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Principles of Socially Responsible and Green Economics

Admission Requirements
There are no specific prerequisites for the attendance of the course

Learning Outcomes

At the end of the course, students are expected to have achieved the following learning outcomes:


  • Outline the role, function and interconnections of the main agents of the economic system within classical economics and within the framework of social responsibility
  • Be familiar with the theoretical formulations of the notion of corporate social responsibility, its existing implementation tools and modes for its assessment
  • Describe the components of a systems approach to the management of corporate sustainability
  • Know the characteristics and determinants of green consumer behavior
  • Describe and classify the tools and policies of a governmental organization and of the financial credit system which are consistent with the principles of social responsibility


  • Apply systems thinking principles for analyzing/explaining/predicting consumer behavior towards green products
  • Assess the sustainability potential (“greenness”) of a consumer product and make relevant informed consumer choices (recognize “greenwashing”)
  • Identify the suitable tools or practices that an economic agent or stakeholder could adopt in the framework of social responsibility
  • Assess a government policy with respect to its potential contribution to sustainable development
  • Evaluate the degree of implementation of the principles of corporate social responsibility by a firm or within an agent of the financial credit sector


  • Decision making (as consumer or producer) based on the principles of socially responsible and green economics via a systems approach
  • Evaluate and make informed judgments about issues related with corporate social responsibility
  • Incorporate the principles of corporate social responsibility in all agents of the economic system
  • Critical thinking for analysis and evaluation of social responsibility within the economic framework
  • Values-based thinking for fostering social responsibility towards sustainable development (normative competence)


The course contents are summarized as follows:

  • The main agents of the economic circuit: Ηouseholds, Enterprises, Government, Financial System – Main characteristics and complex interrelationships
  • Common misconceptions regarding the function of the enterprises, the government and the financial system
  • Definitions and theories of corporate social responsibility
  • Social entrepreneurship: Conceptual evolution and implementation
  • Assessment of corporate social responsibility and of the performance of social enterprises
  • Systems approach to the management of corporate sustainability
  • Green and socially responsible consumerism: Gognitive process, Behavioral models, Determinants of demand for green products, Corporate Social Responsibility and consumer trust
  • Socially responsible government: Design of environmental and social policies, the government as a socially responsible consumer – green public procurement
  • Socially responsible financial credit system (banks, stock markets, insurance markets, bonds): Key tools, practices and indexes for sustainability
  • The interconnections of the main agents of the economic circuit within the framework of socially responsible and green economics

  • Becchetti, L. & Borzaga, C. (Eds.) (2010) “The Economics of Social Responsibility: The world of social enterprises”, Routledge
  • Knez-Riedl, J., Mulej, M. & Dyck, R. G. (2006) “Corporate Social Responsibility from the viewpoint of systems thinking”, Kybernetes 35, 441-460
  • Bangoli, L. & Megali, C. (2011) “Measuring performance in social enterprises”, Nonprofit and Voluntary Sector Quarterly 40, 149-165
  • Azapagic, A. (2003) “Systems approach to corporate sustainability: a general management framework” Process Safety and Environmental Protection 81, 303-316
  • Wagner, S.A. (2002) “Understanding green consumer behaviour: a qualitative cognitive approach”, London: Routledge

Teaching Methodology
  • Lectures
  • Short Projects
  • Case study analysis
  • Independent Study

ECTS Credits
7,5 ECTS Credits

2nd Semester - Social Humanities

Examination methodology
Short papers’ writing and oral defence (60%) Oral examination on overall course material (40%)

This course provides an overview of the economic framework which underpins the economics of social responsibility and the “environmentally friendly” green economics. The course gives emphasis on the interdependence of all agents and stakeholders within the economic circuit and the perspectives of interpretive and complex adaptive systems in policies related with Corporate Social Responsibility (CSR) in order to achieve the goals of sustainable development.

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