Study Guide

Objectives (course unit)

This course examines the economic problems and challenges faced by societies in the globalized world in the third decade of the 21st century. The course will examine and question the assumptions and approaches of neoclassical economics and whether they are still appropriate as we face the challenges of climate crisis, sustainability, inequity, injustice and developments in digitalization and artificial intelligence.

After completing this course, the student will:
• Briefly describe the historical arc of economic thinking and theorizing that brings us to our contemporary position.
• Examine the assumptions of neoclassical economics and critically reflect on their suitability for the challenges of the contemporary world.
• Apply macroeconomic thinking and approaches to understanding current economic issues.
• Explain macroeconomic concepts of the global economy and contemporary approaches to current global problems.
• Propose, articulate and debate solutions to global economic issues.

Content (course unit)

• Growth and Income
• Trade
• Globalization, investment and migration
• Money, banking, credit, wealth and inflation
• Development
• Marketization and Public Goods
• Monetary Policy
• Fiscal Policy
• Public Policy and society

Further information (course unit)

Grading criteria and assessment rubrics are based on the principles of authentic learning and assessment and use the SOLO framework – “Structural Observation of Learning Outcomes” (Biggs and Collis, 1982, Biggs 1999).
Not approved (0): The work is not of the required standard for a master’s degree (EQF Level 7)

Assessment criteria, satisfactory (1-2) (course unit)

The student demonstrates a basic and unsophisticated understanding of contemporary economic issues. Theories are described, but without evidence of critical understanding. Little evidence is provided of an understanding of the links and connections between various ideas and theories.

Assessment criteria, good (3-4) (course unit)

The student is able to discuss and explain complex macroeconomic ideas and exhibits a critical paradigm and positioning in relation to various neoclassical economic assumptions. Theories can be explained in terms of pros and cons and the student is able to express a clear position with regard to their own beliefs. There is evidence that the student can explain the connections between various aspects of economic theories and thinking.

Assessment criteria, excellent (5) (course unit)

The exceptional student can thoroughly explain all the key concepts and ideas in relation to contemporary global economics and justify their own position with regard to the key debates and issues. They are able to evaluate and synthesize policies and positions and explain the interconnectedness of economics in relations to social, cultural, historical, geopolitical and other factors.

Location and time

The classes will take place over eight weeks commencing in week number 34 and ending week 41. The classes are on Tuesdays.

Exam schedules

Assessment will take a variety of forms that include quizzes, presentations, discussions and writing tasks. The assessment schedule and details will be presented in class and discussed with students and shown in the Moodle implementation.

Assessment methods and criteria

The students are assessed on the basis of participation and engagement with course materials and activities, a comprehensive individual online exam and a video prepared in pairs or groups of 3. Engagement and understanding is evidenced making learning visible in course work, class discussion and presentation and Moodle forums with citations and references. There is a minimum 80% attendance requirement in this course in order to pass.

Grading criteria rubrics are based on the principles of authentic learning and assessment and use the SOLO framework – “Structural Observation of Learning Outcomes” (Biggs and Collis, 1982, Biggs 1999).

Assessment scale

0-5

Teaching methods

Students will be working individually, pairs and in small collaborative groups. Teaching strategies will include readings, discussion, facilitation, group, and individual work, synchronous and asynchronous. Active participation and collaboration will be essential. Students will be expected to demonstrate their learning by presenting work in writing, visually, orally and in presentations.

Learning materials

Materials will be provided in Moodle and are expected to be supplemented by the student’s own research and inquiry based learning.

Student workload

Students are expected to attend face to face classes and complete all independent work in the afternoons. There is a minimum 80% attendance requirement for this course. The scheduling of topics and themes in the course will be provided in Moodle.

Content scheduling

The division of content and the weekly schedule will be provided in the Moodle implementation.

Completion alternatives

If the student has completed corresponding studies at another university or university of applied sciences, the student may apply for credit transfer through Hyvähot system (accreditation of prior learning) CreTa. Approval will include the Competence Manager and Diploma 'Responsible Teacher'.

Practical training and working life cooperation

All tasks will be related to real world scenarios applying theory to practice.

International connections

The course looks at the field of international economics, while there is some focus specifically on both Finland and India as well and other important global economies.

Further information

More detailed information will be provided in Moodle and provided by the teacher in class.

Objectives (course unit)

This course examines the economic problems and challenges faced by societies in the globalized world in the third decade of the 21st century. The course will examine and question the assumptions and approaches of neoclassical economics and whether they are still appropriate as we face the challenges of climate crisis, sustainability, inequity, injustice and developments in digitalization and artificial intelligence.

After completing this course, the student will:
• Briefly describe the historical arc of economic thinking and theorizing that brings us to our contemporary position.
• Examine the assumptions of neoclassical economics and critically reflect on their suitability for the challenges of the contemporary world.
• Apply macroeconomic thinking and approaches to understanding current economic issues.
• Explain macroeconomic concepts of the global economy and contemporary approaches to current global problems.
• Propose, articulate and debate solutions to global economic issues.

