ECONOMICS (Higher and Standard Levels
One of the most inviting factors about studying Economics is that the educators hold strong views about what they teach; however, they do not all hold the same view. This tenet runs deep in the history of economics as well, where waves of different ideologies have come to light and have shaped the policies of governments around the world. Many of these ideologies have been met with criticism. For example, the arguments and protests witnessed worldwide concerning opening countries to business amidst the Coronavirus pandemic stem from different views on both the governance of the macro economy, and the behaviours of individuals and firms in the market. As an example, the patenting of human life forms is an economic issue as much as it is a scientific one, as it gives firms immense market power that can sometimes be abused.
Therefore, the course examines arguments made by both the critics and the proponents of the theory presented in the syllabus.
Students should take this course if they are interested in the human condition and the theories Economists use to make sense of the world. You must be able to engage yourself in abstract thought. IB Economics provides a good foundation for the following courses: History, Political Science, International Relations, Sociology, Philosophy, Geography and Business.