THE basic purpose of the modules is to guide students in the effort to establish a coherent curriculum based on synergies between courses treated by the Department of Economics. The above 5 modules are indicative of the cognitive subjects covered by economics. We say indicative as there could be further specializations, within the framework of more modules. Even the courses of each module are indicative, in the sense that they do not exhaust the issues they deal with, according to the title of the module. Indeed, there are a number of relevant courses that are included not in Table 3 but in Table 4. In future years, as students admitted this year progress in their studies and will need better guidance on their choices, the (next) Study Guides (as well as the Department's website) will offer advice and information on possible choices from Tables 2, 3 & 4 which will be consistent with the sections of Table 3.
The structure of the modules has the following characteristics: Each module consists of 6 courses. The first 4 of them are directly related to the title, or thematic, of the module, while the last 2 courses (see the shaded courses of the last two rows) of each module belong to another thematic (e.g. Dynamic Mathematics of the module Economic Theory and History belongs to the thematic Quantitative Methods and Informatics). The reason for this "symbiosis" of courses of different thematics under the same module is that, in economic sciences, there are significant synergies between the cognitive subjects. The purpose of the modules, as explained in the previous paragraph, is not to "fix" students in a single thematic but to guide them in the construction of a coherent and scientifically sound curriculum.
Section "Economic Theory and History"
These are the foundations of economic science. Economic theory, which was originally known worldwide as Political Economy (see the introduction entitled The Economic Sciences at the National and Kapodistrian University of Athens, which mentions the establishment in 1837 of the Chair of Political Economy at the University of Athens), is a relatively new science that, in a way, can be considered a by-product of the same historical process that "gave birth" to market societies or industrial societies.
Since 1776, when Adam Smith published The Wealth of Nations, until today, economic theory has striven to enlighten societies about the economic “laws” that govern them. There is no economic policy, political proposal, business strategy, or historical analysis of the modern world that is not based (intentionally or unintentionally) on some economic theory or model.
The four thematic lessons of the unit "Economic Theory and History» constitute “writing samples” of the way in which theoretical economists and historians of market societies approach the many, difficult and fascinating questions concerning the production and distribution of the wealth of the earth, nations and regions.
The lesson of "ECO411 Advanced Macroeconomics» allows students to approach questions concerning unemployment, inflation, income distribution, etc. in the light of the latest scientific articles and papers which have not yet been recorded in standard textbooks.
The "ECO412 Game Theory» is the most exciting development in the field of economic theory of the last fifty years – it has completely changed the way both microeconomic and macroeconomic theories are formulated and, moreover, has led to fruitful discussions on whether, within the framework of the mathematical language of “Game Theory”, a profound rethinking of all social sciences can take place.
The "HIS201 Economic History of the 20th Century» is a course as relevant as ever. At a time when the global economy is being shaken by a deep economic crisis that harks back to the Great Depression of the interwar period, a course that connects the Second Industrial Revolution with the interwar period and then with the postwar period offers unique opportunities for students to reflect on the prospects of today's global economic life.
The lesson "PEC411 Marxist Political Economy I» demonstrates the importance that the Department of Economics attaches to methodological pluralism. This course is offered because of its value, which is completely independent of whether one agrees with the political beliefs of Karl Marx. It is offered because Marx's economic thought is an integral part of political economy and a point of reference for all economic theory. It is worth noting, firstly, that Marx was the first economist to formulate a specific economic theory on the deep causes of economic crises, and, secondly, that Marx has influenced important intellectuals, such as Joseph Schumpeter, of completely different political perception and culture.
The two cross-thematic lessons of the unit "Economic Theory and History", that is, the "MGT473 Theories of Business Organization" and "MTH302 Dynamic Mathematics", they complement in the best way the list of 6 lessons of the unit. Specifically,
The lesson "MGT473 Theories of Business Organization» contributes a contemporary, highly interesting, theoretical look at the "inside" of businesses. In contrast to traditional microeconomic approaches, according to which businesses are well defined as organizations that aim to maximize a well-defined profit function, this course studies the sociology, institutions, internal conflicts and organic characteristics of businesses.
The lesson "MTH302 Dynamic Mathematics» analyzes for students the mathematical methods that free us from static analysis, enabling us to capture with the familiar clarity of mathematics the efforts of individuals, businesses, organizations, the state, etc., to act effectively in real or historical time within the framework of a coherent plan.
