Economics, Finance, and Money Matters

Economics, Finance, and Money Matters

From everyday products to advanced tech, this course explores science and engineering, industrial applications, and career paths.

Course Instructor

Prof. Vimal Kumar

Duration

8 Weeks

Course Fee

500

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About The Course

This course introduces key ideas in economics and finance through everyday questions and examples. Students explore the meaning of money, value, and inflation. They analyze incentives, risks, and decision-making in daily life. The course explains why trade happens and when markets fail. It introduces concepts of game theory and collective action. Brand perception, trust in currency, and probability puzzles are discussed. Interactive activities bring abstract concepts to life. Students also examine platforms such as Uber and Zomato. The role of AI and digital technologies in shaping the economy is highlighted. By the end, learners connect theory with practical, real-world applications.

Course Instructor

Prof. Vimal Kumar

Prof. Vimal Kumar
Professor, IIT Kanpur

Prof. Vimal Kumar is a Professor in the Department of Economic Sciences at IIT Kanpur and the inaugural Coordinator of the Wadhwani Center for AI Policy and Outreach. His teaching and research span economics of platforms, digital markets, artificial intelligence, and public policy. He has led the design of several pioneering online and executive education programs at IIT Kanpur, and actively engages with government and industry on issues of technology, governance, and digital transformation. He has also served as Head of the Department of Economic Sciences and Associate Dean of Student Affairs at IIT Kanpur.

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Content Overview

Course Duration: 8 Weeks

Week 1: Value, Money & Inflation

  • Is Money the Same as Value?
  • Why Do We Trust Money?
  • If Everyone Became Twice as Rich Overnight, Would We Be Better Off?
  • Why Do We Value Brands if the Product Is the Same?

Learning Outcome: Students understand value vs. money, trust in currency, inflation effects, and brand perception.

Week 2: Exercises

  • Simple inflation calculations, brand perception comparisons, currency trust scenarios
  • Activity: Compare prices of branded vs. generic goods, discuss perception differences

Learning Outcome: Apply theoretical concepts from Week 1 to practical examples.

Week 3: Incentives, Risk & Everyday Choices

  • Why Do People Work?
  • Why Do Some People Take Big Risks?
  • Why Do Lotteries Exist if They’re Bad Bets?
  • Can Free Things Be Bad for You?

Learning Outcome: Students understand incentives, risk-taking, probability, and perverse incentives.

Week 4: Exercises

  • Calculate expected values for simple gambles and investments
  • Activity: Identify real-world examples of perverse incentives

Learning Outcome: Apply incentive theory and risk analysis to everyday decisions.

Week 5: Markets, Failures & Game Theory

  • Why Trade Instead of Making Everything Ourselves?
  • If Trade Is Good, Why Is It Unpopular?
  • When Markets Don’t Work: The Market for Lemons
  • Why Can’t We Just All Stop Polluting?

Learning Outcome: Students learn trade theory, market failures, and collective action problems.

Week 6: Exercises

  • Trade simulation with comparative advantage
  • Activity: Simulate prisoner’s dilemma in small groups

Learning Outcome: Experience trade-offs, cooperation, and market failures in practice.

Week 7: Platforms, AI & the Future Economy

  • Why Do People Follow the Crowd in Markets?
  • Platforms: Why Uber, Zomato, and Airbnb Work Differently
  • When Platforms Misbehave
  • Economics of AI: Will It Change Everything?

Learning Outcome: Students understand modern platform economics, AI's impact, and digital market risks.

Week 8: Exercises

  • Analyze a platform’s pricing strategy or network effects
  • Activity: Debate AI's impact on jobs and inequality

Learning Outcome: Apply platform economics and AI concepts to real-world scenarios.

Live Sessions: Weekly live interactive sessions on Saturdays

Course Eligibity

Students from partnered schools in any stream of Class X, XI and XII

Assessment Layout

Assignments: The course includes the release of 4 bi-weekly online assignments (every alternate week). Students need to attempt at least 3 of these assignments and must achieve a minimum score of 40 marks in each to be eligible for the certificate.

Take-Home Project: An optional project consisting of questions that cover all the topics from the theory videos, accompanied by a small project report.

Final Exam: An optional online final exam designed to assess the knowledge gained throughout the course, which can only be attempted after completing and submitting the required assignments and the take-home project.

Certificate Acquisition

Participation Certificate - Check Sample Certificate

To receive this participation certificate, a student must pass 3 out of 4 assignments with an average score of at least 40 marks.

Completion Certificate - Check Sample Certificate

To receive this completion certificate, a student must fulfill the following criteria:

  1. A student must pass 3 out of 4 assignments with an average score of at least 40 marks.
  2. Submission of the take-home project is mandatory for the student.
  3. Once the above two conditions are satisfied, the student should attempt the final exam and must receive a minimum score of 40 marks.