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The Philosophy of the Modules

The key objective of the module is to guide the students in their effort to form a cohesive program of studies on the basis of the synergies among courses offered by the Department of Economics. The five modules mentioned above are indicative of the subfields that exist in economics.  They are indicative because further specializations can exist, in the context of more modules. The courses within each module are indicative as well, in the sense that they do not exhaust the subject matter they cover, according to the module title. There are many relevant courses indeed, which are included in Table 4 instead of Table 3.

The structure of the modules has the following features: Each module consists of 6 courses. The first 4 of them are directly related to the title of the module w, while the other 2 courses belong to another module. The rationale for this “coexistence” is indeed the potential synergies across subfields in economics. In other words, the objective of the modules is not to rivet students within a module but rather to guide them to the formulation of a cohesive and scientifically complete program of studies.

 Module “Economic Theory and History”

This module concerns the very foundations of economics. Economic theory was originally known as “political economy” (please see the introduction referring to the founding of the Chair in Political Economy at the University of Athens in 1837), which can be regarded as a byproduct of the same historical process that gave birth to the market economies or industrial societies. Since 1776, when Adam Smith published the Wealth of the Nations, to today economic theory strives to enlighten us about the economic “laws” that govern society. There is no modern economic policy, politics, business strategy, or historical analysis that does not (implicitly or explicitly) rely on some economic theory or model.

The four courses of the “Economic Theory and History” module are suggestive of how economic theorists and historians of market economies approach the questions concerning the production and distribution of wealth.

“ECO411 Advanced Macroeconomics” allows students to delve into the most recent developments in macroeconomic theory and consider issues of business cycles, inflation, unemployment, macroeconomic stabilization, fiscal and monetary policy etc.

“ECO412 Game Theory” covers one of the most exciting developments of the last half century in economies and has dramatically changed the way in which both microeconomic and macroeconomic models are formulated.

HIS201 Economic History of the 20th Century” is a course as timely as ever. In the aftermath of the global financial crisis students are being offered a unique opportunity to study topics that include the great depression.

“PEC411 Marxist Political Economy” signals the emphasis that the Department attaches to methodological pluralism. Regardless of whether one agrees with the political economy of Marx, his thought has been the inspiration for many economists with diverse political philosophy views (e.g., Schumpeter).

The two inter-modular courses, “MGT473 Theories of Industrial Organization” and “MTH302 Dynamic Mathematics” complete the six-course list of the “Economic Theory and History” module.

“MGT473 Theories of Industrial Organization” allows for modern insights in the theory of the firm. In contrast to the traditional microeconomic approach, which focuses on profit maximization, this course considers the institutions, sociology, and the organic characteristics of the firm.

“MTH302 Dynamic Mathematics” provides students with the mathematical tools that allow them to move beyond the static analytical frameworks that are typically considered in undergraduate courses.

Other courses of Table 2 that are consistent with the “Economic Theory and History” module are as follows:

  • PEC311 Political Economy of Globalization
  • PEC312 Political Economy of Social Policy
  • ECO313 History of Economic Thought
  • SOC301 Formation of Social Sciences
  • ECO311 Development Macroeconomics

 Module "Development and Economic Policy"

This section offers a total of six courses for students to become more interested in analyzing the development dynamics of the economies in the modern economic reality. This section was the composition of theoretical approaches, techniques of measurement and empirical presentation of the development challenges the Greek economy faces. The general characteristics and the fundamental mechanisms that feed the transition process of the economies, are examined taking into concern the internationalization of markets combined with the development in the European economic integration. In parallel, the key concepts of economic analysis are presented, referring to the necessity and the restrictions on the exercise of economic and development policy, with specific expertise in the Greek economy.

Module "Finance and Business Economics"

Module "Quantitative Methods and Informatics"

Techniques based on quantitative methods (applied mathematics, statistics, econometrics, operations research) can be extremely powerful tools in helping to solve more effectively economic and organizational problems. Six courses are available in this module

“MTH301 Linear Mathematics” is the essential component for all courses of this module, both as a tool of theories and methods as well as for the developments of linear models in social sciences. “QNT302 Statistics III” Provides the theoretical background necessary for further study of more specialized methodology of Statistics and Econometrics which is of particular interest to Economics. “QNT301 Applied Econometrics” combines econometric theory with economic analysis in terms of, both methodology and application, with a view to formulate empirical economic relationships and explain the behavior of economic variables. “CSC301 Data Base and Data Processing” relate to modern information technology methods for the organization and managing the data that economists use in their analysis of economic problems. “QNT401 Applied Operational Research” introduces students to the scientific field of Operational Research /Management Science, through the presentation of basic concepts and by the utilization of scientific methods to solve complex problems in private firms and public organizations. It focuses on understanding the importance of Management Science methods to problems in the modern business environment and in their use in making the right administrative decisions. Particular emphasis in this course will be on model formulation and effective interpretation of the results. Appropriate modern software will be used to solve the problems.  “ECO412 Game Theory” (see also the module Economic Theory and History) express the mathematics, from which started, in social and economic thinking, offering a powerful tool for understanding the financial world.

Courses in Table 2 that are consistent with module “Quantitative Methods and Informatics”:

  • QNT301 Applied Econometrics
  • CSC202 Computer Systems Organization and Function 

Module "Applied Economics"