This textbook takes a new approach to political economy: it combines the well-known non-quantitative theories with the findings of behavioral science and other disciplines such as psychology and sociology. The question of how people behave and how such behavior can be guided towards moral welfare for everyone is the focus of this book. The knowledge is first derived scientifically, then the results are presented in summaries and conclusions. Case studies provide a link to practice. By means of exercises and behavioral games, readers can apply and deepen their acquired knowledge. Contents The functioning of market and competition Theory of economic systems Market failure and political failure Competition policy, industrial policy and business cycles policy Monetary policy and European Central Bank International financial markets and foreign trade The Author Prof. Dr. Christian A. Conrad teaches Economics and Business Ethics at the University of Applied Sciences in Saarbrücken. He was previously a Senior Key Account Manager in the national and international corporate customer business of a major German bank. .