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Earth Economics

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Earth Economics

Instructors: Peter A.G. van Bergeijk

12,172 already enrolled

Included with

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6 modules

Gain insight into a topic and learn the fundamentals.

90 reviews

Beginner level

Recommended experience

2 weeks to complete

at 10 hours a week

Flexible schedule

Learn at your own pace

6 modules

Gain insight into a topic and learn the fundamentals.

90 reviews

Beginner level

Recommended experience

2 weeks to complete

at 10 hours a week

Flexible schedule

Learn at your own pace

What you'll learn

Become a good economist that understands under which conditions an economic theory applies and can be used to inform evidence-based policy making

Skills you'll gain

Details to know

Shareable certificate

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Assessments

8 assignments¹

AI Graded see disclaimer

Taught in English

91%

of learners achieved a positive career outcome

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There are 6 modules in this course

After this course you will be an Earth Economist that can provide evidence-based advise on the best global policy. As an Earth Economist you will better understand the behavior and advice of economists, have become a better economist yourself and know where to find Earth's data and how to analyze these world observations. Our planet is too important: we need you to get engaged!

Earth Economics offers a completely new angle to policy analysis by its focus on the truly global level and its empirical orientation on very recent data. Sustainability (environmental and related to the UN's SDGs), equality and heterodox (that is: non mainstream) views on the economy are important for an Earth Economist. Taking stock of emerging planet data and analyzing policies during and following the Global Crisis, Earth Economics provides both a topical introduction into basic economic tools and concepts as well as insights in highly relevant problems and recent developments in planet production, growth and governance. An important issue is the provision of global public goods. Earth Economics highlights the importance of the United Nations, International Monetary Fund, the World Health Organization and the World Trade Organization.

Module details

Earth Economics offers a completely new angle to policy analyses by its focus on the truly global level and its empirical orientation on very recent data. Each week offers "Reflections on the economic impact of the Corona virus" (COVID-19) allowing you to apply what you have learned. But we have to look beyond the pandamic. Sustainability (environmental and related to the UN's SDGs), equality and hetrodox (non mainstream) views on the economy are important for an Earth Economist. Taking stock of emerging planet data and analyzing policies during and following the Global Crisis, Earth economics provides both a topical introduction into basic macroeconomic tools and concepts and insights in highly relevant problems and recent developments in planet production, growth and governance. You will also better understand the behavior and advice of economists, become a better economist and know where to find Earth's data and how to analyse these world observations. Our planet is too important: we need you to get engaged!

What's included

2 videos3 readings1 assignment1 discussion prompt

2 videosTotal 10 minutes

1. Introduction 'What on Earth is Earth Economics?'7 minutes
Solution exercise 13 minutes

3 readingsTotal 70 minutes

1. On the Need for Earth Economics20 minutes
Exercise 1 Does Earth's current account add up to zero?40 minutes
Reflections on the impact of the COVID-19 (Corona) crisis (1)10 minutes

1 assignmentTotal 20 minutes

Final test week 120 minutes

1 discussion promptTotal 10 minutes

Introduce yourself10 minutes

This set of three lectures provides you with a good introduction to the most often used data sources for the Earth Economy and their strengths and weaknesses. We study which activities generate value added and discuss both the merits and the drawbacks of the concept of Gross Planet Product (GPP). We will get a good idea about changes in the economic condition of our planet, both from business cycles and from changes in the world's unemployment rate. You will discover that economists are too optimistic about the reliability of their data but also that economist in the past have been too pessimistic about the development of the world economy.

