Introductory description

This module is an introductory module exploring the fundamental determinants of national income, employment, the price level and the foreign balance in the short and long run within a framework of active learning of economic theory and modelling.

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.

EC108 may include topics on:

1. Macroeconomic data (such as National Accounts; Output, Value Added, GDP Unemployment and Inflation data)
2. Financial Markets
3. Consumption theories
4. Theories of Investment
5. Government Spending
6. Demand side policies
7. Phillips Curve
8. The International Market
9. Inequality

Learning outcomes

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

• Subject-specific and Professional Key General Skills:...demonstrate a basic understanding of research skills such as: (i) data skills: use of library and internet as information sources. Knowledge of how to locate relevant data, extract appropriate data, analyse and present material; (ii) mathematical/statistical skills: use/application of mathematics and diagrams in economic analysis; understanding of statistical analysis of data; (iii) written communication skills.
•  Subject Knowledge and Understanding:…(i) demonstrate a familiarity with a range of macroeconomic issues in breadth and depth; (ii) demonstrate a familiarity with the language of macroeconomics and the measurement of macroeconomic aggregates; (iii) show an awareness of recent trends in macroeconomic variables and issues in macroeconomic policy; (iv) the capacity to apply theory to the solution of macroeconomic problems by postulating simple structural models, including definitions, assumptions, and behavioural characteristics of economic agents, using a combination of mathematical and graphical techniques.
• Cognitive Skills:...demonstrate capacity for: (i) analytical thinking, reasoning and application; (ii) critical, creative and strategic thinking; (iii) abstraction and problem solving.

Indicative reading list

The Economy. The CORE Project, open source, available at https://www.core-econ.org

Carlin and Soskice (2014) Macroeconomics, Institutions, Instability and the Financial System. Oxford University Press

Blanchard (2017), Macroeconomics, Pearson

Research element

There is an element of research-based work in the second group assessment.

Subject specific skills

Students will gain a basic understanding of research skills such as:
(i) Data skills: Use of library and internet as information sources. Knowledge of how to locate relevant data, extract appropriate data, analyse and present material.
(ii) Mathematical/Statistical skills: use/application of mathematics and diagrams in economic analysis; understanding of statistical analysis of data;
(iii) Written communication skills

Transferable skills

This module will allow you to demonstrate your analytical thinking, reasoning along with your critical, creative and strategic thinking.