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<h3 style="text-align: left;"><span style="color: #000000;">Welcome to the first lesson!</span></h3>
<p>In this lesson, we will start by understanding <strong>what is economics</strong> and how it impacts our daily lives and society.We will continue by exploring different <strong>economic schools of thought</strong> and practice thinking of complexities and overlaps within the field of economics. From there, we will learn the basics of <strong>how national economies work</strong>, diving specifically into four different economic systems from a global context.</p>
<p>To check our understanding of economic schools of thought and different economic systems, we will take <strong>capitalism</strong> as an example and analyze what the term means from these two perspectives.</p>
<p>We will conclude the lesson in the <strong>forest</strong>, looking at how an economy thrives on interconnections, just like a forest. There, we will learn about the 5 whys, a tool you will be using throughout this module. You will also notice that this lesson is designed around self-reflective questions relating to your daily life, practice and economics. We encourage you to use the questions to examine your beliefs, underlying assumptions and re-evaluate your connections to the economy you participate in. </p>
<p>Let's begin!</p>
<p></p>
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<p>We will start by exploring how economics is not just about money, but about making choices and understanding the consequences. We will examine how economics relates to us, our daily life and society.</p>
<p>We will read two articles and answer <strong>three</strong> reflective questions after each article. In the first article, we'll learn that economics is fundamentally about making choices. For example, how we decide to spend our limited resources—whether it be time, money, or effort—among many other things. The text will guide you through understanding the broader scope of economics and how it impacts everyday decisions:</p>
<p><a href="https://www.econlib.org/library/Topics/College/whatiseconomics.html" target="[object Object]">What Is Economics?</a></p>
<p><strong>Reflections after reading:</strong></p>
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<h3>Move on to the Second Article Ahead</h3>
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<p>The second article delves into the concept of opportunity cost, a central idea in economics. Opportunity cost is the value of the best alternative you give up when making a choice. The text will help you understand how scarcity forces us to make decisions and the true cost of these decisions beyond just money. For artists, this could mean considering the time spent on one project over another, choosing one creative direction at the expense of exploring another, or deciding between personal creative work and commissioned pieces. Reflecting on opportunity cost can deepen your understanding of the sacrifices inherent in your creative practice and the broader implications of your creative decisions.</p>
<p><strong>Please read page 1-6:</strong></p>
<p><a href="https://drive.google.com/file/d/1o5kKKhpY8EhjTsfQegbDRTRIzHR-KlWe/view" target="[object Object]">Principles of Economics. Chapter 1: Economics: The Study of Choice</a></p>
<p><strong>Reflections after reading:</strong></p>
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<p>Let's move on to the second lesson. We will begin with looking at different economic schools of thoughts, before moving on to different economic systems applied over the world. </p>
<p>Economies interact and overlap. Let's look at a video where economist Ha-Joon Chang introduces the multitudes of economics. Here, he explores the diversity of economic theories and their practical applications. His insights challenge conventional views by highlighting the nuanced and multifaceted nature of economic thinking, encouraging viewers to reconsider their perspectives on the subject:</p>
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<h3>Now, let's take a closer look into the different economic schools of thought:</h3>
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<h3>Up next is Ha-Joon Chang Diving Deeper Into the Topics He Talked Before</h3>
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<p>Let's get back to listening to Ha-Joon Chang. One of his goals is to make economic accessible, and in the one hour talk we will now listen to, he introduces how societal problems are related to economics. Here, he dives deeper into the topics he touched upon in the video we watched earlier. Notice how he emphasizes that although there are specific economic schools of thoughts, it does not automatically make a national economy categorize into only one school of thought. They can be mixed. </p>
<p>Grab a pen and paper, and jot down the parts that grab your attention with either words or drawings. After the lecture, we will ask for your reflections and thoughts surrounding your creative practice and/or professional life.</p>
