In this course we will introduce key concepts, theories and methods from socioeconomics. In the first part of the course, we will deal with the main economic actors and how their interactions are governed. Markets are seen as sets of social institutions. Institutions shape how consumers, firms and other economic actors behave. While it is difficult to understand how novelty emerges, we can study the conditions that are conducive to innovation. We will review how economic performance, social progress and human wellbeing are measured and what progress has been made. In the second part of the course, we will study a specific macroeconomic model that accounts for biophysical boundaries and inequality.

After completing this course you will -

- know what role social institutions play in the economy and how they influence what outcomes the economy generates;

- be familiar with the way how the capability approach helps to study human behaviours and why human wellbeing should be measured by reference to multiple dimensions;

- have experienced how macroeconomic modelling can be useful for addressing biophysical boundaries and inequality.

The course is classified as Lecture with interactive elements (VUE). The formal attendance requirement is 70%. The course works best, if you attend and participate in all classes. Given the recent request of Austrian authorities to not hold classes from 16 March 2020, we will meet online during the affected period.

Students are expected to be active learners. While the professor offers a selection of readings and other course materials, lectures and tutoring on how to use dynamic systems modelling, you are expected to formulate questions and try to use the concepts offered in the course to address your questions.

Quizzes - at the beginning of the first four classes there will be a short (20 min) quiz with two questions based on last week's readings. Please arrive on time for the quiz. You can achieve a maximum of 10 points in each quiz; the four quizzes will be on 26 March, 2 April, 16 April and 23 April, at 12:30pm.

Group work - using dynamic systems modelling (STELLA) you will develop an own model and read about the Victor / Jackson macroeconomic model that uses the same technique. Upload a 5 minute film of a presentation of your model and the code. 35 points, deadline: 20 June at 23:55.

Exam on the content of the book "Managing without Growth - Slower by Design not Disaster" by Victor (2019). 20 points, on 22 June 10am-12pm.

Journal - read the course materials actively; record your thoughts while reading the materials; make links to your existing knowledge, pose questions, formulate criticism. Upload the file with your journal. 5 points, deadline: 4 June at 23:55.

Univ. Prof. Dr. Sigrid Stagl, stagl@wu.ac.at

To schedule an appointment with Prof. Stagl, please contact Ms Barbara Gaal, 01-31336-4848.

Tutors:

Nadine Mair (general), nadine.vera.mair@wu.ac.at

N.N. (dynamic systems modelling)