This lecture introduces students to five heterodox traditions in economics: (Post-)Keynesian Economics, Marxian Economics, French Regulation Approach, Feminist Economics and Original Institutional Economics.  In the first unit the general concept is presented and course requirements (participation, presentation and essay) are explained.  In addition, the concept of heterodoxy is introduced and discussed.  Each of the following five units is dedicated to one specific heterodox approach.  In the first half, class discusses an introductory paper, which introduces the main concepts and themes of the respective approach.  This is followed by an analysis of the Financial and Economic Crisis by means of these concepts.  In the successive debate students have the opportunity to confront this perspective with other approaches.  Each discussed paper is presented by three students.  This presentation focusses on the main concepts and the research question of the paper.

At the end of the semester students gained basic and profound knowledge of (Post-)Keynesian Economics, Marxian Economics, French Regulation Approach, Feminist Economics and Original Institutional Economics.  By means of these insights they can formulate and theoretically endorse alternative economic policies.  Furthermore, students can identify the differences between economic approaches and are familiar with their strengths and shortcomings.  During the semester students work together in teams of two to write a seminar paper on one specific approach.  The content of this paper is a critical reflection of the main concepts and an analysis of the Financial and Economic Crisis of 2009.

• Acquire a profound understanding of heterodox economics
• Critical reflection of core concepts and themes
• Discussion and presentation proficiency
• Self-dependent learning
• Contextualisation of economic approaches
• Analysis of economic policies

Only one excused absence is tolerated.  Students submit an extra home assignment.

• Group presentations
• Group discussion
• Home assignments

• Team presentation (no PowerPoint, max. 20 min) (20%)
• Preparation of and active participation in discussions (Learn@WU) (40%)
• Seminar paper (Harvard citation and alphabetical list of references), 2 persons, around 7.500 words (40%)

General understanding of the history of economic thought.

Dr. Koen Smet

Institutional and Heterodox Economics

Economics Department

koen.smet@wu.ac.at

01-31336 4518