Module Information

Module Identifier
EC12520
Module Title
Economic Policy
Academic Year
2016/2017
Co-ordinator
Professor Peter Midmore
Semester
Semester 2 (Taught over 2 semesters)
Other Staff
 

Course Delivery

Delivery Type Delivery length / details
Lecture 11 x 1 Hour Lectures
Tutorial 5 x 1 Hour Tutorials
 

Assessment

Assessment Type Assessment length / details Proportion
Semester Exam 2 Hours   Unseen written examination  80%
Semester Assessment Coursework 1: 1500 word essay  10%
Semester Assessment Coursework 2: 1500 word essay  10%
Supplementary Exam 2 Hours   Unseen written examination  100%

Learning Outcomes

On successful completion of this module students should be able to:

* List and describe the main economic institutions in the UK, the EU and internationally, describe and explain their operations;

* Link economic policy practice to key textbook economic concepts;

* Evaluate debates about the impacts of policies on economic performance;

* Assess the impact of globalisation on the autonomy of national economic policy;

* Analyse the main constraints under which economic policy operates and apply evaluative techniques to some major economic policy interventions in market and macroeconomic functioning.

Aims

This module provides an introduction to the nature and scope of economic policy institutions and processes, and develops the analytical frameworks necessary for policy evaluation. It links some of the main theoretical concepts used in economics and their real-world counterparts, and uses concepts from political science and law to develop an interdisciplinary perspective.

The module aims to provide participants with an introduction to topical issues in economic policy making and to provide linkages to the economic theories on which it is based.

Brief description

This module examines microeconomic, macroeconomic, environmental and international economic policies in respect of the British and EU economies. It explores the nature of the policy making process through examples which include competition policy, inflation control, employment and migration, income distribution, public finance, climate change mitigation and adaptation, and regional development

Content

1. Introduction
  • Role of the state in neoclassical economics
  • Institutionalist perspectives on markets
  • Public choice theory
2. Microeconomic policy
  • Competition, mergers and acquisitions
  • Privatisation and regulation
  • Corporate governance and social responsibility
  • Income distribution and inequality
3. Environmental and regional economics
  • Valuing the environment
  • Market-based and non-market-based incentives
  • Climate change and carbon emissions policy
4. The European dimension
  • Multi-level governance
  • Finance and the EU budget
  • Policy areas
  • Economic and monetary union
5. Macroeconomic policy
  • Public expenditure and taxation
  • Money and monetary policy
  • Financial institutions and markets
  • Inflation and unemployment
6. Conclusion: managing the economy post-2008
  • Global economic management
  • Growth, development and global equity
  • Sovereign wealth funds (SWFs) and sovereign debt

Module Skills

Skills Type Skills details
Application of Number
Communication Participation in discussion-based tutorial classes will enhance the verbal communication skills of the participants. Written communication proficiency will also improve as a result of the compulsory coursework component of the module.
Improving own Learning and Performance Writing coursework to deadlines will improve self-management, prioritisation, setting of targets and planning how to achieve them. Providing two opportunities to present coursework and gain feedback will allow students to review progress, and judge performance and understand where any need to improve should be addressed.
Information Technology IT skills of students will be enhanced because this module requires them to consult the websites of economic policy institutions, such as the Bank of England, the Competition and Markets Authority, Natural England, and Europa. Information and data will also need to be presented effectively for analysis in coursework.
Personal Development and Career planning The module will provide the students with an opportunity to focus on the area in which most vocational economists work. Completion of the module would provide a good foundation for Year in Employment Scheme placements suitable for economics students.
Problem solving This module will introduce students to real-world policy trade-offs, identify potential solutions and explore the decision-making process the check the reliability of their problem-solving activities.
Research skills This module will facilitate students’ exposure to online institutional and media sources relevant to the policy-making process. These will be required in the planning of written coursework assignments and in preparation for tutorial classes.
Subject Specific Skills Policy analysis and evaluation tools.
Team work

Notes

This module is at CQFW Level 4