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ECON102: Principles of Economics B


Department: Economics NCF Level: FHEQ/QCF/NQF4//RQF4
Study Level: Part I Credit Points: 40.0
Start Date: 09-10-2017 End Date: 25-05-2018
Available for Online Enrolment?: Y Enrolment Restriction: Fully available to all students
Module Convenor:

Syllabus Rules and Pre-requisites

  • The following modules may not be taken:

Curriculum Design: Outline Syllabus

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    Microeconomics 1 (Dr David Rietzke), Weeks 1 to 6

    Week 1: Introduction; Demand and Supply

    Reading: McDowell Chapters 1 & 3

    Week 2: Elasticity; Efficiency and Exchange

    Reading: McDowell Chapters 3 & 6

    Week 3: Consumer choice

    Reading: McDowell Chapter 4

    Week 4: Cost and production

    Reading: McDowell Chapter 5

    Week 5: Perfect competition

    Reading: McDowell Chapter 7

    Week 6: Monopoly

    Reading: McDowell Chapter 8

    Mathematics for Economics (Professor David Peel), Weeks 1 to 10

    Note: Professor Peel’s material is self-contained and no further reading is required.

    Week 1: Basic algebra

    Week 2: Simultaneous equations

    Week 3: Logarithms

    Week 4: Exponentials

    Weeks 5 to 8: Calculus

    Weeks 9 and 10: Applications to Microeconomics

    Microeconomics 2 (Dr Kwok Tong Soo), Weeks 7 to 12

    Week 7: Game theory

    Reading: McDowell Chapter 9

    Week 8: Oligopoly

    Reading: McDowell Chapter 10

    Week 9: Labour markets

    Reading: McDowell Chapter 13

    Week 10: International trade

    Reading: McDowell Chapter 2

    Week 11: Externalities and public goods

    Reading: McDowell Chapters 11 & 14

    Week 12: Information economics; The financial crisis

    Reading: McDowell Chapters 12 & 15

    Macroeconomics 1 (Dr Roy Zilberman), Weeks 13 to 20

    Week 13: Introduction to Macroeconomics; National accounts

    Reading: McDowell Chapters 16 & 17

    Week 14: Inflation and unemployment

    Reading: McDowell Chapters 18 & 19

    Week 15: Economic growth

    Reading: McDowell Chapter 20

    Week 16: Capital markets

    Reading: McDowell Chapter 21

    Week 17: The goods market

    Reading: McDowell Chapter 22

    Week 18: The money market

    Reading: McDowell Chapter 23

    Week 19: The IS-LM model

    Reading: McDowell Chapter 24

    Week 20: Fiscal and monetary policy

    Reading: McDowell Chapters 25 & 26

    Macroeconomics 2 (Mr Gerry Steele), Weeks 21 to 24

    Week 21: Lecture 1: From IS-LM to Aggregate Demand

    Lecture 2: Aggregate Supply

    Reading: Not in the Textbook? Ch 2 ‘Aggregate Demand and Involuntary unemployment’ http://www.lancs.ac.uk/staff/ecagrs/NT.pdf

    Lecture 3: Phillips Curve 1

    Reading: McDowell Chapter 28

    Reading: Not in the Textbook? Ch 12’ Phillips curve’

    http://www.lancs.ac.uk/staff/ecagrs/NT.pdf

    Reading: Phillips, A.W. (1958) ‘The relationship between unemployment and the rate of change of money wage rates in the United Kingdom, 1861-1957’

    http://www.jstor.org/stable/2550759

    Week 22: Lecture 1: Phillips curve 2

    Reading: Not in the Textbook? Ch 13 ’Adaptive Expectations’

    http://www.lancs.ac.uk/staff/ecagrs/NT.pdf

    Reading: Friedman, M. (1968) ‘The Role of Monetary Policy’, American Economic Review

    https://www.aeaweb.org/aer/top20/58.1.1-17.pdf

    Lectures 2 & 3: Monetarism

    Reading: ‘What is Monetarism?’

    http://www.lancs.ac.uk/staff/ecagrs/What%20is%20Monetarism.pdf

    http://www.lancs.ac.uk/staff/ecagrs/Steele%201987%20Monetarism.pdf

    Reading: Steele, G.R. (2008) ‘Inflation: plus ça change’, Economic Affairs

    http://www3.interscience.wiley.com/cgi-bin/fulltext/121581843/PDFSTART

    Reading: Tutino, A. and C. E.J.M. Zarazaga (2014) ‘Inflation Is Not Always and Everywhere a Monetary Phenomenon’, Economic Letter, Federal Reserve Bank of Dallas

    https://www.dallasfed.org/assets/documents/research/eclett/2014/el1406.pdf

    Weeks 23: Lecture 1: Fiscal Deficits and the Balance of Payments.

