In times of crisis the development of capital and growth oriented economic systems as well as its effects on organizational structures, lifestyles, income distribution and proportionality are subject to discussion. This course aims at discussing how societal reality and its nature are linked to economic theories, which ideas and visions are postulated in this context and how these constitute social practice.

Economic theories and its founders (such as Adam Smith, David Ricardo, Karl Marx, Joseph Schumpeter, Rosa Luxemburg, John Maynard Keynes, Milton Friedman, Carmen Reinhart, Dambisa Moyo) are introduced and analyzed in a contemporary context. Historical developments are discussed and heterodox alternatives elucidated. The interpretation of theoretical reflections is based on selected examples of societal environment. The additional discussion of critical voice, as well as artistic examples, deepens the analysis and reflection of economic theory.

After finishing the course students understand the theoretical main principles of economics, the conditions of their geneses, research programs and core economic implications. They are able to assess the interlinkages between socioeconomic positions, roles and structures and economic theory as well as to analyze the validity of fundamental assumptions of theoretical approaches.

Students must be present for 80% of the total class time, regardless of whether the class is on campus or online

The course is structured around lectures by the instructor, group discussion, in-class assignments, group presentations, museum visit and videos.

Attendance on the first day of class is mandatory for participation in the class.

4 ECTS