<p>Let's listen and/or watch!</p>
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<h3 class="hd hd-2">Economics: The User's Guide | Ha-Joon Chang | Talks at Google</h3>
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<h3>Next You Will Learn How does the (national) economy work?</h3>
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<p>Economics relate to more than just money, but between nations, they do deal with money differently. There are many economic systems in the world and in this lesson, we will begin by learning about four of them.</p>
<p>What is an economic system?</p>
<p>Economic systems describe the different ways that societies organize economic activity and allocate resources. The classification of economic systems is based on the degree of government involvement and the extent of market freedom. An economic system often incorporates principles and ideas from different economic schools of thought put together and put into practice. Here’s a clearer way to express that idea:</p>
<p>An economic system represents the practical application of various principles and theories from different economic schools of thought. These principles and theories are combined and implemented in real-world settings to manage and organize economic activities. <strong>For instance, a mixed economy might blend free-market principles (from classical and neoclassical economics) with government intervention strategies (from Keynesian economics) to create a functional system that aims to balance efficiency with social welfare.</strong></p>
<p><span style="text-decoration: underline;">The four main economic systems are:</span></p>
<ul>
<li><strong>Market economy</strong></li>
</ul>
<ol><ol>
<li>In a market economy, businesses and individuals decide what goods to produce, how much to make, and at what price to sell them. </li>
<li>Example: The United States operates largely as a market economy, where companies like Apple and Ford compete to sell products and services.</li>
</ol></ol>
<ul>
<li><strong>Neoliberal market economy</strong></li>
</ul>
<ol><ol>
<li>In a neoliberal market economy, there is minimal government intervention in business activities, aiming for free markets and privatization of industries. </li>
<li>Example: Chile implemented neoliberal policies in the 1970s, reducing state control over the economy and promoting private enterprise.</li>
</ol></ol>
<ul>
<li><strong>Social market economy</strong></li>
</ul>
<ol><ol>
<li>In a social market economy, the government plays a role in regulating markets to ensure fair competition and provide social welfare benefits like healthcare and education. </li>
<li>Example: Germany is known for its social market economy, combining free market principles with strong social safety nets for its citizens.</li>
</ol></ol>
<ul>
<li><strong>Planned economy</strong></li>
</ul>
<ol><ol>
<li>In a planned economy, the government controls production, distribution, and pricing of goods and services, often aiming to achieve specific social and economic goals.</li>
<li>Example: The former Soviet Union operated under a planned economy, where the state determined what was produced and how it was distributed among the population.</li>
</ol></ol>
<p>The upcoming video gives a more practical understanding of different economic systems and how and where they are applied:</p>
<p></p>
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<h3 class="hd hd-2">Economic Systems and Macroeconomics: Crash Course Economics</h3>
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<div class="page-banner"><div class="alert alert-warning"><span class="icon icon-alert fa fa fa-warning" aria-hidden="true"></span><div class="message-content">Exercise 1 - Multiple Choice quiz after video: is only accessible to enrolled learners. Sign in or register, and enroll in this course to view it.</div></div></div>
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<h3>Now You'll Have a Short Activity to Complete</h3>
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<p><strong>Now, we will do a short activity to practice analyzing different economic systems:</strong></p>
<p>Choose a country and do a brief research on its economy system using reliable online sources. Focus on understanding:</p>
<ul>
<li>How goods and services are produced, distributed, and consumed.</li>
<li>The role of government and market forces in economic decision-making.</li>
<li>One key example that illustrates the characteristics of the chosen economic system.</li>
</ul>
<p></p>
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<h3>After This Activity, You Must think, "Wait, What is Capitalism?"</h3>
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<p>We will now practice our understanding of the different economic schools of thought and economic systems by taking capitalism as an example.</p>
<p>Throughout history, artists and creatives have often used their practice to reflect and question hierarchies, societal systems and aspects of the economy they participate in. Some have the skill to transform complex ideas into artistic works, and with them, raise awareness, questions and create discussions about problems happening in their communities. </p>
