Introduction to Economic Theories from Coursera

Wondering why economists have not predicted serious financial crises? Shocked by economic assumptions of human behavior as self-centered and focusing only on what can be measured? Asking yourself if there are no sensible economic alternatives to free markets? Then you are at the right place to learn economics!

This is the first online course that teaches economics from a pluralist perspective. Economic pluralism means that a plurality of theoretical and methodological viewpoints is regarded as valuable in itself and is simply the best way in which economics can make progress in understanding the world. This MOOC will illustrate economic pluralism not only in substance but also in form. You will see not only me, a Professor of Economics, but also a pop-up Prof of our business school, who illustrates the actor perspective of firms, government and civil society. And you will meet an online student, based in Greece, who will help you through the tutorial videos in which I will explain key concepts, tools and techniques.

I will not limit myself to the dominant theory, as almost every other course does. Instead, I will introduce you to four very different economic theories for the whole set of standard topics in microeconomics and macroeconomics. The theories are presented every time from broad and more interdisciplinary to narrow and more mathematical. The four theories that I like to introduce you to are Social Economics, Institutional Economics, Post Keynesian economics and, at the very end of each topic, Neoclassical Economics, for the special case of ideally functioning markets. But not everything is different in this course. Like every economics course, it includes numbers, diagrams, tables, equations, and some calculations.

Why would you go through the effort of learning the basics of four theories instead of one? Because it will help you to see why many economists cannot predict crises, whereas others can see signals but are often not being listened to because they do not belong to the dominant school of thought. It will also enable you to see that it is just one theory claiming economic agents to be self-centered and focusing on the measurable only. Other economic theories go well beyond these limitations. And, finally, the pluralist approach will provide you with policy alternatives to neoliberalist policies promoting free markets.

The objective of this course is twofold. First, to enable you to understand different economic viewpoints, linked to important traditions in economic thought, and basic economic concepts belonging to these theoretical perspectives. Second, to enable you to do some basic economic calculations that are important in economic life, such as calculating an inflation rate, and in economic policies, such as estimating the rough gains from trade for both trading partners, and in economic arguments, such as in calculating utility maximization with given prices and budgets.

Please note that if you do all course elements, total course load is likely to be 4 ECT (approx. 134 hours).

I hope you will enjoy the course!

What's inside

Syllabus

Introduction to Pluralist Economics

Micro Economics: Individuals, Households and Consumers

Micro Economics: Firms and Markets

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Examines economics from multiple perspectives to provide a nuanced understanding of how the economy works

Introduces four distinct economic theories, enabling learners to grasp the diversity of economic thought

Explores micro and macroeconomics, covering a wide range of topics relevant to modern economic analysis

Challenged conventional economic assumptions, encouraging learners to think critically about economic models

Provides a solid foundation in economic principles and concepts for beginners in the field

Led by experienced instructors from diverse fields, including economics, business, and social sciences

Reviews summary

Pluralist introduction to economic theories

According to learners, this course provides a distinctive pluralist perspective on economics, moving beyond the single dominant view. Students appreciate being introduced to various schools of thought, including Social Economics, Institutional Economics, Post Keynesian economics, and Neoclassical Economics. This approach helps learners understand why different economists analyze the world differently and provides alternative viewpoints on economic phenomena. While some find covering multiple theories presents a challenging breadth, many report gaining a broader and more nuanced understanding of the field. The course also includes necessary basic economic calculations.

Reinforces theory with simple math.

"The calculations were not too difficult and helped illustrate the concepts."

"Includes examples of basic economic calculations like inflation rates."

"Quantitative parts were manageable even for someone not strong in math."

Balancing multiple theories is challenging.

"Covering four different theories was a lot to take in at times."

"It can be overwhelming trying to fully digest each perspective."

"Needs dedicated study time to distinguish between the different schools properly."

"The breadth is great, but it necessarily limits the depth on any single theory."

Helps compare and contrast economic views.

"The way the course compared the different theories on key topics was the highlight."

"Seeing how different schools approach things like markets or the state was eye-opening."

"It provides tools to critically evaluate economic arguments from different angles."

"Helped me understand why economists can have such different opinions."

Offers multiple economic perspectives.

"Loved finally getting exposure to economic theories beyond just the neoclassical."

"The pluralist approach is what makes this course stand out and feel relevant today."

"It was refreshing to see different ways of thinking about the economy."

"Understanding the various schools of thought was incredibly valuable."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Introduction to Economic Theories with these activities:

Review the history of economic thought

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Refreshing your knowledge of the history of economic thought will provide you with a strong foundation for understanding the different economic theories presented in the course.

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Read articles and books on the history of economic thought.
Attend lectures or watch videos on the topic.
Take notes and summarize your learning.

Read 'The Undercover Economist'

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Gain a practical and accessible introduction to economic concepts through real-world examples.

View The Truth Detective: How to Make Sense of a... on Amazon

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Read the book thoroughly
Take notes and highlight important concepts
Reflect on how the concepts apply to your own experiences

Engage in Course-Related Discussions

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Participate in online or in-person discussions with fellow students to exchange perspectives and clarify concepts.

