Economics

This course introduces students to the politics, governance, and ethics of sustainability and examines major current global challenges divided into economic, political, and environmental issues. Climate change is only one of many environmental issues facing  the planet, but due to its importance and overwhelming impact, it is given the main focus of this course. The course not only looks at the science behind and consequences of global warming, but also studies the two pillars of the global climate governance: the IPCC (Intergovernmental Panel on Climate Change) and the UNFCCC (United Nations Framework Convention on Climate Change). The analysis of the UNFCCC process further leads the course to review the Paris Agreement from 2015. The course discusses how effective it can be in dealing with one of the biggest threats of the 21st century and whether it can still achieve its goal of limiting global warming to “well below 2°C/1.5°C”. A special session is devoted to technological, political, social, and economic solutions to environmental issues. 

The course explores questions such as do people – as purported by some – need to replace capitalism and stop economic growth in order to prevent further environmental destruction? Or is there a way to move towards a “green growth," and utilize the benefits of the free market to increase environmental protection? This discussion leads the course to the question of what the future will look like. Will people continue to cross planetary boundaries and endanger the capability of different ecosystems? Or will the 21st century witness a major shift away from fossil fuels and environmental destruction to a more sustainable economy? The discussions in the class are complemented by at least two field trips and possibly a visit of a guest speaker.  

This course explores the role of money and banking in normal and crisis times as well as the most recent developments in the financial industry, namely cryptocurrencies and blockchain technologies. In particular, students investigate the role of credit for economic growth, why do banks exist and how they do compete. Students then research how banks possibly triggered the Great Financial Crisis (2007-08) as well as governments’ policies in response. Finally, the course devotes its attention to the most recent development in the money and credit markets, such as blockchain technologies and cryptocurrencies, with specific emphasis on bitcoins. The course is articulated around standard theoretical models, empirical evidence, policy developments, and case studies. With the latter respect, students take advantage of the international dimension of the UCL Summer School and draw from the experiences of different countries in the world

This course studies important theoretical progresses made in game theory and the asymmetric information theory, and then applies these theories to policy issues including privatization, deregulation, and quasi-market. It includes an introduction of basic concepts and models of game theory and their policy applications. Topics include Nash equilibrium, mixed strategy, subgame perfect Nash equilibrium, perfect Bayesian equilibrium, and principal-agent model.