Economics

This course begins by discussing major issues that characterize the theoretical and methodological debates between economics and sociology. It then explores social science topics with the combined lenses of economists and sociologists. The first part of the course introduces and discusses differences and commonalities that traditionally characterize economics and sociology. Some space is devoted to the discussion of the concept of causality and to the introduction of the trade-offs and complementarity between quantitative and qualitative approaches. The second part of the course presents selected social issues both within economic and sociological perspectives. This includes recent research in the two disciplines about the economic and social consequences of international migrations; the advancements in understanding discrimination; the study of religion; the causes of illegal and deviant behavior. The final part of the course presents some recent studies about economists in the sociology of professions and discusses the way scientists from the two disciplines relate in the public and academic spheres.

Often the study of Economics begins with the Industrial Revolution, but recent work across the social sciences makes it increasingly clear that the important antecedents are found further in the past. The course takes students from the Neolithic Revolution to the present day. It will focus on the deep roots of divergence, considering economic and social structures before industrialization, exploring arguments about how and why living standards and economic performance have improved markedly, while at the same time, looking at how development has diverged between different societies and across societies at the same point in time. The course endeavors not just to describe these processes, but also to suggest and consider explanations for them.

This course provides an overview of how individual consumers and firms interact through the institution of competitive markets. The objectives of the course are for students to understand what a market is; describe the market behavior and be able to make precise predictions regarding the outcomes of market interactions; analyze the welfare properties of market outcomes; understand phenomena that lead to departures from efficiency, such as externalities, public goods, and asymmetric information; and investigate the role of uncertainty in making decisions.

This course provides students with a thorough understanding of core concepts and methods of macroeconomics, as a foundation for subsequent study of macroeconomic topics within the degree program, and as one of the key elements in the professional training of an economist.

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