Wake Forest University Vienna: Flow House - Economics (Summer Session 1)

Vienna is famous for music, through renowned musicians such as Mozart, Brahms, and Beethoven, who lived and worked here, and it is also home to many other wonderful artists and patrons of the arts.  Vienna’s best loved artist is Gustav Klimt, who was part of a vibrant artistic scene at the beginning of the 20th century visual art collections.  The city’s world class museums have collections that span prehistoric to contemporary art.  Vienna is a culturally diverse and vibrant city. It is home to the Vienna Boys' Choir, the famous Lipizzaner stallions, and countless coffee houses (an integral part of Viennese life). Located in the heart of Europe, students may easily travel east to the Czech Republic, Poland, and Hungary and west to France, Italy, Spain, England, and Switzerland.

In 1998, Wake Forest purchased a three-story villa in Vienna. The acquisition was made possible through the generous donation of Vic and Roddy Flow of Winston-Salem and the House was named in their honor. Built in 1898, the house was formerly the office of the U.S. Consulate.

Flow House is situated in a northwest section of Vienna, one block from the Turkenschanz Park. Located in the prestigious 19th district, the area is well-known for its embassies, diplomatic residences, and distinguished private homes.
 

ECN 271:  The Life and Economics of Joseph A. Schumpeter (D)
 
Born in the Austro-Hungarian Empire towards the end of the 19th century and educated at the University of Vienna, Joseph A. Schumpeter would turn out to be one of history’s most influential economists.  Schumpeter’s phrase creative destruction, which refers to the market process by which old firms or technologies recede into history as new firms and technologies emerge, is second only to Adam Smith’s invisible hand in the economist’s lexicon.  The use of the term creative destruction in Schumpeter’s book Capitalism, Socialism, and Democracy represents a type of rhetorical capstone describing his life’s work on the dynamics of capitalism and the role played by entrepreneurs in the evolution of market economies.  Schumpeter’s ideas about entrepreneurs and the dynamics of capitalism fully emerged with the publication of his The Theory of Economic Development, which established his worldwide reputation as an important economist early in his career. 
 
This course is a study of the life and economics of Joseph Schumpeter.  Students will study the origins of Schumpeter’s ideas and visit local sites, such as the University of Vienna, to contextualize Schumpeter’s early life.  We will emphasize the creative destruction process and the role played by entrepreneurship in the economy, both in terms of their microeconomic and macroeconomic effects.  Material for the course will draw from biographies of Schumpeter, primary works by Schumpeter, and recent case studies highlighting the concepts of creative destruction and entrepreneurship, such as Netflix and Uber.  Students will study the Austrian and Viennese economies for local examples of the concepts discussed in class.
 
ECN 271:  The Life and Economics of Joseph A. Schumpeter will count towards economics major hours and satisfies divisional credit.  Although there is no formal prerequisite for this course, students are strongly advised to have taken ECN 150 before arriving in Vienna.
 
 

Dr. John T. Dalton
Associate Professor of Economics
Kirby Hall
Phone: (336) 758 4084
E-mail: daltonjt@wfu.edu
 

Students will stay in the WFU property, the Flow House, which is situated in a northwest section of Vienna, one block from the Turkenschanz Park. Located in the prestigious 19th district, the area is well-known for its embassies, diplomatic residences, and distinguished private homes.

Flow House can accommodate sixteen students. There are five student bedrooms on the top floor. A classroom, spacious kitchen, library with state-of-the-art technology, dining room, and living room are located on the middle floor. The house is wired for Internet access and students may bring their laptop computers. A three-bedroom faculty apartment is on the first floor. The house contains separate laundry facilities for faculty and students.

The faculty director is responsible for the selection of each group based on the following criteria:

• Academic suitability
• Social and emotional maturity
• Classification
• Seriousness of the student in pursuing the academic and cultural aims of the program
• Applicability of the program to the student's interests and studies

Although there is no formal prerequisite for this course, students are strongly advised to have taken ECN 150 before arriving in Vienna.

The total cost of summer study abroad can be broken down into four categories:

• Program Fee - Usually covers room, in-country travel, excursions, some meals and other costs associated with the program.
• Tuition – Students on WFU summer programs pay WFU summer school tuition per credit hour. The summer 2017 rate was $900/per credit hour. Expect a small increase for summer 2018.
• Airfare (estimated) – Varies per location. Students are responsible for their own airfare unless otherwise noted.
• Personal Expenses (estimated) – These will vary depending on the students' spending habits, cost of living in the destination country, and the number of meals included in the program fee. This may also include visa fees, vaccinations, academic supplies/books and other miscellaneous daily expenses.

Program Fee (estimated) - $3,100
Tuition (3 hrs, estimated) - $2,700
Airfare (estimated) - $1,700
Estimated Personal Expenses - $1,400
Estimated total cost - $8,900

Students may apply for scholarships through the Center for Global Programs and Studies.

http://studyabroad.wfu.edu/funding/#Summer%20Scholarship Information

Summer 2018 Resident Professor
Dr. John T. Dalton
Associate Professor of Economics
Kirby Hall
Phone: (336) 758 4084
E-mail: daltonjt@wfu.edu

Michael Tyson
Assistant Director for Study Abroad: Summer and Short Term Programs
Center for Global Programs and Studies
116 Reynolda Hall
Phone: (336) 758 4072
E-mail: tysonmj@wfu.edu

Dr. David Levy, Ph.D
Director of Flow House
Associate Dean of the College for Faculty Governance
Professor of Music
Phone: (336) 758 5107
E-mail: levy@wfu.edu

House Address
Flow House
Gustaf Tschermakgasse 20
1190 Vienna, Austria
Phone: 011-431-367-0740
Fax: 011-431-367-1442