Understanding Economics

Level: Undergraduate

Division: The New School for Public Engagement

School: School of Undergraduate Studies

Department: Social Sciences

Course Number: NECO 2001

Course Format: Lecture

Location: Online

Permission Required: No

Topics:

• Economics
• Economic Development
• Social Sciences

Description:
This course is an introduction to economics and the problems it addresses. We begin with a brief analysis of the historical conditions that led to the emergence of capitalism to gain an understanding of its defining characteristics and the way the questions economics addresses took shape. These questions are examined through the lives and works of prominent economists (Adam Smith, David Ricardo, Karl Marx, Alfred Marshall, John Maynard Keynes, Joseph Schumpeter). We look at questions like: How does society reproduce itself? How is economic output produced and distributed? How can seemingly disorganized markets achieve growth? We then examine these economists’ theories and the problems addressed by economics in light of modern economies and recent case studies. These analyses shed light on problems modern economies face concerning employment, working conditions, financial markets, institutional structures, and the role of governments, allowing them to be understood with greater clarity and in historical context. No background in economics is required for this course.