<p>This has been done f.ex. by shifting the attention of the public to a certain societal topic. One example of this within the 21st century is the anonymous English-based street artist Banksy. Their work has gained international attention for thought-provoking critiques on topics such as capitalism and consumerism in western societies through the medium of public street installations.</p>
<p>Take a look at these two pieces:</p>
<p><img height="341" width="512" src="//d24jp206mxeyfm.cloudfront.net/assets/courseware/v1/342f9410e0ab26f72b4d01352f9df0f4/asset-v1:CYANOTYPES+FEL+2024_00+type@asset+block/exercicio.jpg" alt="" /><img height="393" width="499" src="//d24jp206mxeyfm.cloudfront.net/assets/courseware/v1/e336f99a1355cc069bb6a8100796cd71/asset-v1:CYANOTYPES+FEL+2024_00+type@asset+block/unnamed.png" alt="" /></p>
<p>Here, some might say that Banksy criticizes capitalism. Capitalism is one of the economic systems in the world, often artistically critized. We hear about capitalism in the media, in TV shows and films. Let's take capitalism as an example to practice our understanding of the economic schools of thought and the different economic systems.</p>
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<h3>Let's watch a video explaining the fundamental aspects and critiques of capitalism in contemporary society:</h3>
<p></p>
<p></p>
</div>
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<h3 class="hd hd-2">HISTORY OF IDEAS - Capitalism</h3>
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<h3>Ready? Next We Have Two Podcasts and a set of Exercises for Each.</h3>
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<p>Let's deepen our understanding of capitalism by listening to the episode "Market Failure" from the podcast “Scene on Radio". Here, the host explores how capitalism, despite its widespread adoption, often fails to deliver on its promises of efficiency and prosperity. The episode delves into the concept of market failure, which occurs when the free market is unable to allocate resources efficiently on its own. The hosts discuss various types of market failures, including externalities, public goods, and monopolies. They also highlight how these failures can lead to significant social and economic issues, such as environmental degradation and income inequality. The discussion includes perspectives from economists and experts who critique the limitations of the capitalist system and suggest alternative approaches to address these systemic problems.</p>
<p><strong>S7 E1: Market Failure</strong></p>
<p><a href="https://sceneonradio.org/s7-e1-market-failure/" target="[object Object]">https://sceneonradio.org/s7-e1-market-failure/</a> </p>
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<h3>First Podcast Down, One More to Go!</h3>
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<p>Let's continue on to the next episode in the same podcast series called “Before Capitalism”. Here, various perceptions of capitalism are being explored, highlighting its defining feature of using money to generate more money. It contrasts this with medieval feudalism, where wealth was accumulated but not reinvested. The episode delves into the Peasants’ Revolt of 1381, illustrating early resistance against exploitation and the gradual transition from feudalism to capitalism. It also discusses the advantages peasants had under feudalism, such as access to common lands, which were lost with the rise of capitalism:</p>
<p></p>
<p><strong>S7 E2: BC: Before Capitalism</strong></p>
<p><a href="https://sceneonradio.org/s7-e2-bc-before-capitalism/" target="[object Object]">https://sceneonradio.org/s7-e2-bc-before-capitalism/</a></p>
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<h3>Great Job! Now to Conclude this Topic, Head to the Next Page</h3>
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<p><strong>Conclusion</strong></p>
<p>Capitalism is a dynamic and complex economic system that has driven much of the world's economic development and prosperity. While it offers numerous advantages such as efficiency, innovation, and consumer choice, it also presents challenges like income inequality and market failures. Understanding capitalism involves exploring both its theoretical underpinnings and practical implications, recognizing that it is not a one-size-fits-all system but rather a spectrum with varying degrees of market freedom and government intervention.</p>
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<p style="text-align: left;">Imagine the economy as a forest, where every living being—like trees, animals, and plants—interacts and depends on each other to create a balanced system. Similar to how a forest thrives on these interconnections, a national economy is shaped by the interactions of citizens, companies and the state, and it relies on these interactions to function smoothly. Citizens, companies and the state work together and affect each other. As we learned about what a national economy is, we saw that it is not about individual components, like a single tree, but a larger context, the forest.</p>
