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.