In a modern world, a person who knows economics and the language of economics is well-equipped to analyze events and developments and at the same time participate on an informed basis in the business world. In this course, we study the principles of economics without assuming any formal training in it.
The course revolves around commonly asked questions on economics that many people have when they follow world news. Moreover, during the course we equip the participants with an understanding of basic economic concepts and explain the words heard in the news every day; for example; money markets, optimal currency areas, real interest rates, inflation, and business cycles.
Everything you wanted to know about economics
– but were afraid of asking
The course is meant to be highly informative, but also fun and entertaining. So, we cover areas of general interest, and along the way we look at the economics behind phenomena such as increasing house prices, the economic rationale that explains why a country may not want to use all its oil money on current purposes, and the economic causes of the largest financial crisis in 80 years.
Who is the best-suited participant in this course?
The course is designed for participants who know nothing or little about Economics, but who are curious about the terminology we meet in media and from professionals.
This course will be especially useful to a participant who is in a managerial position, is a part of a firm’s strategic decision making team, or is involved with the implementation of long-term plans in an organization’s human relations division. The course combines lectures with discussions.
Learning outcome
A participant will obtain basic knowledge about the analytical tools of Economics through the application on real-world phenomena. In addition, a participant will be able to explain the background for demand and supply, the determination of a price, and the role played of relative prices as information signals.
Through questions and answers of important current economic questions, the participant will acquire an understanding of what determines the interest rate, why unemployment exists, and the driving forces behind business cycles. We will see factors behind growth for firms and for countries and what drives productivity in firms and in countries.
The course covers topical questions such as housing prices, currency issues, and the last financial crisis. After this course, a participant will know why prices are higher in some countries, why oil revenues cannot be spent indiscriminately, what drove house prices upward, and why not all countries are rich.
Focus of attention
- Markets, prices, demand and supply
- Competition and market power, pricing strategies
- Money and interest
- Business cycles and growth
- Housing, finance, and currency
Academic Leader and areas of expertise
Erling Røed Larsen is an Associate Professor at BI Norwegian Business School, Dept. of Economics where he teaches and does research and a Senior Economist II (20%) at Formuesforvaltning where he comments market developments. At BI, he teaches microeconomics at the graduate level for “Siviløkonom”-students and managerial economics for Executive MBA-students.
He has published 16 articles in peer-reviewed international journals and his research revolves around empirical studies of microeconomic behavior and covers several areas, from market demand to house prices; from inflation measurement to the impact of oil discoveries.
He enjoys explaining economic phenomena to non-economists and has written three popular economics books. In addition, he writes column in Aftenposten, “Ukeslutt” on current economic events.
