European Master and Certification Program
in Risk Engineering and Management


Course code: 128000
Language of instruction: English
Lecturers: Constantin Schubart, Daniel Guffarth (Horváth & Partners Management Consultants), Prof. Dr. Dr. h.c. Dirk Linowski (Steinbeis University Berlin)
Assessment: Defined in the module

Short description

This course focuses on the financial impacts of globalization. The course analyses potential risks and the extent of change in the global business environment. The macro level will be discussed and important theories presented. Additionally, stock market, booms and bursts will be analysed, as well as social aspects influencing the economy on a global level. The participants will be able to understand better how the finincial crisis in 2008 started and how it impacted the global market.


The participants:

- will get an overview of different macroeconomic theories, explaining influences of economic movements at business and managerial decisions,
- will be introduced to the macroeconomic analysis of the global economic context and understanding of the basics of the macroeconomic theory,
- will understand the evolution of different macroeconomic models and confront with the deriving economic and political consequences and

- will understand how management tasks fit the scope of economical processes and frameworks.

Target Attendees / Participants

Students of Steinbeis Master of Business Administration

Course Content by Units

Subjects and methods of Economics:

- Key areas of Economics

- Tasks and methods of Economics

Introduction to Macroeconomics:

- National Accounts vs. Macroeconomic Theory

- Circulation models

- From the "classical" theory to the Keynesian Revolution

- Global goods market and equilibrium

- Goods market and multiplier analysis

- The IS-curve

- Basic features of monetary theory and monetary policy

- The LM-curve

- The macro-economic balance in the IS-LM model

Teaching Methods

Classic lecturing

Free and interactive class discussion


P. Farnham (2014): Economics for managers, 3rd edition, Pearsons.

P. Krugman, M. Obstfeld, M. Melitz (2001): International Economics: Theory and Policy, 9th Edition, Addison-Wesley.

N. G. Mankiw (2011): Principles of Economics, 6th Edition, South-Western College Pub.

P. Samuelson, W. D. Nordhaus, (2009): Economics, 19th Edition, McGraw-Hill Education.

For more information about the European Master and Certification Program in Risk Engineering and Management in general, go the Homepage.
For more information about the European Master Program in Risk Engineering and Management in general, go the Master Study page.
To see more courses in the curriculum, go to The curriculum page, or by date and topic go to the Calendar of Courses page.
Contact: via email or phone +49 711 1839 781 or +49 711 1839 647
(Course profile ID: F1-1:, generated on September 25, 2021)