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Economic Principles

Module description

This module introduces Economics and explores the main characteristics of economies using historical and cross-country comparisons across the major dimensions of economic performance (growth, inequality, stability).  By taking the main economic actors and showing how they make decisions, the course covers behaviour in goods, labour and credit markets, highlighting the role of the rules of the game (institutions), and showing the sources of market successes and market failures. Behaviour of households and firms is analysed in the economy as a whole, along with that of fiscal and monetary policy makers.

The module consists of two semesters of teaching, each covering core theory and applications from the main course resources: CORE’s The Economy, Society and Public Policy (Term 1), CORE’s The Economy 2.0 Macroeconomics (Term 2) and CORE’s Doing Economics (Term 2).

Module aims - intentions of the module

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

• 1. Comprehend the roles of key elements of a modern economy: firms, workers, consumers, markets, technology and financial institutions
• 2. Discuss and articulate reasoned views on some of the most pressing policy problems facing our societies: inequality, financial instability, the future of work, environmental degradation, wealth creation, and innovation
• 3. Learn how to interpret and use data to measure the economy and society
• 4. Critically evaluate a variety of economic and social policies

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

• 5. Identify, present and explain standard theoretical economic models and apply them to analyse economic questions and policy issues

ILO: Personal and key skills

On successfully completing the module you will be able to...

• 6. Judge and assess policy issues related to market economies
• 7. Develop the capacity for analytical thought and reasoned discussion
• 8. Develop independent study skills
• 9. Prepare and organise work individually and in groups using a range of available technologies
• 10. Work positively and collaboratively in groups, managing any conflict arising

Syllabus plan

Term 1: Core’s Economy, Society and Public Policy (Units 1-7 and 9-11):

• Capitalism: Affluence, inequality, and the environment.
• Social interactions and economic outcomes
• Public policy for fairness and efficiency.
• Work, wellbeing, and scarcity.
• Institutions, power, and inequality
• The firm: Employees, managers, and owners
• Firms and markets for goods and services
• The credit market: Borrowers, lenders, and the rate of interest
• Banks, money, housing, and financial assets
• Market failures and government policy

Term 2: Core’s The Economy 2.0 Macroeconomics (Units 1-10)

• The Supply-side of the Macroeconomy
• Unemployment, wages and Inequality
• Aggregate Demand and the Multiplier Model
• Inflation and Unemployment
• Macroeconomic Policy
• The Financial Sector
• Macroeconomic Policies in the Global Economy
• Economic Dynamics
• Global Growth and Inequality
• Creative Destruction and the Future of Work, Inequality and the Planet

Learning activities and teaching methods (given in hours of study time)

Details of learning activities and teaching methods

Formative assessment

Summative assessment (% of credit)

Details of summative assessment

Details of re-assessment (where required by referral or deferral)

Re-assessment notes

Deferral – if you have been deferred for any assessment you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of deferral will not be capped and will be treated as it would be if it were your first attempt at the assessment.

Referral – if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of referral will be capped at 40%.

Indicative learning resources - Basic reading

• CORE’s Economy, Society, and Public Policy, available (for free) at: https://www.core-econ.org/espp/ (Used in Term 1)
• CORE’s The Economy 2.0 Macroeconomics, available (for free) at:  https://www.core-econ.org/ (Used in Term 2)
• Doing Economics, available (for free) at: https://www.core-econ.org/doing-economics/index.html  (Used in Term 2)

Key words search

Economic Principles, Economic Policy, Growth, Inequality, Externalities, Markets, Environment