Economics with Justice Course Outline
The Foundation Economics Course presented in Term 1 provides a broad introduction to the principles of economics. The course offers understanding and insight into the forces governing our lives and those of our fellow human beings. Students are invited to question all that is presented and to exercise their own powers of reason and observation to bring the study to life.
Throughout the course the idea is to use truth and justice as guides to the study. These are the measures against which the principles taught are to be tested. The basis of this approach is the view that, if what is understood is true, its application will produce justice in human affairs.
Session 1 – Humanity meets the Universe
The course begins by reviewing our current situation and the importance of the need to establish justice in the field of economics. It then goes on to show how economics begins with the interaction of humans with nature.
Session 2 – Capital and the Production of Wealth
The production of wealth is presented as a cycle of transformation of naturally occurring material and the importance of the use of capital is emphasized. Exchange and the way it works through the market is then explored.
Session 3 – The Importance of Location
Location has a huge impact on economic productivity and this has significance for the way economies develop.
Session 4 – Credit and Banking
Without credit economic activity would be held at the most rudimentary level. This session shows how genuine credit works using micro-credit in Bangladesh as an illustration. It then considers the importance of civil society as the context in which economic activity takes place.
Session 5 – The Magic of Money
This session explores money, what it is, how it is created and how it works in a modern economy.
Session 6 – Distribution of wealth
This session explores the distribution of wealth by considering both the natural laws and the effect of man-made conventions.
Session 7 – Taxation
National governments need revenues to be able to govern but the means by which revenues are raised can have significant economic effects. This session explores the effects of the present tax system on the health of the economy.
Session 8 – Justice and Public Revenue
The possibility of collecting public revenue in accord with natural law and justice is examined using Hong Kong as a case study.
Session 9 – International Trade
This session firstly addresses the arguments for and against free trade and then moves on to show how cycles of boom and bust are the inevitable outcome of today’s economic arrangements.
Session 10 – Economics with Justice
This final session looks at the possibilities that the application of just economic principles offers for the future of humanity.
Note: This is a summary of the topics covered on the course. The School reserves the right to vary or modify this course from term to term.