BA Politics, Philosophy and Economics

The unit aims to: (i) introduce students to simple macroeconomic dynamics; (ii) understand the implications of intertemporal decision making for consumption, investment and government policy; (iii) develop critical analysis and lay the foundation for macroeconomic courses in the third year; (iii) provide the employability skills of describing macroeconomic events and key global issues to non-economists with confidence.

 ECON20182 Macro Analysis 2

The aims of this unit are to:

1. Introduce students to introduction to simple macroeconomic dynamics.
2. Understand the the implications of intertemporal decision making for consumption, investment and government policy.
3. Develop critical analysis and lay the foundation for macroeconomic courses in the third year.
4. Provide the employability skills of describing macroeconomic events and key global issues to non-economists with confidence.

Economic Growth:

• Economic growth Malthus and Solow (Williamson, ch. 6).
• Income disparity among countries and Endogenous Growth (Williamson, ch. 7).

Intertemporal Macroeconomics (Two-Period Model):

• Household's intertemporal budget constraint and consumption decisions (Williamson, ch. 8).
• Credit Market Imperfections: Credit Frictions, Financial Crises (Williamson, ch.9).
• Public and Private Budget Constraints (Williamson, ch. 10).
• Taxation and Deficit Financing: Public Debt and Seignorage (Williamson, ch. 10).

Synchronous activities (such as Lectures or Review and Q&A sessions, and tutorials), and guided self-study

(i) have developed their understanding of modern macroeconomic theory and policy in particular with respect to intertemporal decision making and economic growth.

(i) problem-solving skills; (ii) skills of analysis, and the application of analytical models; (iii) the evaluation and critical analysis of arguments, theories and policies; (iv) synthesise and evaluate data.

(i) independently locate and assess relevant literature, and to draw on these to develop understanding and to construct arguments.

(i) select and deploy relevant information; (ii) communicate ideas and arguments in writing; (iii) apply skills of analysis and interpretation; (iv) manage time and work to deadlines; (v) use ICT to locate, analyse, organise and communicate information (e.g. internet, on-line databases, search engines, library catalogues, spreadsheets, specialist programs, word processing and presentation software).

Mid-Term Exam - 30%

Final Exam - 70%

• Tutorial feedback.
• Office hours.
• Revision sessions.

Stephen D. Williamson, (2014) Macroeconomics, fifth edition, Person.

For every 10 course unit credits we expect students to work for around 100 hours. This time generally includes any contact times (online or face to face, recorded and live), but also independent study, work for coursework, and group work. This amount is only a guidance and individual study time will vary.