Introductory description

From this module students can develop a deeper understanding of economic concepts introduced in analysis. It will also introduce to new concepts in both micro and macroeconomic analysis and in the analysis of public policy issues such as market failure and counter-inflation policy.

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.

The module will typically cover some of the following topics:
Microeconomics: consumer theory, preferences, indifference curves, budget constraints, optimisation, revealed preference, Hicksian and Slutsky analysis. Choice under uncertainty: expected value and expected utility, insurance, asymmetric information including moral hazard and adverse selection. The analysis of general equilibrium and welfare economics. Consideration of the economics of public policy issues such as externalities and public goods. Game theoretic approaches to oligopoly, entry and other strategic areas in industrial and business economics. Macroeconomics The unemployment-inflation relationship. The effect of monetary policy. Expectations, financial markets and the Macroeconomy. Political business cycles. The Time inconsistency problem. The open economy.

Learning outcomes

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

• Subject knowledge and understanding:...demonstrate knowledge of macroeconomic policies and understand the role of theory in analysing their effectiveness. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
• Subject knowledge and understanding:... abstract and simplify economic problems through the application of theoretical models.
• Key Skills:... communicate knowledge and understanding of economics in written, spoken, graphical and in mathematical forms. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Assessed Essays and Seminar discussions. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
• Subject knowledge and understanding:...apply rigorous knowledge of theoretical models which underlie economic analysis. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
• Subject knowledge and understanding:...understand the uses, applications and limitations of theoretical models. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
• Subject knowledge and understanding:...demonstrate knowledge of microeconomic policies. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
• Cognitive Skills:...analyse competing models and hypotheses in a critical way. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Readings and Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative) Essay (summative), Summer Examination (summative).
• Key Skills:...present the output of their own work to an audience. The teaching and learning methods that enable students to achieve this learning outcome are: Seminar discussions and Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative)
• Key Skills:...conduct individual and collaborative research into an Economic topic, using world wide web and library resources. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, seminar discussions and Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative)
• Cognitive Skills:...analyse and formulate models for understanding and solving problems. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Assessed Essays and Seminar discussions. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays, Group Projects (formative), Summer Examination.
• Subject-Specific/Professional Skills:...select and apply appropriate economic models and techniques to particular problems especially those of a policy nature. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Assessed Essays and Seminar discussions. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
• Subject-Specific/Professional Skills:...produce concise and analytical reports relating to economic problems and issues. The teaching and learning methods that enable students to achieve this learning outcome are: Assessed Essays and Seminar presentations. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).
• Subject knowledge and understanding:...understand key concepts and principles in intermediate microeconomics and macroeconomics. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays. The assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Indicative reading list

Please see Talis Aspire link for most up to date list.

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
Creative thinking
Strategic thinking
Problem-solving
Abstraction
Policy evaluation
Analysis of institutions
Analysis of incentives
Analysis of Optimisation
Understanding of Uncertainty and Incomplete Information

Transferable skills

Students will have the opportunity to develop:
Research skills
Numeracy and quantitative skills
IT skills
Written communication skills
Oral communication skills
Mathematical, statistical and data-based research skills