Core Elective Courses that are consistent with the "Economic Theory and History" module:
- PEC311 Political Economy of Globalization
- PEC312 Political Economy of Social Policy
- ECO313 History of Economic Theories
- SOC301 Social Science Composition
- ECO314 Macroeconomics of Development
"Development and Economic Policy" Section
This module offers a set of six courses for students interested in delving deeper into the analysis of the growth dynamics of economies in the contemporary economic reality. This module was formed by the synthesis of theoretical approaches, measurement techniques and empirical presentation of the development challenges faced by the Greek economy. The general characteristics and fundamental mechanisms that fuel the transformation process of economies are examined in the light of the internationalization of markets in combination with the development of European economic integration. At the same time, the basic concepts of economic analysis are introduced regarding the necessity and limitations in the exercise of economic and development policy, with specific specialization in the Greek economy.
Section "Business Economics and Finance"
This Unit constitutes the bridge between market economics and business. Specifically, the scientific area of the unit includes topics that develop around the theory of the business, business organization and business strategy and financial management and accounting monitoring of businesses and topics that focus on money, capital and derivatives markets and products. The unit offers those courses that prepare students to assume positions of responsibility in businesses, banks and organizations in the private and public sectors, while for those students who seek theoretical and empirical knowledge it offers the possibility of deepening their studies at the postgraduate level.
The four thematic lessons of the unit "Business Economics and Finance» provide students with the opportunity to learn about financial science, thematic approaches and empirical analysis in the field of money and capital markets, as well as the theory of the business from its perspective.
The lesson "FIN331 Money and Capital Markets» is considered pivotal, as it introduces the student to the financial system, its structure, organization and operation, to theoretical approaches to the valuation of securities - bonds, stocks - to portfolio theory and to the capital asset valuation model for the analysis of the relationship between return and risk, to empirical tests of this model, to the hypothesis of rational behavior of the capital market, to new financial instruments, to credit risk and to derivative products.
The lesson "FIN332 Money Markets and Capital II» presents advanced topics in the money and capital markets, with the analysis of modern forms of financial markets and the selection of alternative forms of investment based on the relationship between return and risk. Derivatives markets are analyzed, initially emphasizing risk management, the way the derivatives market operates and the conduct and clearing of transactions, derivative financial products and specifically futures contracts and options contracts as well as the valuation models of the above derivative products. Short selling and securities lending derivatives are also presented.
The lesson "FIN333 Banking I» begins with concepts related to consumer theory and markets and proceeds by specializing in the financial system and its functions. The financial system is presented as part of the international market environment and the basic international financial relations are analyzed. In addition to the traditional ones, alternative methods of financing are presented, which have now enriched financial relations, while the course concludes with the management of risks in financial markets using the tools traded in them.
The lesson "MGT334 Business Theory and Strategyn" examines the theories and strategies of firms for obtaining sustainable competitive advantage. It focuses on four theoretical frameworks (industry-competitor power, transaction costs, resources-knowledge, and behavior and conflict) in their static and evolutionary dimensions, and four basic types of strategic moves. It also explores the following four questions:
- Why do businesses exist?
- What determines the "optimal" size and limit of the business?
- What determines the expansion of the business?
- Which strategy mix is best to achieve sustainable competitive advantage
Finally, the relationship between sustainable business advantage and economic sustainability is examined.
The two interdisciplinary courses of the module, "Business Economics and Finance", namely, "HIS401 History of Business and Financial Institutions" and "QNT402Time Series Analysis and Forecasting» comprehensively complement the list of 6 lessons in the unit.
The lesson "HIS401 History of Business and Financial Institutions", refers to the study of the development of modern business with emphasis on the financial institutions that have developed over the last two hundred years, in the world. Individual topics in the history of business and financial institutions are examined, where an attempt is made to present various theoretical models used in the historiography of business.
The lesson "QNT402 Time Series Analysis and Forecasting» presents the methods of analyzing the components of time series, forecasting methods and models, basic statistical concepts in time series analysis as well as time series models - stationary univariate time series models, non-stationary time series - diagnostic tests of time series models, and forecasts with multiple regression models.
