The goal of this course is to analyze which instruments economic policy proposes for increasing welfare, reducing disequilibria and social conflicts and presenting the overuse of resources and climate change. To carry out and finetune the instruments under very different circumstances requires a thorough knowledge of economic theory, but also learning from actual policy. Here, we concentrate on Europe and Austria, but discuss the retreat of the USA from multilateralism and China´s ambition to become the leading economy and the catching-up strategy of Africa. Economics should be embedded in broader knowledge provided by other social sciences. It cannot offer experience with total precision and be independent of values and judgement, but there exist many methods with which to carve out facts and instruments that have worked under specific circumstances. Science can help reduce the impact of populism, as well as the quick spread of false information in social networks.

Topics investigated are economic growth, well-being, unemployment, equality, environmental problems, public sector goals and management, migration, trade and globalization. The European Green Deal  will be discussed, along with programs of mainstream, populist and upcoming new parties and the key role of Europe in the new world order, Also the European Union after Brexit and the accession of the Western Balkans and partnership with Africa with stronger involvement of citizens.

Economic policy can be based on sound theory and instruments that have proved successful. There is a lot to be learned from other sciences, and experience of other countries. Quantitative analyses and knowledge of facts is important. There is no one-size-fits-all strategy for all countries under all circumstances, and bottom-up initiatives are important, as is cultural diversity.

Best students can choose a topic for their master thesis

Economic Policy is a course with continuous assessment (PI), therefore attendance is necessary. Two lectures can be missed without excuse, absence in further lectures has to be excused/ explained via email.

Combination of top-down and bottom-up approaches. The topic is presented by the lecturer and students prepare a presentation of the topic, combining theory, evidence and personal preferences and experience, leading to an intensive discussion.

Writing and presentation of a short paper (50%), discussion input and quizzes demonstrating continuous learning (10%), end-term (40%), attendance required.

First come first served, very special circumstances can be considered.