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Irene van Staveren, Rob van Tulder, and Maria Dafnomili

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!

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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!

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Syllabus

Introduction to Pluralist Economics
Micro Economics: Individuals, Households and Consumers
Micro Economics: Firms and Markets
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Micro Economics: The state
Micro Economics: Factor Markets
Macro Economics: Real and Monetary Economy
Macro Economics: Growth and Trade
Macro Economics: Nature and Wellbeing & Poverty

Good to know

Know what's good
, what to watch for
, 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

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Reviews summary

Pluralistic intro to economic theories

Learners say Introduction to Economic Theories delivers an excellent overview of economics with an engaging style. The course takes a pluralistic approach, exploring different economic theories through the lenses of social, institutional, post-Keynesian, and neoclassical schools of thought. Learners appreciate the clear explanations, practical examples, and lively presentations by the instructors. However, some mention a need for more in-depth coverage of complex concepts and a reference textbook for supplemental reading.
Lectures are clear, well-structured, and use engaging examples.
"It is fruitful and interesting to be introduced to economic theories from plural perspectives. The Mooc was well structured and presented nicely."
"The course was very clear in terms of learnings."
"The faculty was very wonderful and lively, and has made genuine efforts to make us understand complex economic principles in a very simple way with the help of practical examples."
Explores various economic theories from multiple perspectives.
"pluralist perspective, this means, "pluralist" in the sense that looks at some issues from different angles"
"I am an economics educator and the pluralistic approach was both refressing and useful."
"It was a very promising concept for a course, comparing multiple economic theories and challenging traditionally accepted neoclassical thinking."
Some learners found the coverage of complex concepts to be brief.
"A lot of theory was glossed over very quickly. Perhaps too quickly for beginners requiring more background."
"Additionally, I was wondering if the course text, which I did not purchase, I relied entirely on my notes, could be made available on line or in paperback."
"The difference with simplistic neoclassical economics as often taught at both school and university level jumped out at me."
Many learners recommend using a supplementary textbook.
"it was very difficult to complete without additionally renting the textbook."
"Perhaps too quickly for beginners requiring more background."
"While there were some references to a textbook, one wasn't provided with the course."

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
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.
Show steps
  • 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'
Gain a practical and accessible introduction to economic concepts through real-world examples.
Show steps
  • 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
Participate in online or in-person discussions with fellow students to exchange perspectives and clarify concepts.
Browse courses on Microeconomics
Show steps
  • Attend discussion sessions regularly
  • Prepare questions and comments
  • Listen actively to others' opinions and viewpoints
  • Contribute thoughtful insights and analysis
Six other activities
Expand to see all activities and additional details
Show all nine activities
Practice Microeconomic Concepts
Solve practice problems and simulations to reinforce your understanding of microeconomic principles.
Browse courses on Microeconomics
Show steps
  • 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
Engage with online tutorials and simulations to visualize and understand macroeconomic models.
Browse courses on Macroeconomics
Show steps
  • 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
Consolidate your learning by creating a structured summary of key concepts, theories, and examples from the course.
Browse courses on Microeconomics
Show steps
  • 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
Engage with the wider economic community by collaborating on open-source projects and sharing your own insights.
Browse courses on Open Source
Show steps
  • 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
Apply course concepts to a real-world issue and develop a policy proposal.
Browse courses on Economic Inequality
Show steps
  • 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
Design and implement an experiment to test economic theories and gain hands-on experience.
Browse courses on Behavioral Economics
Show steps
  • 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.

Reading list

We've selected 28 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Introduction to Economic Theories.
Some of the topics covered in this book include consumption, saving, work, crime, family, sex, and gender. Robert Frank argues that humans are like other animals: We must make our living in a world we did not design. It should not surprise us, then, that our behaviors often do not conform to the dictates of neoclassical economics.
This textbook for intermediate macroeconomics courses. It provides a rigorous treatment of the major concepts in macroeconomics.
This textbook for intermediate microeconomics courses. It provides a rigorous treatment of the major concepts in microeconomics.
Provides background and foundation for understanding the competing schools of economic thought that are the focus of this course.
Provides a new framework for thinking about economics. It argues that we need to move beyond the traditional focus on GDP and instead focus on creating a more sustainable and equitable economy.
Explores the history of inequality. It argues that inequality is not a natural state of affairs, but rather a product of human violence and coercion.
This popular textbook for introductory economics courses. It provides a comprehensive overview of the major concepts in economics.
This textbook covers the macroeconomic concepts and topics included in this course, but from a neoclassical perspective. It will help learners to see how one school of economic thought approaches these topics.
Examines the long-term trends in income and wealth inequality. It argues that inequality major threat to economic growth and social stability.
Explores the relationship between economic inequality and social outcomes. It argues that more equal societies are healthier, happier, and more prosperous.
Will help you understand how markets work, and why so many of us are so bad at predicting what will happen in the economy. It will also help you see that economics is not just about numbers and graphs, but about people and stories.
Covers macroeconomic concepts and includes real-world examples. It can help to supplement the material presented in this course and illustrate how economic theories can be applied to the real world.
Explores the relationship between economics and happiness. It argues that happiness is not just a matter of personal choice, but is also influenced by economic factors.
Explores the challenges posed by the end of economic growth. It argues that we need to develop new economic models that are more sustainable.
Explores the future of capitalism. It argues that we are entering a new era of economic development that will be characterized by the decline of traditional capitalism and the rise of new economic models.
Explores the dangers of using metrics to measure economic performance. It argues that metrics can often be misleading and that we need to be careful not to let them dictate our economic policies.
Explores the challenges facing capitalism in the 21st century. It argues that we need to rethink our understanding of capitalism and develop new models that are more sustainable and equitable.
Is an introduction to economic pluralism and its history. It can help the learner to understand the foundations and principles of economic pluralism.
Critique of economic determinism. It can help learners to understand the limitations of economic theories in predicting the future and the importance of considering a variety of factors when making economic decisions.
Study of wealth and inequality. It can help learners to understand the role of economics in society and the impact of economic policies on wealth distribution.
Uses everyday examples to explain economic concepts. It can help learners to see how economic theories can be applied to the real world and make economics more accessible.
Uses data to explore unexpected and counterintuitive economic phenomena. It can help learners to see how economic theories can be used to understand a variety of social issues and make economics more engaging.
Explores the relationship between economics and happiness. It can help learners to understand how economic theories can be used to improve well-being and make economics more meaningful.

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