In this course, you learn about key concepts, theories and methods in socioeconomics. In the first part of the course, you deal with the main economic actors and how their interactions are governed. Markets are seen as sets of social institutions that shape how consumers, firms and other economic actors behave. While it is difficult to understand how novelty emerges, you will become familiar with conditions that are conducive to innovation. You find out about new ways to measure economic performance, social progress and human wellbeing. In the second part of the course, you study a specific macroeconomic model that accounts for ecological and social sustainability and even become a macroeconomic modeler yourself.

This course complements other courses in the introductory and main program phases of the BBE program ('Contemporary Challenges in Business and Economics', 'Foundations in Micro- and Macroeconomics', 'History of Economics and the Economy'), by offering an integrative account of the economy and its manifold institutions, which is informed by different social scientific disciplines and approaches.

WU will return to on-campus teaching in the summer term of 2022. In case of no changes in the official university guidelines, this course will therefore be taught entirely on campus (with the exception of one session as outlined in the syllabus).

The course works best if you attend all classes and participate actively.

The formal attendance requirements for this course are 70% of all sessions. This will be monitored via the WU check-in feature also used for contact-tracing purposes. Please ensure that you check-in online to ensure your attendance is counted. Regular attendence is not just recommended but also a condition to achieve a very good grade. Some elements in the grading scheme also require the students to be present on campus. For details, refer to the grading section below.

You are expected to be active learners. Prof. Sigrid Stagl and MSc. Thomas Neier offer a selection of readings and other course materials, online lectures, lecturecasts and coaching. It is important that you prepare yourself for each session by doing the obligatory readings ahead of time. Sometimes, there are also videos to watch.

In the first part of the course, comprised of the five sessions before the easter break, Prof. Sigrid Stagl offers an introduction into the foundations of socioeconomics, covering societal institutions, innovation, well-being and the fallacies of eternal economic growth. In sessions 2-5 there will be weekly quizzes on the provided learning materials.

The second half of the course (sessions after April 21st) is dedicated to macroeconomic modelling and Peter Victor's book 'Managing Without Growth'.

• For the modelling part of the sessions, students will be split in groups. MSc. Thomas Neier offers to coach each group on how to use dynamic systems modelling tool STELLA. The required software will be made available to students or can be used at WU's computer labs.
• For the sessions dedicated to Peter Victor's 'Managing Without Growth', Prof. Sigrid Stagl and MSc. Thomas Neier will offer discussion sessions and offer a Q&A session ahead of the final exam. However, students are expected to read and reflect upon the contents on the book independently during the second half of the course as they will be relevant for the final exam.

The form of this course is a VUE, which means there will be multiple components determining your grade. Below, you find out how different parts of the course are weighted and how your final grade will be determined:

• Quizzes - at the beginning of classes 2-5 there will be a short (15 min) quiz with two questions based on last week's readings. Please be on time for the quiz. You can achieve a maximum of 10 points in each quiz; the four quizzes will be on 17 March, 24 March, 31 March and 7 April respectively. Quizzes take place at the beginning of each session (10:00 am) in pen and paper fashion. In order to achieve these points, students are thus required to be physically present at these sessions.
   
• Group work - using dynamic systems modelling (STELLA) you will develop your own model on the topic of your choice based on the Victor / Jackson macroeconomic model that uses the same technique. Please use your group channel in learn.wu.ac.at for your group communication so that the lecturers can see your progress. Upload a 5 minute film of the presentation of your model and the code. 35 points, deadline: 19 June at 11:55 pm.
   
• Exam on the content of the book "Managing without Growth - Slower by Design not Disaster" by Victor (2019). 20 points, on 9 June 09:00 am - 11:00 am.
   
• 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: 18 June at 11:55 pm.

Note, that 4 x 10 + 35 + 20 + 5 = 100
Therefore, each achievable point represents one percentage point in the final grading scheme.

Final Grade:
Very good > 90%
Good > 80%
Satisfactory > 70%
Sufficient >= 60%
Insufficient < 60%

MSc. Thomas Neier: thomas.neier@wu.ac.at

Univ. Prof. Dr. Sigrid Stagl: sigrid.stagl@wu.ac.at

To schedule an appointment with Prof. Stagl please contact Ms. Barbara Gaal: Tel.: 01-31336-4848 or barbara.gaal@wu.ac.at

Tutor:
Benjamin Schemel: benjamin.schemel@wu.ac.at

All administrative issues as well as course-specific questions should be brought forward to the tutor.