Ideas in Economics (Doing Economics) |

Basic Information


Course Title	Ideas in Economics (Doing Economics)
Course Code	ECON 123
Credits	2
Level	100 (Introductory)
Lecture–Tutorial–Practical	2-0-0
Contact Hours	18
Prerequisites	None
Program	Under-Graduate
Internal Assessment	60% (Mid-Term, Problem Sets, Participation)
End-Term Empirical Project	40%
Instructor	Dr. Ravikiran Naik
Contact	ravikiran.naik@flame.edu.in
Office	Room 108, Amrita Shergill Building
Office Hours	Book your slot
Course Website	ravikirannaik.github.io/ideas-in-economics

I reserve the right to make changes to this syllabus, including topics and due dates. Any changes will be announced as early as possible. Students are expected to read this outline in full.

Economics is a way of understanding the world — a lens that reveals economic ideas in everyday life. This course uses six feature films as a gateway to fundamental economic concepts, pairing each with a Nobel Prize-winning contribution that shaped how economists think about markets, behaviour, poverty, growth, and the environment. No prior knowledge of economics is required; the course also serves as a foundation for further study in microeconomics and macroeconomics.

🎬 Open the full interactive course site →

Teaching Philosophy

I teach introductory economics the way most people first meet it — through stories. Each module opens with a film you already enjoy, then slows the tape down to ask the economist’s questions: What are the trade-offs? Who gains, who loses? What incentives are shaping behaviour? My emphasis is economic reasoning over memorisation — a lens you can carry into everyday decisions, policy debates, and the Indian economy around you. Films supply the intuition; a Nobel laureate’s research supplies the rigour; and interactive simulations let you experiment with the models in real time.

Objectives

Introduce core economic concepts through accessible, real-world narratives drawn from cinema, connecting abstract ideas to concrete situations.
Develop economic reasoning by analysing trade-offs, incentives, market behaviour, and strategic interaction as depicted in feature films.
Expose students to landmark economic research by pairing each module with the work of a Nobel Prize-winning economist, grounding film-based discussion in rigorous scholarship.
Apply economic thinking to the Indian context — informality, public goods, labour markets, and development policy as they operate in India's economic landscape.

Course Outcomes

By the end of the course, students should be able to:

Identify and explain foundational concepts — scarcity, opportunity cost, supply and demand, market equilibrium, and externalities.
Analyse economic behaviour and institutional dynamics as portrayed in feature films, connecting narrative to formal economic reasoning.
Evaluate the contributions of Nobel Prize-winning economists and relate their research to real-world phenomena and policy debates.
Apply economic frameworks to contemporary issues in the Indian economy — informality, labour markets, poverty, and environmental challenges.

Outcomes mapped to Bloom's Taxonomy

#	Learning Outcome	REM	UND	APP	ANA	EVA	CRE
1	Foundational concepts (scarcity, opportunity cost, supply & demand, equilibrium, externalities)	H	H	M	L	—	—
2	Analyse behaviour & institutions in film, linking narrative to formal reasoning	—	M	H	H	M	—
3	Evaluate Nobel laureates' contributions & relate to policy debates	—	M	M	H	H	L
4	Apply economic frameworks to the Indian economy	—	L	H	H	M	M

REM = Remember · UND = Understand · APP = Apply · ANA = Analyse · EVA = Evaluate · CRE = Create. H = High, M = Medium, L = Low, — = Not applicable.

Topics, Films & Nobel Laureates

Six modules, three contact hours each. Every module anchors on a feature film and a Nobel Prize-winning contribution.

Module	Topic · Film · Nobel Focus
Module 1	Understanding Economic Thinking3 hours🎬 FilmThe Big Short (2015) · 🏅 NobelRichard Thaler Scarcity, opportunity cost, trade-offs; rational vs. behavioural decision-making; market bubbles and financial crises
Module 2	Incentives and Human Behavior3 hours🎬 FilmA Beautiful Mind (2001) · 🏅 NobelJohn Nash Game theory and strategic interaction; behavioural biases; institutions and incentive structures; cooperation vs. competition
Module 3	Market Dynamics and Labor Markets3 hours🎬 FilmMargin Call (2011) · 🏅 NobelPaul Krugman Supply, demand, and equilibrium; market failures and government intervention; labour markets and wage determination; globalisation and trade
Module 4	Poverty, Inequality, and Development3 hours🎬 FilmSlumdog Millionaire (2008) · 🏅 NobelDuflo & Banerjee Measuring poverty and mobility; informal economies and livelihoods; evidence-based approaches to poverty alleviation; education and health
Module 5	Innovation, Technology, and Growth3 hours🎬 FilmMoneyball (2011) · 🏅 NobelRobert Solow Economics of innovation and R&D; technology and productivity growth; data-driven decision-making; theories of long-run growth
Module 6	Environmental and Public Economics3 hours🎬 FilmErin Brockovich (2000) · 🏅 NobelElinor Ostrom Externalities and market-based solutions; climate policy; public goods and common-resource management; regulatory and behavioural approaches to sustainability

Total contact hours: 18. Each module also carries a dedicated Indian Context essay linking the concept to the Indian economy.

