Economics at Touro College Berlin

At Touro College Berlin you have the opportunity to enroll in a number of different economics courses in addition to your regular management (or psychology) courses. In the German management degree program you can choose the focus area Managerial Economics, in the US management degree program you can even earn a Minor in Economics. There are several good reasons why you may want to add more economics and thus a more quantitative focus to your studies, see e.g. my page on “Why study economics.” Here, I want to give you a brief guide to the different economics courses at Touro College Berlin and offer some recommendations.

Table: Schedule of offered courses

Mandatory Courses

Everyone in any of Touro’s management degree programs has to pass the following two economics courses and an introductory statistics course.

Principles of Microeconomics

This course introduces you to the analysis of market interactions, optimal consumer choice, and profit maximization in industries with perfect competition and industries where firms have market power.

Take this course before any other economics course and Principles of Finance.

Recommended prerequisite (or to be taken in the same semester):

• College Math

Offered:

Every semester.

Principles of Macroeconomics

This course introduces you to the basics of the political economy, the aggregate analysis of the economy as a whole, and several policies that governments may use to try to stimulate or dampen economic activity at the country level.

Take this course before Principles of Finance or in the same semester.

Recommended prerequisite:

• College Math
• Principles of Microeconomics

Offered:

Every semester.

Statistics

The jobs of the future will require data analysis skills. This course introduces to the theory and practice of describing and analysing data, testing hypotheses and how to use the free statistical computing software R for your data analyses.

Mandatory prerequisite:

• College Math

Offered:

In the spring semester.

Managerial Economics

The German management degree offers a focus area Managerial Economics. In the following I introduce the mandatory courses for this focus area. These courses can also be chosen as electives in any other focus area and the US degree.

Intermediate Microeconomics

This course introduces you to the in-depth normative and positive analysis of consumer choice. We will discuss standard utility maximization as well as choices under risk and uncertainty, inter-temporal choices, and approaches from behavioral economics that add some psychological insight to the analysis of consumer decisions.

Mandatory prerequisite:

• Principles of Microeconomics
• College Math

Recommended prerequisite (or to be taken in the same semester):

• Finite Math

Offered:

In the fall semester.

Industrial Organization

This course offers an in-depth analysis of markets and firms’ strategies under imperfect competition, e.g. the choice of quality, product differentiation, and pricing scheme to maximize profits.

Mandatory prerequisite:

• Principles of Microeconomics
• College Math

Recommended prerequisite:

• Finite Math
• Intermediate Microeconomics

Offered:

In the spring semester. Alternates with Public Finance.

Public Finance

This course offers insight into the activities of the state in the economy. Topics include economic efficiency and welfare maximization, justice and inequality, taxes and redistribution, the financing and the provision of public goods, and social security and old-age provision.

Mandatory prerequisite:

• Principles of Microeconomics
• Principles of Macroeconomics
• College Math

Offered:

In the spring semester. Alternates with Industrial Organization.

Corporate Finance

You will learn to identify the key role played by (asymmetric) information and incentives in general, and by capital, liquidity, value of collateral, and external monitoring specifically for corporate financing and its interdependence with corporate governance.

You will learn to apply the tools of economic modelling to the key concepts of corporate finance, i.e. the issuance of securities by firms, payout policies, and corporate governance and managerial incentives.

Mandatory prerequisite:

• Principles of Microeconomics
• Principles of Finance
• College Math

Recommended prerequisite:

• Finite Math
• Intermediate Microeconomics

Offered:

In the spring semester, not taught by me.

Topics in Economics

This course is the prerequisite for writing a Bachelor thesis with a topic in (managerial) economics. Here, we will discuss research from a specific sub-field in economics, e.g. Behavioral Economics, Labor and Personnel Economics, or Economics of the Internet and E-Commerce.

Mandatory prerequisite:

• Intermediate Microeconomics
• Industrial Organization or Public Finance

Recommended prerequisite (or to be taken in the same semester):

• Corporate Finance
• Finite Math
• Econometrics

Offered:

On demand.

Further Electives

Some of the following courses may be mandatory depending on your elected focus area.

International Trade

You learn about the benefits but also about the social cost of international trade, globalization and migration. After this course you will be able to assess the effects of various trade policies, e.g. tariffs and quotas.

Mandatory prerequisite:

• Principles of Microeconomics
• Principles of Macroeconomics

Recommended prerequisite

• College Math

Offered:

In the spring semester.

History of Economic Thought

Based on original works we discover economic thought and its changes through the ages starting in antiquity. We will discuss Classical economists, Marx, as well as Public Choice, Neo-Classic, Keynesian, Austrian, (New) Institutional, and Behavioral Economics.

Mandatory prerequisite:

• Principles of Microeconomics
• Principles of Macroeconomics

Recommended prerequisite:

• College Writing

Offered:

In the fall semester. Alternates with Comparative Economic Systems.

Comparative Economic Systems

Starting with a review of economic history we will classify different economic systems based on their economic, political, and legal institutions and assess their performance. We will investigate (the success of different) transformation processes and may conclude with recommendations for facilitating economic growth in developing countries.

Mandatory prerequisite:

• Principles of Microeconomics
• Principles of Macroeconomics

Recommended prerequisite:

• College Writing

Offered:

In the fall semester. Alternates with History of Economic Thought.

Econometrics

The jobs of the future will require data analysis skills. This course introduces to the theory and practice of regression analysis. You will learn how to use the free statistical computing software R for your data analyses.

This course will prepare you for an empirical Bachelor thesis.

Places in this course are limited and will be allocated based on your grade in Statistics.

Mandatory prerequisite:

• Statistics
• Finite Math

Recommended prerequisite:

• Principles of Microeconomics
• Principles of Macroeconomics

Offered:

In the fall semester.

Minor in Economics

The minor in economics is open to all Bachelor students in the US programs in psychology and in management. You will need 18 US credit hours to fulfill the requirements for a minor degree.

I recommend you enroll the following courses:

Required:

• Principles of Microeconomics
• Principles of Macroeconomics

Electives:

• Intermediate Microeconomics
• Industrial Organization
• History of Economic Thought
• one of Econometrics, International Trade, or Public Finance (as a management student) or Principles of Finance (as a psychology student)

If you want to prepare for a graduate degree you should also enroll in:

• Finite Math
• Econometrics

The electives can only count towards either your minor in Economics or towards your business degree but not both at the same.