Systemic Approaches to Understanding Risk

4 Credits.

The problem encountered in the Static Models course is that most of the predictions that were made in the areas of finance and economics ended in disaster.? Hence this course turns to explore the bias that is built into estimates of the future to understand whether the problem lies in the way the world works or in how we try to understand it.? It introduces students to a conceptual vocabulary based on systems theory to make it easier to build more complex relationships into the analysis. ?And it explores the unintended consequences of policy decisions.? Here the case studies move from economics to politics and from crisis to stagnation.