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 8-10) and Ernest Aigner (week 11-13).
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 8) a session on evolutionary patterns of world capitalism in historical and geographical perspective, followed by a unit on institutions, technology and economic evolution, with an emphasis on Veblen and Schumpeter (week 9). The third unit on intellectual monopoly capitalism and the platform economy (week 10).
Ernest Aigner's part first unit (week 11) discusses capitalism in relation to nature with a particular focus on the role of thermodynamics as introduced by Georgescu-Roegen. The second session (week 12) introduces a pluralist conception of money, money’s role in contemporary capitalism, and money as a possible governance tool. Finally, the third session (week 13) discusses the biophysical foundations of work, dependence on work in contemporary capitalism, the role of welfare states in that relation.
The course is structured in a frontal lecture for all students to be held on Mondays, three student-led ‘seminars’ of 20 people each on Tuesdays. Each student is required to attend the Monday lecture and one seminar group, for a weekly total of 3 hours.
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Week 1, 4th and 12th of October on Course overview and introduction
Week 2, 11th and 19th of October on GDP and growth: the basic concepts
Week 3, 18th and 22th of October on Development theory and policy
Week 4, 25th of October and 2nd of November: The beginnings on Smith, Ricardo, and Malthus
Week 5, 29th of October and 5nd of November on Innovation, Competition, and Growth: Schumpeter, Marx, Keynes
Week 6, 8th and 9th of November on Economic Growth, Sustainability, and the Environment
Week 7, 15th and 16th of November: Mid-term exam
Week 8, 29th and 30th of November by Scholz-Wäckerle on Evolutionary patterns of world capitalism
Week 9, 6th and 7th of November by Scholz-Wäckerle on Institutions, technology and economic evolution: Veblen and Schumpeter
Week 10, 13th and 14th of December by Scholz-Wäckerle on Intellectual monopoly capitalism and the platform economy
Week 11, 10th and 11th of January by Ernest Aigner on Biophysical foundations of the economic process
Week 12, 17th and 18th of January by Ernest Aigner on Perspectives on money
Week 13, 24th and 25th of January by Ernest Aigner on Perspectives on work
Final exam. 28-01-2021. 10.00-12.00 CET tbc,