<p style="text-align: left;">This module is named It’s Not About the Tree, but the Forest. Did you know that a forest can communicate? It does so through an underground fungal network that many call the <a href="https://www.newyorker.com/tech/annals-of-technology/the-secrets-of-the-wood-wide-web" target="[object Object]">wood wide web</a>. </p>
<p style="text-align: left;">Similar to a forest, the economy is a complex network that needs communication and interactions to function smoothly. Now that we are almost at the end of this lesson, we are going to practice thinking about how economies and forests might be similar, asking ourselves in what ways is an economy like a forest?</p>
<p style="text-align: left;"> </p>
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<p>In the next activity, we explore the economic landscape through the lens of ecosystem dynamics. Just as a diverse array of living beings coexist and interact within a forest, our economic system thrives on interactions between key entities: citizens, companies, and the state.</p>
<ul>
<ul>
<ul>
<ul>
<li><strong>Citizens:</strong> Individuals form the backbone of economic activity, contributing through labor, consumption, and savings. Their decisions as consumers and workers influence market demand and supply.</li>
<li><strong>Companies:</strong> Enterprises drive production, innovation, and employment within the economy. They compete for market share, invest in technology, and respond to consumer preferences and regulatory frameworks.</li>
<li><strong>State:</strong> Governments play a crucial role in economic governance, setting regulations, providing public goods and services, and managing fiscal policies. They intervene to correct market failures and ensure equitable distribution of resources.</li>
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<p><strong>Task: Reflect on Your Journey Through the Economic System</strong></p>
<p>In this self-reflective exercise, you will trace your personal journey through the economic system, encompassing various stages of life and considering resources that are not related to money, such as time.</p>
<ul>
<ul>
<ul>
<ul>
<li><strong>Profits:</strong> Reflect on instances where you or your family have benefited economically, including income from work, investments, or entrepreneurial ventures. Consider how these financial gains have influenced your decisions and opportunities.</li>
<li><strong>Tasks:</strong> Explore the roles and responsibilities you undertake within the economic system, from education and employment to household management, caregiving, and community engagement. Reflect on the time and effort invested in these activities.</li>
<li><strong>Costs:</strong> Consider the financial costs incurred throughout life, such as expenses for education, healthcare, housing, and other necessities. Also, reflect on the non-monetary costs, including time spent on commuting, caregiving, volunteering, or participating in community activities.</li>
<li><strong>Legislation:</strong> Discuss the impact of economic policies and regulations on your life, such as labor laws, taxation, consumer protections, and environmental regulations. Reflect on how these regulations affect your economic decisions and quality of life.</li>
<li><strong>Profiteers:</strong> Reflect on instances where individuals or organizations have gained disproportionately from economic activities, both financially and in terms of other resources. Consider how these disparities contribute to societal fairness and equity.</li>
<li><strong>Inclusion and Exclusion:</strong> Examine experiences of inclusion and exclusion within the economic system, considering access to education, job opportunities, financial services, and social welfare. Reflect on how time and non-monetary resources influence these opportunities.</li>
</ul>
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<p>We encourage you to document your reflections in a narrative format, highlighting significant milestones, challenges faced, and observations on economic structures and inequalities.</p>
<p><em>Further reading:</em></p>
<ul>
<ul>
<ul>
<ul>
<li><em>Principles of Economics: <a href="https://www.econlib.org/library/Topics/College/CollegeTopics.html" target="[object Object]">https://www.econlib.org/library/Topics/College/CollegeTopics.html https://open.lib.umn.edu/principleseconomics/front-matter/publisher-information/</a></em></li>
<li><em>The Secrets of the Wood Wide Web: <a href="https://www.newyorker.com/tech/annals-of-technology/the-secrets-of-the-wood-wide-web" target="[object Object]">https://www.newyorker.com/tech/annals-of-technology/the-secrets-of-the-wood-wide-web</a></em></li>
<li><em>The 5 Whys: <a href="https://openpracticelibrary.com/practice/five-whys-5-whys/" target="[object Object]">https://openpracticelibrary.com/practice/five-whys-5-whys/</a></em></li>
</ul>
</ul>
</ul>
</ul>
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