    Reading: ‘When is the balance of payments a problem?’

    http://www.lancs.ac.uk/staff/ecagrs/witbopap.pdf

    Lecture 2: Fiscal Deficits, Sovereign Debt & Quantitative Easing

    Reading: ‘When does the national debt pose a problem?’

    http://www.lancs.ac.uk/staff/ecagrs/wdtndpap.pdf

    Lecture 3: The Financial Crisis

    Watching: Brown, G. (2005) The End of Boom and Bust http://www.youtube.com/watch?v=OU_fzCpwrNc&NR1

    Reading: Caldwell, B.J. (2010) ‘Ten (Mostly) Austrian Insights for these Trying Times’

    http://econfaculty.gmu.edu/pboettke/workshop/Spring2010/Caldwell.pdf

    Reading: Ferguson, N. (2010) ‘Today’s Keynesians have learnt nothing’, Financial Times

    http://www.ft.com/cms/s/0/270e1a6c-9334-11df-96d5-00144feab49a.html

    Reading: Steele, G.R. (2009) ‘Great Crash/Credit Crunch ...’, Economic Affairs http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0270.2009.01877.x/pdf

    Week 24 Lecture 1: Crisis in the Eurozone

    Reading: Steele, G.R. (2013) ‘The UK and the Eurozone. Sovereign Debt Management and Monetary Policy’, Economic Affairs

    http://www.lancaster.ac.uk/staff/ecagrs/2013EA.pdf

    Watching: ‘Fear the Boom and Bust: a Hayek vs. Keynes Rap Anthem’

    https://www.youtube.com/watch?v=d0nERTFo-Sk

    Week 24 Lectures 2 & 3: Revision for the final exam.

Curriculum Design: Single, Combined or Consortial Schemes to which the Module Contributes

  • Degree programmes within and outside the Management School for which Economics is available as a minor subject

    ECON 102 is barred with ECON 101 and ECON 103. It is not available to single honours Economics, Accounting and Economics, Finance and Economics or Mathematics and Economics joint majors. It is available to those taking Economics as a minor or to Business Economics not registered for ECON 103, joint majors not registered for ECON 103 and PPE students.

  • 60% Exam
  • 40% Coursework

Assessment: Details of Assessment

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    COURSEWORK ASSESMENT

     

    You will complete four pieces of coursework during weeks 124: one every six weeks. Each piece of coursework is a test sat under examination conditions The final test is double wighted and includes material from the whole syllabus. Each coursework will be marked in percentages.

     

    FINAL MARK INFORMATION

     

    Tests 1, 2 and 3 are each worth 20% of the coursework mark. Test 4 consists of 2 elements, A and B, each of which is worth 20% of the coursework mark. If a student obtains (1) a mark of 50% or better on each of the five elements of the coursework (i.e. Tests 1 to 3, 4A and 4B) AND 2) an overall coursework average mark of 60% or better, then this student will be exempt from sitting the final examination and the coursework average will stand as the final grade for Econ102. This provision only applies for students not taking professionally accredited accounting degrees.

     

     

    For students who do not gain exemption from the 3-hour final examination (that covers all parts of the course), the final grade will be calculated as follows: Final grade = (coursework 40% weight) + (final examination 60% weight).

Educational Aims: Subject Specific: Knowledge, Understanding and Skills

  • To provide a thorough introduction to the discipline of economics, including a descriptive and analytical overview of the workings of a modern economy both at the microeconomic level of firms and individuals and at the macroeconomic level where aggregates such as national income, unemployment and inflation are the focus of attention.

Educational Aims: General: Knowledge, Understanding and Skills

  • By the end of this module, students should have a knowledge and understanding of:

    • Analytical methods, both theory and model based
    • The relevance of different theoretical approaches to public policy and business problems

Learning Outcomes: Subject Specific: Knowledge, Understanding and Skills

  • By the end of this course, students should be able to:

    Engage in abstract thinking by extracting the essential features of complex systems to facilitate problem solving and decision making

    Engage in deductive and inductive reasoning to enhance problem solving and decision-making skills

    Bring a range of modelling frameworks to bear upon the analysis of public-, corporate- and commercial-policy problems

    Plan and manage their time effectively in relation to deadlines whilst displaying individual initiative and enterprise

    Demonstrate a logical argument, analyse and interpret data and evaluate alternative perspectives on the basis of objective reasoning

    Communicate and present complex arguments in oral and written form with clarity and succinctness

    Understand the nature of incentives and opportunity costs in decision-making

    Think in marginal terms about the trade-offs involved in public policy and business decision making

Learning Outcomes: General: Knowledge, Understanding and Skills

  • By the end of this course, students should be able to:

    Engage in abstract thinking by extracting the essential features of complex systems to facilitate problem solving and decision making

    Engage in deductive and inductive reasoning to enhance problem solving and decision-making skills

    Bring a range of modelling frameworks to bear upon the analysis of public-, corporate- and commercial-policy problems

    Plan and manage their time effectively in relation to deadlines whilst displaying individual initiative and enterprise

    Demonstrate a logical argument, analyse and interpret data and evaluate alternative perspectives on the basis of objective reasoning

    Communicate and present complex arguments in oral and written form with clarity and succinctness

    Understand the nature of incentives and opportunity costs in decision-making

    Think in marginal terms about the trade-offs involved in public policy and business decision making

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