Economics is part science, part art but still 100% essential. Every aspect of our lives is touched by economics and its even more true for the business world. Having a basic understanding of economies is necessary to lead any business vertical or team and there really is no alternative.
This is why economics is taught even at the school level so that everyone at least has a functional understanding of it. However, if your role requires you to dive a bit deeper into the murky world of economic theory, then this list has you covered.
1. Economics for Business from MIT Sloan School of Management
Why take this course?
This is the best economics course designed for executives to better run their business verticals or entire departments. It not just focuses on economics theory like most courses, but instead dives deep into case studies, narratives and problem-solving activities to help you master the crucial business aspects of macroeconomics.
The course is made up of several modules each of which focus on a fundamental aspect like the global economy, consumer confidence, the effect of economic policy, currencies, economic crises, economic shocks and so on. There is also a focus on more novel concepts like cryptos and emerging social and political factors.
Businesses tend to be very sensitive to the overall economic health so that is an important subject here too with focus on the current account, the labour market and creating economic stability in general.
MIT Solan is a great brand to have on y our CV so if you are looking for a mid-career boost, I think this should be your pick.
Click here and use code GS-AF-BBD15 for a 15% discount on this course!
Summary
| Time to Complete | 8 weeks, about 7 hours per week |
| Format | Self-paced, fully online |
| Level | Executive |
2. Economic & Political Development in Developing Countries from LSE
Course Review
Economics for developing countries is a whole different ball game. Multilateral institutions like the IMF learned this hard way after failing to lift struggling countries out of vicious cycles. The theory is better understood now, but it is still economic theory and there is no one size fits all formula. This excellent course from the London School of Economics is one of the best attempts I have seen to help bridge the knowledge gap when it comes to developing country economics.
The course has been broken down into several modules each one of which target a specific economic topic. These modules cover areas like understanding the causes of development and underdevelopment, what role does international aid play in this, how democratic institutions speed up development, how authoritarian states stifle development, what roles do free markets play, how various industrial policies like import substation help or hinder and so on. What I really like is that they don’t just dive into the topic and start pumping out information. Each modules starts off by having you reflect on your current understanding of how these things work. This way, you can be aware of your biases and how your position might have changed. I find this approach to be quite refreshing.
Corporations also play an important role in development and it is good to see that being addressed here as well. A lot of courses just focus on governments and civil society but private firms are the backbone of economic development. There needs to be a balance between private and public goods and that has been at the core of development economics for decades. This course does a good job of balancing the opposing viewpoints on this subject and articulating the variation in approaches.
All things considered, this is the best course out there when it comes to development economics. I have read quite a few books on this subject including some from Nobel laureates like Dr. Amartya Sen, but I felt that this course was far more digestible and practical. I recommend it to everyone who has an interest in the topic.
Click here and use code GS-AF-BBD15 for a 15% discount on this course!
Summary
| Time to Complete | 6 weeks, about 7 hours per week |
| Format | Self-paced, fully online |
| Level | Executive |
3. Managerial Economics from the University of Illinois
Why take this course?
To be an effective manager, you need to understand the market and economic environment in which your business operates. This includes global economic trends, country level factors, industry and even firm specific factors. This course has been design to provide you the tools to build this holistic picture.
The course is divided into several modules essentially covering macro and micro economics. Topic coverage includes, market equilibrium and efficiency, allocations, market structure, external shocks, how information affects markets, government interventions, consumer behaviour, elasticity, etc.
On the macro level, topics include national and international economic environment, issues and tools, policies, globalization, government policies, institutions and so on. There is just a lot to cover here, and you should expect to cover pretty much everything of relevance at some level.
Some of the more interesting modules include using economics for business decision making along with predictive statistics. This is something new that’s not usually found in basic Eco courses. There is also a capstone project that help cap your learning.
Summary
| Time to Complete | 120-140 hours |
| Format | Self-paced, fully online |
| Level | Beginner |
4. Professional Certificate in Microeconomics from the University of Queensland
Why take this course?
This is another option for those looking for a complete overview of macro and microeconomic theory in a concise and well formulated package. This is also an introductory program meaning it should be suitable for most learners and it focuses on how economic choices are made by consumers, firms and governments.
The professional certificate is made up of three chunky modules that each go into great depth on a particular topic like the fundamentals of economics, competitive markets, and social microeconomics. There are plenty of real-world examples for you to sink your teeth into and plenty of accompanying theory as well.
There are some advanced topics towards the end. But for the most part, anyone should be able to easily grasp the concepts. It’s a self-paced course and the load is on the lighter side of things.
Summary
| Time to Complete | 25-30 hours |
| Format | Self-paced, fully online |
| Level | Beginner |
5. Globalization, Economic Growth and Stability from IE Business School
Why take this course?
If you prefer a more international focus when it comes to economics, then this is another good option. This course focuses on macro policy issues like inflation, employment, growth, fiscal and monetary policy etc.
Policymaking is the first areas of focus, especially in the context of globalization and economic growth. The material is not overly technical and is well suited for individuals wishing to learn more about governmental economic policy like debts, deficits, monetary and fiscal policy, trade, immigration, foreign exchange rates and so on.
The business opportunities and risks in a globalized economy is another area of focus and something that I found more interesting. You will handle data related to the world’s largest economics and learn to read their economic health based on that economic data.
Summary
| Time to Complete | About 40 hours |
| Format | Self-paced, fully online |
| Level | Intermediate |
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