Introductory description

This module provides students who have a mathematical background with an introduction to both microeconomics and macroeconomics. It is taught using a non-mathematical approach, with the focus on providing an intuitive understanding to core economic theory, which will also include ‘real world’ applications. Graphical analysis will also be used to illustrate key concepts, giving students a different way of examining problems that will complement the mathematics skills learnt in other modules.

Module web page

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

Term 1: microeconomics, which is concerned with the economic behaviour of individual consumers and producing firms, and their interaction in markets for goods, services and factors of production, strategic interaction and the analysis of externalities and public goods. The module will typically consider some of the following topics:
What is Economics; Demand and Supply; Consumer Choice; Uncertainty; Information; Production; Costs; The Market Mechanism; Perfect Competition; Imperfect Competition, including Monopoly, Monopolistic Competition and Oligopoly; Game Theory; Market Failure, including Externalities and Public Goods
Term 2: macroeconomics, which is concerned with aggregate economic variables or the workings of the national economy as a whole: aggregate output (Gross Domestic Product or GDP), employment and unemployment, inflation, interest rates, the balance of payments, exchange rates, etc., and with government economic policies to influence these variables.
Introduction to Macroeconomics; Economic Growth; National Accounts, Alternative Measurements; The Distribution of Income; Aggregate Demand and Aggregate Supply; Equilibrium National Income; Inflation; Unemployment; The Phillips Curve; The Money Market; Interest Rates; The Financial System; ISLM analysis; The Great Depression; Economic and Financial Crises; The 3-Equation Model; Macroeconomic Policy; Technological Change; Models of Capital Accumulation; The Open Economy

Learning outcomes

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

• Demonstrate knowledge of economic behaviours, outcomes, trends, developments, phenomena, institutions and policies
• Demonstrate the capacity for abstract reasoning and to simplify economic problems through the application of theoretical models
• Demonstrate an understanding of key concepts, principles, theories and models in Economics
• Demonstrate the capacity to interpret economic data and to use data to inform the selection and application of appropriate economic tools of analysis
• Demonstrate the capacity to comment and facilitate in formulating economic policy

Indicative reading list

The micro lectures will be teaching from a mix of two textbooks.

1. Microeconomics, Global Edition by Michael Parkin (12th Edition) Microeconomics Theory:
2. Basic Principles & Extensions by Walter Nicholson and Christopher Snyder (12th Edition)

The Macroeconomics lectures are based on a combination of the following books/textbooks:

1. Macroeconomics, Macmillan Education by N. Gregory Mankiw (9th Edition)
2. Economics Dynamics, Springer by Giancarlo Gandolfo (3rd Edition)
3. An Introduction to Macroeconomics, A heterodox approach to economic analysis by L.P. Rochon & S. Rossi (Edward Elgar publishing)
4. Macroeconomics, Understanding the Global Economy by D. Miles, A. Scott, F. Breedon (3rd Edition) Macroeconomics, Institutions, Instability, and the Financial System by W. Carlin & D. Suskice

View reading list on Talis Aspire

Subject specific skills

Students will have the opportunity to develop skills in:
Analytical thinking and communication
Analytical reasoning
Critical thinking
Strategic thinking
Problem-solving
Abstraction
Policy evaluation
Analysis of incentives
Analysis of optimisation

Transferable skills

Students will have the opportunity to develop skills in:
Economic Argument
Data Interpretation
Numeracy skills
Written communication
Oral communication
Information technology
Policy Formulation