ökb051 Recent approaches and fields of application of economics (Complete module description)

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Students
- Are familiar with the lines along which economic thinking has developed
- Understand how key concepts of micro- and macro-economic theory fit into the history of economic thought
- Are familiar with theories of Institutional Economics and can apply these to the discussion of problems
- Have a basic understanding of new approaches to Game Theory, behavioural economics and experimental economic research
- Can identify similarities and differences between the various theoretical approaches

The module comprises two lectures:

The Development of Economic Thinking, and Recent Approaches
This lecture will deal, first, with the history of economic thought and the main lines of its development. Starting with classic approaches (e.g. Smith and Ricardo), we will go on to discuss the key ideas of selected economists (e.g. Marx, Keynes, Friedman and Schumpeter). We will classify these according to the paradigms of economic theory on which they are based. Next, the lecture will focus on more recent, as well as the very latest, approaches to economics. Here we will present the main outlines of New Institutional Economics, Game Theory, Behavioural Economics and experimental economic research.

Micro-Economic Theories and Their Areas of Application
The second lecture discusses important micro-economic theories. These include approaches related to Institutional Economics (Transaction Cost Theory, Property Rights Theory, Principal Agent Theory), decision-making theories, organisational theories and resource-oriented theories. These will be discussed in a social context and also in the context of the history of economic ideas. We will also analyse the relevance of these theories to firms and the world of business today. How useful are they to the actions and decisions of business people?

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- Göbel, E. (2002): Neue Institutionenökonomik. Konzepte und betriebswirtschaftliche Anwendungen. Stuttgart.
- Kurz, H.-D. (2013): Geschichte des ökonomischen Denkens Taschenbuch. München.
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- Schwaiger, M.; Meyer, A. (Hrsg.) (2009): Theorien und Methoden der Betriebswirtschaft: Handbuch für Wissenschaftler und Studierende. München.