Grading

The course rewards steady engagement across the semester, culminating in an original empirical project. Problem sets build analytical skills throughout; the mid-term tests conceptual mastery of the first half; the end-term project asks you to synthesise the whole course into an evidence-based analysis.

Component breakdown

40%Project

End-Term Empirical Project 40%
Mid-Term Examination 30%
Problem Sets 20%
Class Participation 10%

Grading scale

90+

A+

80+

70+

B+

60+

50+

40+

35+

Component	Weight	What it assesses
End-Term Empirical Project	40%	Group project applying course concepts to a real-world question, with data analysis and a written report.
Mid-Term Examination	30%	Written exam over Modules 1–3: conceptual questions, short-answer problems, and film-based analysis.
Problem Sets	20%	Four to five sets across the semester applying economic reasoning to scenarios, data, and film content.
Class Participation	10%	Active engagement in discussions, film screenings, and in-class activities.

Course Policies

Suggested Pedagogy

Each module opens with a feature-film screening (or assigned viewing) that introduces the module’s themes through narrative. Class sessions then unpack the embedded economics using guided discussion, worked examples, and short problem-solving. Nobel Prize-winning research connects popular stories to frontier scholarship; browser-based simulations let students experiment with supply and demand, externalities, and game theory in real time; and Indian Context essays ground the material locally.

Attendance & Participation

A minimum of 75% attendance is required to be eligible for the End-Term assessment, per FLAME University policy. Participation is graded on engagement in discussions, film screenings, and in-class activities — the goal is to think out loud, not to be “tested.” Be kind and respectful when addressing others.

Assessments & Late Submission

Problem Sets (20%) — four to five sets distributed across the semester; applied economic reasoning on scenarios, data, and film content.
Mid-Term Examination (30%) — covers Modules 1–3; conceptual questions, short-answer problems, and film-based analysis.
End-Term Empirical Project (40%) — a group project applying course concepts to a real-world question, with data analysis and a written report.

Deadlines are firm. Late submissions lose 10% of the component’s marks per day and are not accepted more than three days past the deadline, except with a documented, valid reason discussed in advance.

Academic Integrity

All work you submit must be your own. Plagiarism, unauthorised collusion, fabrication of results, and contract cheating are serious violations handled under FLAME University’s academic-integrity regulations. Whenever you draw on a source — a textbook, article, dataset, film, or website — cite it clearly and consistently. If you are unsure what needs a citation, ask before submitting.

Use of Generative AI

Generative-AI tools may not be used to produce any part of your graded submissions — problem sets, the empirical project report, or exam answers — unless I explicitly permit it for a given task; doing otherwise is treated as an academic-integrity violation. You are, however, encouraged to use AI for your own learning — to explain difficult concepts, test your understanding, or explore ideas outside assessed work. AI tools make confident mistakes, so verifying anything they tell you is your own responsibility: treat their output as a starting point to check against the readings and lectures, never as an authoritative source.

Student Wellbeing & Accessibility

Your well-being matters more than any single grade. Students with a disability or any condition affecting participation or assessment are entitled to reasonable accommodations — contact the relevant FLAME student-support office and me, in confidence, as early as possible. If personal, health, or financial difficulties are affecting your studies, please reach out; seeking help early will never count against you.

Modules & Materials

The full course lives on the interactive site — every module has an overview, a scene-by-scene film analysis, a Nobel focus biography, a self-assessment quiz, and resources. The Indian Context essays and 30+ browser simulations are linked there too.

Module	Overview	Film Analysis	Nobel Focus	Quiz
M1Understanding Economic Thinking	✓ Open	✓ Open	✓ Open	✓ Open
M2Incentives and Human Behavior	✓ Open	✓ Open	✓ Open	✓ Open
M3Market Dynamics and Labor Markets	✓ Open	✓ Open	✓ Open	✓ Open
M4Poverty, Inequality & Development	✓ Open	✓ Open	✓ Open	✓ Open
M5Innovation, Technology & Growth	✓ Open	✓ Open	✓ Open	✓ Open
M6Environmental & Public Economics	✓ Open	✓ Open	✓ Open	✓ Open

Also on the course site: Indian Context essays (informal economy · GST & markets · NREGA & poverty · Digital India · climate commons) · interactive simulations · glossary (120+ terms).

Economic thinking is not a collection of facts to memorise. It is a lens — a way of looking at everyday situations and asking: what are the trade-offs? Who gains? Who loses? And what incentives are shaping behaviour?