economics: Nature and Wellbeing & Poverty
Introduction and Social Economics of Nature
Institutional Economics of Nature
Post Keynesian Economics of Nature
Neoclassical Economics of Nature
Introduction and Social Economics of Wellbeing and Poverty
Institutional Economics of Wellbeing and Poverty
Post Keynesian & Neoclassical Economics of Wellbeing and Poverty
How to Calculate Green Growth with the IPAT Equation?
How does an Ecological Stockflow Model Work?
What is Driving Wealth Inequality?
What about Public Bads and Climate Change?
What about Poverty?
Discussion Between Your Prof and Your pop-up Prof
Test Your Knowledge about Poverty and Nature
Graded MC Quiz about week 7 & 8

Summary of User Reviews

Discover the basics of economic theories with this introductory course on Coursera. Users have praised the course for its comprehensive approach and engaging instructors. Many have found the course to be a great foundation for further studies in economics.

Key Aspect Users Liked About This Course

Comprehensive approach to economic theories

Pros from User Reviews

Engaging and knowledgeable instructors
Great foundation for further studies in economics
Clear and easy to follow explanations
Interactive assignments and quizzes
Flexible learning schedule

Cons from User Reviews

Some users found the course to be too basic
Limited opportunities for interaction with instructors
Not enough real-world examples
Some technical difficulties with the platform
Course material could be more up-to-date

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