You will apply the core principles of economics to meaningful events in the economy. Woven within the standard economic topics and established theories are novel features unique to the mission of Ubiquity University. Progressive issues and contemporary economic theories are all organized with a synthesis of two interdisciplinary metatheories (Integral and Field Metatheories). This method makes connections among the individual theories in the course along with added links to your core curriculum. Standard topics include cost-benefit analysis, supply and demand, externalities, public goods, taxation, populism, special interests, hiring decisions, payments to resources economy-wide, competition and monopoly, markets and government, consumption and investment, long run economic growth, recessions and bubbles, technological revolution, and financial markets. Key economic concepts include diminishing returns, division of labor, marginal product, and returns to scale. Interwoven novel aspects include humanistic valuations and needs, collaborative consumption, alternative currencies, and evolutionary and interdisciplinary aspects of economic growth.
Course Learning Outcomes
By the end of the course students should be able to:
- Build economic understanding and skills to competently use and apply economic concepts and models to problem solving and decision making; master standard principles of economics through problem solving and news and cases analyses.
- Use economics to critique existing policy and recommend better-justified policies from various stakeholder perspectives.
- Express thoughtful and mature understanding of the normative implications of the conclusions they draw to account for one’s own and others’ interests; contextualize standard principles of economics with interdisciplinary theory and evidence on values, morals, and guiding strategies; especially through interactive assignments with peers with instructor feedback, modify conclusions in an environment of various perspectives with tools to help judge validity of economic understanding.
- Choose the appropriate model or acknowledge when an issue is beyond the reach of the models; use metatheoretical tools to organize, orient, and more appropriately apply the various economic concepts and models.
- Critique economic policy from a particular perspective and work with other students representing alternative perspectives to improve upon existing policy; defend the partial validity of their perspective while honoring the partial validity of other perspectives.