Content (course unit)

• Growth and Income
• Trade
• Globalization, investment and migration
• Money, banking, credit, wealth and inflation
• Development
• Marketization and Public Goods
• Monetary Policy
• Fiscal Policy
• Public Policy and society

Further information (course unit)

Grading criteria and assessment rubrics are based on the principles of authentic learning and assessment and use the SOLO framework – “Structural Observation of Learning Outcomes” (Biggs and Collis, 1982, Biggs 1999).
Not approved (0): The work is not of the required standard for a master’s degree (EQF Level 7)

Assessment criteria, satisfactory (1-2) (course unit)

The student demonstrates a basic and unsophisticated understanding of contemporary economic issues. Theories are described, but without evidence of critical understanding. Little evidence is provided of an understanding of the links and connections between various ideas and theories.

Assessment criteria, good (3-4) (course unit)

The student is able to discuss and explain complex macroeconomic ideas and exhibits a critical paradigm and positioning in relation to various neoclassical economic assumptions. Theories can be explained in terms of pros and cons and the student is able to express a clear position with regard to their own beliefs. There is evidence that the student can explain the connections between various aspects of economic theories and thinking.

Assessment criteria, excellent (5) (course unit)

The exceptional student can thoroughly explain all the key concepts and ideas in relation to contemporary global economics and justify their own position with regard to the key debates and issues. They are able to evaluate and synthesize policies and positions and explain the interconnectedness of economics in relations to social, cultural, historical, geopolitical and other factors.

Location and time

The classes will take place over eight weeks commencing on Monday 21st August 2023 and ending on Monday 9th October 2023. Classes are scheduled from 09:00 - 12:00 in room H1-25. There will be independent work set for the afternoons.

Exam schedules

Assessment will take a variety of forms that include quizzes, presentations, discussions and writing tasks. The assessment schedule and details will be presented in class and discussed with students and shown in the Moodle implementation.

Assessment methods and criteria

The students are assessed on the basis of participation and engagement with course materials and activities and a Key Assessed Task (KAT). Engagement and understanding is evidenced making learning visible in the KAT, course work, class discussion and presentation and Moodle forums with citations and references.

Grading criteria rubrics are based on the principles of authentic learning and assessment and use the SOLO framework – “Structural Observation of Learning Outcomes” (Biggs and Collis, 1982, Biggs 1999).

Assessment scale

0-5

Teaching methods

Students will be working individually, and in collaborative groups. Teaching strategies will include readings, discussion, facilitation, group and individual work, synchronous and asynchronous. Active participation and collaboration will be essential. Students will be expected to demonstrate their learning by presenting work in writing, visually, orally and in presentations.

Learning materials

Materials will be provided in Moodle and are expected to be supplemented by the student’s own research and inquiry based learning.

Student workload

Students are expected to attend face to face classes on Monday morning and complete all independent work in the afternoons. The scheduling of topics and themes in the course will be provided in Moodle.

Content scheduling

The division of content and the weekly schedule will be provided in the Moodle implementation.

Completion alternatives

If the student has completed corresponding studies at another university or university of applied sciences, the student may apply for credit transfer through Hyvähot system (accreditation of prior learning) CreTa. Approval will include the Competence Manager and Diploma 'Responsible Teacher'.

Practical training and working life cooperation

All tasks will be related to real world scenarios and authentic assessment and applying theory to practice.

International connections

The course looks at the field of international economics, while there is some focus specifically on both Finland and India as well and other important global economies.

Further information

More detailed information will be provided in Moodle and provided by the teacher in class.

Assessment criteria - fail (0) (Not in use, Look at the Assessment criteria above)

(0) = Failure to complete tasks or submit work by agreed deadlines. No demonstration of appropriate concept or relevant processing of information. Student's works under this category have poor structure, irrelevant detail and some misinterpretation of the question, showing little logical relationship to the topic and poor use of examples.

Assessment criteria - satisfactory (1-2) (Not in use, Look at the Assessment criteria above)

1) = Preliminary processing but task is not approached appropriately. The structure of the student's work requires further development. Dogmatic presentation of a single solution to the set task. This idea may be restated in different ways. Little support from the literature.
(2) = Some aspects of task addressed but no connection or causation of relationship of facts or concepts. Student's works require further development of structure. A range of material has been selected and most of the material selected is appropriate.

Assessment criteria - good (3-4) (Not in use, Look at the Assessment criteria above)

3) = Several concepts are integrated so that the coherent whole has meaning. Student's works under this category are fairly well structured. Some issues identified. Attempt at a limited framework. Most of the material selected is appropriate.
(4) = Work is well structured with a clear introduction and conclusion. Framework exists and is well developed. Appropriate material with concepts integrated and connected. Content has logical flow, with ideas clearly expressed and application of knowledge or ideas. Clearly identifiable structure to the argument with discussion of differing views.

Assessment criteria - excellent (5) (Not in use, Look at the Assessment criteria above)

(5) = This is exceptional work. Student's works under this category are well structured with clear introduction and conclusion. Issues clearly identified; clear framework for organizing discussion or stages of problem solving; appropriate material selected. Evidence of wide reading from many sources, including those researched by the student. Clear evidence of sophisticated analysis or innovative thinking. Ideas and concepts are connected, work provided evidence of higher order skills including analytical thinking, critique, critical thinking and creativity.