EC1F3: Introduction to Economic Institutions and Policy in Britain

Module Provider:

Economics

Number of credits:

10 [5 ECTS credits]

Level:

C (Certificate)

Terms in which taught:

Autumn

Module Convenor:

Dr GP Meen

Pre-requisites:

Co-requisites:

EC1F1A and EC1F1B

Modules excluded:

Current from:

2005/6

Aims:
Introductory courses in micro and macro economics are sometimes taught without reference to the institutional frameworks in which key economic policy decisions are made. The main aim of this module is to provide students with an introduction to the institutional framework and the nature of the policy process. Secondly, the module aims to clarify relationship between some of the main theoretical concepts used in economics and their real-world counterparts. In summary, the aim is to show how theoretical economics operates in practice.

Assessable learning outcomes:
The module is designed to provide an introduction to Contemporary Economic Policy (CEP), taken in Part 2, although it is a stand-alone module of relevance to students not taking CEP. At the end of the module, students should;
(i) develop an understanding of the operations of the main economic institutions
(ii) develop an appreciation of the main constraints under which economic policy operates
(iii) understand the relationship between key textbook economic concepts and those used by practitioners

Additional outcomes:

Outline content:
The module has four main sections (i) the aims, objectives and operations of some of the main UK and international economics institutions, (ii) The operation of economic policy in Britain, (iii) an explanation of how theoretical concepts used in economics relate to their real world equivalents, (iv) an analysis of trends in the British and world economies over the last 20 years.

Brief description of teaching and learning methods:
The lectures will cover all the main module material, although students are required to follow closely media coverage of the main economic events, e.g. the Budget, the decisions of the Monetary Policy Committee. Coursework is set to encourage your critical and analytical skills.

Contact hours:

Assessment:
Coursework
One piece of coursework is set in order to assess progress, but does not count towards the final examination mark.

Relative percentage of coursework
Coursework has no weight in the final assessment.

Penalties for late submission
Penalties for late submission will be in accordance with the University policy.
Unless an extension has been agreed beforehand, any work submitted after the deadline will be subject to a 10 out of 100 mark penalty deduction for work submitted between one and seven calendar days late, after which zero will be awarded.

Examination
One 2-hour unseen written paper.
Part 1 examinations begin in week 5 of the Summer term.

Requirements for a pass
A minimum mark of 40%.

Reassessment arrangements
Re-examination for Part 1 modules takes place in August/September of the same year.