This course is separated into three parts, where the first part focuses on classical political economy taught by Armon Rezai (week 2-6) and the second and third part on selected topics in growth, well-being and development, taught by Manuel Scholz-Wäckerle (week 9-11) and Ernest Aigner (week 8 & 12-13).
The first part provides a brief introduction to the concepts of economic growth, national accounts, and sustainability. It introduces students to alternative theories of economic growth and the role of the environment in them. Social institutions and their implications for innovation and ultimately economic growth are also discussed. Students will be given opportunity to specialize in one of these topics by studying canonical texts in more detail.
Manuel Scholz-Wäckerle's part starts out with (week 9) a session on intellectual monopoly capitalism and the platform economy, followed by a unit on part on evolutionary patterns of world capitalism in historical and geographical perspective (week 10). The third unit on institutions, technology and economic evolution, with an emphasis on Veblen and Schumpeter.
Ernest Aigner's part first unit (week 8) discusses the biophysical foundations of work, dependence on work in contemporary capitalism, the role of welfare states in that relation. The second session (week 12) discusses capitalism in relation to nature with a particular focus on the role of thermodynamics as introduced by Georgescu-Roegen. Finally, the third session (week 13) introduces a pluralist conception of money, money’s role in contemporary capitalism, and money as a possible governance tool.
The course is structured in a frontal lecture for all students to be held on Mondays, three student-led ‘seminars’ of 20 people each (meeting on Tuesdays). Each student is required to attend the Monday lecture and one seminar group, for a weekly total of 3 hours.
-------------------
Week 1: Course overview and introduction
Week 2: GDP and growth: the basic concepts
Week 3: Development theory and policy
Week 4: The beginnings: Smith, Ricardo, and Malthus
Week 5: Innovation, Competition, and Growth: Schumpeter, Marx, Keynes
Week 6: Economic Growth, Sustainability, and the Environment
Week 7: Mid-term exam
Week 8: Perspectives on work (Aigner)
Week 9: Intellectual monopoly capitalism and the platform economy (Scholz-Wäckerlen)
Week 10: Evolutionary patterns of world capitalism (Scholz-Wäckerle)
Week 11: Institutions, technology and economic evolution: Veblen and Schumpeter (Scholz-Wäckerle)
Week 12: Biophysical foundations of the economic process (Aigner)
Week 13: Perspectives on money (Aigner)
Final exam. 29-01-2021. 10.00-12.00 CET