Economics examines laws of human interactions from a specific perspective.
As with other subjects in the Social Sciences, Economics examines the laws of human interaction. Unique to this subject is its particular perspective, from which it develops its statements; for example, the behavior of individuals and groups is attributed to the fact that scarcity exists. Scarcity explains basically, why people organize labor and bargain with each other. Moreover, with this basic model, various phenomena are explained. Some examples:
- How goods and financial markets work
- How political coordination processes work
- The logic behind globalization
Social rules and policies
In addition to the explanations of laws in Economics, recommendations are also given for the formulation of social rules and policies. For this, a target is required, which is met through rules and policies. Based on the laws of human interaction, the following issues may be discussed:
- Under which conditions do markets work in order to achieve the best possible goals for society? And in which cases do they not work?
- Where is the ideal balance in the relationship between markets, government regulation and the public offer of goods?
Microeconomics and Macroeconomics
In the Assessment Year, students become familiar with the fundamental questions of Economics. Students learn about current relevant theories and how to apply these to specific social issues. Microeconomics I in the Autumn Semester complements Macroeconomics I in the Spring Semester in terms of methodology and content.