2302 - Philosophy of Economics
Course information
- Title
- Philosophy of Economics
- Course number
- 2302.22
- Academic year
- 2024-2025
- ECTS
- 5.00
- Level
- Bachelor
- Faculties
- History and Social Sciences
- Educations
- BSc in Economics and Management
- Prerequisites
- Students are expected to have attended the preceeding five semesters of the bachelor’s programme in economics
- Language of instruction
- Faroese
- Registration
- Students in a program are automatically enrolled. Students of a single subject, apply through the student affairs office lss@setur.fo
- Beginning date
- Monday, January 27, 2025
- End date
- Monday, May 26, 2025
Academic content
- Purpose
- The aim of the course is to introduce the foundation of economics as a science in practice. A foundational premise is that models are what makes economics a science, and economic models accordingly play a significant role in the curriculum • How are models used in economics? • Which are the crucial preconditions in the models? • Should preconditions reflect reality? • How do we choose between models?
- Learning outcomes
- Upon successful completion of the course the student will be able to Knowledge • Present his/her knowledge aquired at the course • Idendify, explain and discuss explanations, models and theories in economics • Present the ideas of the Logical Positivists, Karl Popper, Lakatos and Kuhn Skills • Discuss use and misuse of mathematics in economics • Explain the central preconditions in economic models • Explain and assess the traditional methodologies in economics • Explain the difference between models and theories • Discuss the quality and validity of popular ctiticism of economics • Discuss if economics is a science • Explain and discuss the significance of ethics and morality in economics • Identify normative motives in economic arguments • Discuss fairness in economics • Discuss the definition of economic science and its boundaries Competences • Present his/her competences to validate economics in practice and as a science, based on the topics studied at the course
- Content
- Utility plays a central role in economics and accordingly the course will include ethics and morality in relation to the concept of utility. During the course these topics will be covered: • Use and misuse of economics • The role of models in economics • Models and theories in economics • Methodological issues • The significance of ethics and morality • Equity and efficiency • The Pareto principle and cost-benefit analysis • Limitations for the power of the market • Fairness in economics
- Learning and teaching approaches
- Lectures, conversation and student presentations of homework
Assessment
- Assessment method
- Oral exam with preparation time
- Examination (internal/external)
- Internal
- Grading scale
- 7-scale
- Exam date/dates
- 17th of June.
- Deadline for withdrawal from exam
- Monday, January 27, 2025
Academic responsibility and teachers
- Academic responsibility
- Hans Ellefsen
- Teachers
- Johnny í Grótinum