What's included

6 videos7 readings1 assignment1 discussion prompt

6 videosTotal 33 minutes

2. Gross Planet Product (GPP) and Planet Accounting9 minutes
Solution exercise 22 minutes
3. Business Cycle and Secular Stagnation6 minutes
Solution exercise 34 minutes
4. Why does Earth's Unemployment fluctuate?9 minutes
Solution exercise 43 minutes

7 readingsTotal 240 minutes

2. Different measures for different purposes30 minutes
Exercise 2 The components of GPP20 minutes
3. A closer look at the accuracy of Gross Planetary Product45 minutes
Exercise 3: Secular stagnation60 minutes
4. Okun's Law: Unemployment and Output Gap10 minutes
Exercise 4: Does Okun's Law work for Earth?60 minutes
Reflections on the impact of the COVID-19 (Corona) crisis (2)15 minutes

1 assignmentTotal 60 minutes

Quiz week 260 minutes

1 discussion promptTotal 15 minutes

Questions about week 215 minutes

We start with a discussion of the equilibrium concept and relate (in)stability to policy relevant questions such as (over)population, global warming and hyperinflation. We encounter comparative statics and scenario analysis. We discuss investment, saving and consumption and relate these concepts to the development of the Earth economy. At the end of these three lectures you will be able to build a model of the Earth economy and use that model to analyze the Great Recession of 2008/0. That is pretty cool.

What's included

7 videos7 readings2 assignments

7 videosTotal 41 minutes

5. Equilibrium and stability: Good or bad?9 minutes
Solution Exercise 55 minutes
6. Do we invest what we save or do we save what we invest?8 minutes
7. How we get richer by spending: Consumption and multiplier8 minutes
Solution Exercise 74 minutes
8 A model for the Earth Economy6 minutes
Continue after you collected the data2 minutes

7 readingsTotal 115 minutes

5. Scenario analysis10 minutes
Exercise 5: World tourism20 minutes
6. Investment theories45 minutes
7. Life cycle, interest rate and consumption10 minutes
Exercise 7: Population10 minutes
8. The use of economic models10 minutes
Reflections on the impact of the COVID-19 (Corona) crisis (3)10 minutes

2 assignmentsTotal 110 minutes

Midterm evaluation (survey)20 minutes
Week 390 minutes

In this Module we take a closer look at government. We study government spending and taxation and will discover any instances where government expenditures and receipts move in the same direction. An important issue is the development of public debt that has reached unprecedented levels for our planet. Finally we study money and its functions in the Earth Economy.

What's included

6 videos7 readings1 assignment

6 videosTotal 35 minutes

9. Government, spending and taxation9 minutes
Solution Exercise 92 minutes
10. Deficits and Debts: Is the IMF in denial?9 minutes
Solution Exercise 104 minutes
11. Money Matters8 minutes
Solution Exercise 113 minutes

7 readingsTotal 135 minutes

9. Income (Re)Distribution10 minutes
Exercise 9: Composition of government expenditure20 minutes
10. Index numbers5 minutes
Exercise 10: Debt Dynamics60 minutes
11. The role of private banks: the money multiplier20 minutes
Exercise 11: Crypto-currencies10 minutes
Reflections on the impact of the COVID-19 (Corona) crisis (4)10 minutes

1 assignmentTotal 60 minutes

Week 460 minutes

In this module we look at the money market and the role and impact of monetary policy. We start with the liquidity trap where interest rates are so low that monetary policy becomes impotent. Next we relate the money market and the product market in the so-called ISLM model. We use this model to shed light on economic debates about the role of government.

What's included

5 videos6 readings1 assignment

5 videosTotal 33 minutes

12. The return of the liquidity trap8 minutes
Solution Exercise 124 minutes
13. The Missing Link: Demand side equilibrium8 minutes
Solution Exercise 133 minutes
14. Puzzling disagreement10 minutes

6 readingsTotal 80 minutes

12. Important concepts: Walras' Law and elasticity10 minutes
Exercise 12: Precautionary money demand30 minutes
13. Graphical derivation of the IS and LM curve10 minutes
Exercise 13: Policy interest rates10 minutes
14. Identification10 minutes
Reflections on the impact of the COVID-19 (Corona) crisis (5)10 minutes

1 assignment

Week 50 minutes

Earth Economics is especially relevant when we take a look at the long run because it enables us to analyse sustainability of economic processes and to understand how productivity is key for economic development. We will discover why Earth Economics is important for monitoring and understanding Sustainable Development Goals from a truly global perspective