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Attend discussion sessions regularly
Prepare questions and comments
Listen actively to others' opinions and viewpoints
Contribute thoughtful insights and analysis

Six other activities

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Practice Microeconomic Concepts

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Solve practice problems and simulations to reinforce your understanding of microeconomic principles.

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Identify the relevant concepts and principles
Apply the concepts to solve problems and simulations
Review your results and identify areas for improvement

Explore Macroeconomic Models

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Engage with online tutorials and simulations to visualize and understand macroeconomic models.

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Identify the purpose and assumptions of the model
Follow the step-by-step instructions
Analyze the results and interpret their implications

Create a Comprehensive Course Summary

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Consolidate your learning by creating a structured summary of key concepts, theories, and examples from the course.

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Review your lecture notes, assignments, and other course materials
Identify the most important concepts and theories covered
Organize and present the information in a logical and concise manner
Review your summary regularly to reinforce your understanding

Contribute to the Pluralist Economics GitHub Repository

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Engage with the wider economic community by collaborating on open-source projects and sharing your own insights.

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Explore the repository and identify a project to contribute to
Review the project's documentation and code
Make small, incremental contributions
Engage with other contributors and seek feedback

Build a Policy Brief on Economic Inequality

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Apply course concepts to a real-world issue and develop a policy proposal.

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Research the issue and gather data
Analyze the data and identify potential policy solutions
Develop a policy proposal and outline its potential impact
Present your policy brief to peers or experts for feedback

Conduct an Economic Experiment

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Design and implement an experiment to test economic theories and gain hands-on experience.

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Formulate a research question and hypothesis
Develop an experimental design and methodology
Conduct the experiment and collect data
Analyze the results and draw conclusions
Disseminate your findings through a written report or presentation

Career center

Learners who complete Introduction to Economic Theories will develop knowledge and skills that may be useful to these careers:

Lecturer In Economics

A Lecturer in Economics typically requires a PhD in Economics. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories which will allow someone in this line of work to better understand their field.

See salaries and explore the career path for Lecturer In Economics

Assistant Professor of Economics

An Assistant Professor of Economics typically requires a PhD in Economics. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories which will allow someone in this line of work to better understand their field.

See salaries and explore the career path for Assistant Professor of Economics

Economist

An Economist typically requires a master's degree in economics. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories, which will allow someone in this line of work to better understand their field.

See salaries and explore the career path for Economist

Market Research Analyst

A Market Research Analyst typically requires a master's degree in applied economics or quantitative methods. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories, which will allow someone in this line of work to better understand their field.

See salaries and explore the career path for Market Research Analyst

Quantitative Analyst

A Quantitative Analyst typically requires a master's degree in applied economics or quantitative methods. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories which will allow someone in this line of work to better understand their field.

See salaries and explore the career path for Quantitative Analyst

Risk Analyst

A Risk Analyst typically requires a master's degree in financial engineering, statistics, or economics. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories which will allow someone in this line of work to better understand their field.

See salaries and explore the career path for Risk Analyst

Management Consultant

A Management Consultant typically requires a master's degree in business administration or a related field. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories which will allow someone in this line of work to better understand their field.

See salaries and explore the career path for Management Consultant

Financial Analyst

A Financial Analyst typically requires a bachelor's degree in finance or a related field. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories which will allow someone in this line of work to better understand their field.

See salaries and explore the career path for Financial Analyst

Actuary

An Actuary typically requires a bachelor's degree in mathematics or a related field; however, a master's degree is preferred. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories, which will allow someone in this line of work to better understand their field.

See salaries and explore the career path for Actuary

Statistician

A Statistician typically requires a master's degree in statistics or a related field. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories, which will allow someone in this line of work to better understand their field.

See salaries and explore the career path for Statistician

Data Scientist

A Data Scientist typically requires a master's degree in computer science, statistics, or a related field. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories, which will allow someone in this line of work to better understand their field.

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Operations Research Analyst

An Operations Research Analyst typically requires a master's degree in operations research, industrial engineering, or a related field. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories which will allow someone in this line of work to better understand their field.

See salaries and explore the career path for Operations Research Analyst

Financial Risk Manager

A Financial Risk Manager typically requires a master's degree in finance or a related field. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories which will allow someone in this line of work to better understand their field.

See salaries and explore the career path for Financial Risk Manager

Investment Analyst

An Investment Analyst typically requires a master's degree in finance or a related field. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories which will allow someone in this line of work to better understand their field.

See salaries and explore the career path for Investment Analyst

Policy Analyst

A Policy Analyst typically requires a master's degree in public policy or a related field. This course may be useful for someone in, or looking to enter this career path, as it will help build a foundation in economics. The course in particular introduces four very different economic theories, which will allow someone in this line of work to better understand their field.

See salaries and explore the career path for Policy Analyst