In this course, students learn to establish an institution-based understanding of economics as social action in the context of social structures, norms, and cultures, as well as political and legal frameworks; and to explain the relevance of institutional theory concepts for socioeconomic issues and illustrate them with reference to current economic and social developments.

Upon completion of this course, students will be able to justify an institution-based understanding of economies as social action taking shape within the context of social structures, norms and cultures, as well as political and legal frameworks; to explain the relevance of institutionalist ideas and concepts to socio-economic issues and to illustrate this with reference to current economic and social developments.

In this course, regular attendance is mandatory and a precondition to perform well. To pass the course students have to be present for at least 80 % of the scheduled contact hours. If students miss performance components, they have to provide a doctor's note or other valid excuse in order to qualify for compensatory assignments.

Learning activities consist in preparatory readings, teacher’s input,  quizzes and discussions in class, group presentations, and written group assignments (essays).

Performance components:

• Presentation in small groups – 20%
• Peer review of another group’s presentation – 10 %
• Individual contribution to class discussion (ongoing) – 20 %
• Essay I in small groups (first half of the term) – 20 %
• Essay II in small groups (second half of the term) – 30 %

Grading scale:
≥ 60 % grade 4, ≥ 70 % grade 3, ≥ 80 % grade 2, ≥ 90 % grade 1

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