In the area Foundations of Economics economics is conceived as a science of markets. The foundtion courses show what leads to supply and demand, and how, in the interplay of these two quantities, markets then function, that is, how prices and trade volumes in certain market forms are and change. It highlights the efficiency and the limitations of the market mechanism, as well as the existing or lacking ethical content of a market economy. In addition, the foundations include an overview of the computation of national accounts, from which, for example, the gross domestic product and economic growth can be determined.
The subject area of Applied Economics is divided into two parts. In the first section, the theory is introduced that shows in which well-defined cases markets can fail. The second part deals with the markets for factors of production. It shows the functioning, but also the problems of money markets and labour markets. In this context, students are introduced to two policy options: supply-side and demand-oriented economic policy.
In the area International Financial Markets (elective), markets for financial products such as equities, bonds and foreign exchange are studied. The focus is on the special features of stock exchange trading, the possibilities of using cash and derivative trading with its derivative products, pricing, and trading and risk-containment strategies. This also includes an introduction to the world of portfolio and capital market theory and risk management.
In the elective World Economy / European Integration the foundations of European integration, such as history and actors of the European Union, are presented. In addition, current events are discussed, such as the current debt crisis in the EU and the UK's exit from the EU (Brexit). In the area of world economics, students cover the functioning and criticism on globally active institutions such as the International Monetary Fund, World Bank, World Trade Organization and the group of the 20 leading industrial and emerging economies.
In the subject Economic Policy the advantages and disadvantages of globalisation are presented to the students. Here, among other things, the internationalisation strategies of small and medium-sized enterprises are discussed. It introduces the balance of payments and the presentation of exchange rates.
In the subject area International Economics, the classical structure of foreign economic theory and politics is offered: the real theory follows the monetary theory as well as the customs theory. Students work through the political area by independently studying current literature, also from the internet.
The area of Environmental Economics deals with goals and principles of German and European governments and actors. The instruments of environmental economics (conditions, negotiations after Coase, taxes and environmental certificates) are discussed intensively. International environmental conference results, political implementation, and (mis) successes are finally examined critically.
Further information about the individual modules in the Modulux
Lectures - Undergraduate (Bachelor's)
· Introduction to Economics
· Applied Economics
· International Financial Markets
· World Economics / European Integration (English)
· Environmental Economics
Lectures - Post-graduate (Master's)
· International Economics (English)