Use real-world data and historical evidence to understand global trends in prosperity, inequality, and climate change, and examine how capitalism, institutions, and technological revolutions have shaped the modern world and its limits.
Economics for a Changing World: Power, Incentives, and Fairness
This is a Level 1 course from the Economics, and Management and Innovation majors, part of the Open Bachelor’s programme. It is worth 6 ECTS and takes place in Term 1 in Lisbon.
Course Summary
Economics is more than unemployment and inflation — it’s about understanding the world we live in and how we interact with each other. Jump straight into tackling some of the most pressing challenges we face today: What impact will AI have on jobs and inequality? How can capitalism evolve to support a sustainable future? In using the revolutionary CORE syllabus, you’ll work with real data and evidence to explore how power, incentives, and fairness shape economic outcomes. Through live experiments, debates, and collaborative projects, you’ll build a rigorous understanding of how economies and societies function — and how they can change. No matter your path, you’ll develop the skills and insight to tackle the challenges of a rapidly changing world. You’ll gain the tools to critically assess economic narratives and to contribute meaningfully to debates on shaping the future of our economies.
Course Learning Outcomes (CLOs)
| Description | Mapped to Human Intelligence | |
|---|---|---|
| CLO 1 | Describe and identify key economic concepts (e.g. scarcity, opportunity cost, incentives) and explain how they help make sense of selected real-world scenarios. | CI3 – Mastery of Theoretical Foundations |
| CLO 2 | Apply core microeconomic principles to real-world situations, including those involving power dynamics and fairness, and interpret their societal implications. | CI4 – Mastery in Knowledge Application |
| CLO 3 | Accessibly communicate the insights from economic analysis in real-world situations, such as those involving market failures or policy impacts, clearly and accessibly, to a wide, non-specialist audience. | SEI3 – Effective Communication |
Assessment
| Assessment Type | Weighting of Course Grade | Group Assessment? | Invigilated? | CLOs Mapped | |
|---|---|---|---|---|---|
| Assessment 1 | Evaluative – Quiz | 20% | No | Yes | CLO 1 |
| Assessment 2 | Digital – Digital Artefact | 40% | Yes | No | CLOs 1, 2, 3 |
| Assessment 3 | Practical – Case Study | 40% | No | Yes | CLOs 1, 2, 3 |
- Assessment 1 Description: A multiple-choice quiz administered around the mid-point of the course, designed to assess students’ understanding of foundational economic concepts and terminology. The quiz provides early diagnostic feedback to help students consolidate core knowledge and identify areas for improvement.
- Assessment 2 Description: In groups of 3–4, students select an economic event (e.g. the COVID-19 lockdowns) and apply economic concepts and models introduced in class to analyse its causes and/or consequences. The project requires students to provide contextual information, explain their analytical approach, and reflect critically on the strengths and limitations of the models used. The assignment runs throughout the course, with milestones to support project planning and group coordination. The final deliverable is a conference poster accompanied by a 10–15 minute in-class presentation, followed by a 5-minute Q&A session with peers (simulating a conference presentation, which will be spread over a few classes). The presentation should aim to communicate economic reasoning clearly and accessibly to a general audience. Feedback is provided by the Fellow at the end.
- Assessment 3 Description: Conducted under exam conditions at the end of the course, this briefing memo challenges students to apply economic tools to an unseen hypothetical or real-world scenario (e.g. a policy proposal or a news graph). Students must identify relevant concepts, interpret the scenario using appropriate models, and communicate their reasoning clearly and concisely. This includes analysing potential trade-offs, outcomes, or stakeholder impacts. The task focuses on individual synthesis and clarity of thought, without the use of digital tools. Graphs and simple calculations may be used to support the analysis; these are excluded from the page limit.
Indicative List
of Topics
Explore how economic outcomes are shaped by differences in bargaining power, endowments, and institutional rules, and assess competing views on fairness, redistribution, and the role of policy in reducing inequality within and between societies.
Investigate challenges like climate change and public health through the lens of strategic interaction and game theory. Understand why cooperation is hard, and how social norms, repeated interactions, and public policy can make it possible.
Analyse how technological progress affects work, wages, and wellbeing. Consider who benefits (and who is left behind) as innovation drives changes in labour markets, working hours, and the global distribution of income.
Study how markets can succeed or fail in addressing the world’s biggest challenges, from pollution and resource use to financial exclusion and risk. Learn when private incentives align with the public good, and when new rules or institutions are needed.
