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.

After completing this course you will:

• know what role social institutions play in the economy and how they influence economic outcomes;
• be familiar with the capability approach to the study of human behaviours and understand the need to include multiple dimensions in the measure of human wellbeing
• have experienced how macroeconomic modelling can be useful for addressing biophysical boundaries and inequality.

In case of no changes in the official university guidelines, this course will therefore be taught entirely on campus.

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, in-class lectures, online lectures,  and coaching. It is important that you participate in as many classes as possible and do the obligatory readings for each session. Sometimes, there are also videos to watch.

In the first part of the course, comprised of the first five sessions, 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 2-4 and 7 there will be quizzes on the provided learning materials.

The second half of the course 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 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.

This course is a VUE course, which means that there are several components that determine your grade. Below is an explanation of how each component of the course will be weighted and how your final grade will be determined:

• Quizzes - At the beginning of classes 2-4 and 7, there will be a short (15 minute) two-question quiz based on the previous week's readings. Please be on time for the quiz. Each quiz is worth a maximum of 10 points and there will be four quizzes on March 21, April 11,  April 18 and May 16. The quizzes will take place at the beginning of named sessions (10:00 am) and will be paper and pencil based. Students will therefore need to be physically present at these sessions in order to receive these marks.

• Group work - using dynamic systems modelling (STELLA) you will develop your own model on a topic of your choice based on the Victor/Jackson macroeconomic model which uses the same technique. Upload a 5 minute video presenting your model and code. 35 marks, due 23 June 2024 23:59

• Exam on the content of the book "Managing without Growth - Slower by Design not Disaster" by Victor (2019). 20 points, 20 June 2024, 12:00 PM - 02:00 PM in TC.0.10 Audimax

• Journal - Actively read the course materials; record your thoughts as you read the materials; make connections to your existing knowledge; ask questions; formulate critiques. Upload the file with your journal. 5 marks, due 19 June 2024

Remember that 4 x 10 + 35 + 20 + 5 = 100 points.

Therefore, each possible mark represents one percentage point in the final mark scheme.

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

Please log in with your WU account to use all functionalities of read!t. For off-campus access to our licensed electronic resources, remember to activate your VPN connection connection. In case you encounter any technical problems or have questions regarding read!t, please feel free to contact the library at readinglists@wu.ac.at.

Tutor:
Paul Gross: paul.gross@wu.ac.at

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

Univ. Prof. Dr. Sigrid Stagl: 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

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