Section "Quantitative Methods and Informatics"
This is a unit with analytical courses that enhance the quantitative dimension of the curriculum. They are at the core around which economic sciences develop. The "MTH301Linear Mathematics» is the essential component for all the other courses in the unit, both as a tool for establishing theories and methods, and for developing linear models in the social sciences. The «QNT302Statistics III» includes material necessary as a general theoretical background for the understanding and further study of topics in Statistical and Econometric Methodology, as well as more specific methods, classical and non-classical, that are useful in the analysis of Stochastic Models of particular interest to the economist. The «QNT301 Applied Econometrics» combines the knowledge of Econometrics with Economic Analysis - both at the level of methodology and practical application - in order to empirically express economic relationships and interpret the behavior of economic variables. The «CSC301 Databases and Data Management» concern modern IT methods for organizing and managing data that economists then use in their analyses. The «QNT401Applied Operations Research» introduces students to the scientific discipline of Operations Research-Management Science, through the presentation of its basic concepts and the use of scientific methods to solve complex optimization problems in private businesses and public organizations. It focuses on understanding the importance of Management Science techniques in the modern business environment, and their utilization in making correct-optimal management decisions. Particular emphasis is given to the development of the necessary qualifications for the formulation of problems, the analysis and presentation of findings in an effective manner, and the use of advanced computational solution tools. The «ECO412 Game Theory» (see also the section "Economic Theory and History") expresses the mathematics from which it originated, in social and economic thought, offering a powerful tool for understanding the economic world.
Core Elective Courses that are consistent with the "Quantitative Methods and Informatics" module:
- QNT301 Applied Econometrics
- CSC202 Organization and Operation of Computer Systems
"Applied Economics" Section
This module offers courses in applied economic analysis with the aim of helping students combine the transition from economic theory to its practical fields of application. It assumes knowledge of relevant basic economic theories which provide the appropriate tools for analyzing and investigating economic relationships and
results in specific markets and sectors of market societies, e.g. the labor market, the degree of concentration and competition in very different sectors, telecommunications, the way in which monetary policy is implemented, the management of the environment and climate change, etc. Applied Economics is presented to students through important and interesting questions which they are asked to answer using economic theory and empirical study, e.g. how does microeconomic theory explain the historically lower wages of women in the labor market or what are the economic causes of the greenhouse effect or how sustainable is a cartel in the dairy or energy market?
The four thematic courses of the "Applied Economics" module give students an excellent first "taste" applications of economic thought:
The lesson of "ECO451 Industrial Economics II» is perhaps the most important application of microeconomic theory as it discusses the way in which competition, prices, investments and the production process of the various sectors of an economy depend on the number of firms, their collusion, entry prevention strategies, different forms of competition (many of which are not based on price reduction), etc.
The "ECO452 Labor Economics» studies how labor markets function in the modern and changing economic environment using the classical methods of Microeconomic and Macroeconomic theory. Combining macroeconomic, microeconomic and empirical methods of analysis, the course aims to answer key questions regarding the determination of unemployment, wages, income distribution, labor demand and supply, the role of labor unions and their effects on wages and employment, the role of immigration, discrimination in the labor market based on gender or ethnicity, investment in human capital, etc.
In the lesson "ECO453 Economics of Technology» presents contemporary analyses and views on the relationship of technology with a series of economic relationships, such as: basic concepts around technological change, innovation and their characteristics, the role of technology in the development and evolution of modern societies, strategies for creating competitive advantages through technological change, the relationship between market size and structure and technological change, the importance of socio-economic factors for the evolution of technology and the effects of technological change on central economic variables, such as prices, profits, wages.
The "ECO454 Applied Monetary Theory» is a course that allows students to see up close how modern macroeconomic theory, combined with the latest developments in econometrics, influences the conduct of monetary policy by authorities and institutions such as the European Central Bank, the Bank of England or the US Federal Reserve.
The two cross-thematic lessons of the unit "Applied Economics"that is, "FIN331 Money and Capital Markets I" and "QNT301Applied Economics", complement the list of 6 courses of the unit in a way that reinforces the above four courses of the thematic. Specifically,
The lesson "FIN331 Money and Capital Markets I» introduces students to the financial system, money and capital markets, new financial tools, methods of valuing securities, models for estimating the relationship between return and risk associated with capital markets, and the assumptions of rational capital market behavior.
The lesson "QNT301Applied Econometrics» contributes useful tools to students who choose this module as it equips them with the means necessary for the empirical study of the theoretical conjectures that arise when economic models are applied to the specific, practical issues addressed in the "Applied Economics" module
Core Elective Courses that are consistent with the "Applied Economics" module:
- ECO311 Industrial Economics I
- ECO312 Environmental Economics
