Coronavirus information for applicants and offer-holders

We understand that prospective students and offer-holders may have concerns about the ongoing coronavirus outbreak. The University is following the advice from Universities UK, Public Health England and the Foreign and Commonwealth Office.

Read our latest coronavirus information

BAEcon Development Studies and Social Statistics

Year of entry: 2021

Course unit details:
Microeconomics 2

Unit code ECON10232
Credit rating 10
Unit level Level 1
Teaching period(s) Semester 2
Offered by School of Social Sciences
Available as a free choice unit? Yes

Overview

This module will introduce students to the basics of industrial organization, individual decision making, the role of markets and how they fail as well as issues around the measurement and study of inequality.

Students will develop a build on the Microeconomics learned in Term 1 to more fully be able to study and discuss some of the main ideas and issues in micro.

Pre/co-requisites

Unit title Unit code Requirement type Description
Microeconomics 1 ECON10331 Co-Requisite Compulsory
ECON10331 Micro 1 and (ECON10061 Intro Math's or ECON10071 Adv. Math's)

ECON10331 Micro 1 and (ECON10061 Intro Maths or ECON10071 Adv Maths)

 

Aims

This module will introduce students to the basics of industrial organization, individual decision making, the role of markets and how they fail as well as issues around the measurement and study of inequality. 

Learning outcomes

Students will develop a build on the Microeconomics learned in Term 1 to more fully be able to study and discuss some of the main ideas and issues in micro.

Syllabus

 Choice Theory 2

•      Revisit classic models of individual agent’s decision making and newer developments allowing for agent’s uncertainty and irrationality.

Understanding Markets 2: Market Failure Due to Market Conditions

•      Public goods and the role of the state.

•      Funding the provision of public goods with taxes.

•      Efficiency loss and gain from taxation.

•      The moral limits of markets.

Externalities, Under/Over Provided Goods, Social Costs

•      Theory of externalities.

•      Applications to (e.g. Environmental and Education policy).

Information Asymmetries

•      Moral Hazard.

•      Adverse selection.

•      Cheap talk and Signaling.

•      Applications to Public policy and information provision.

The Distribution of Gains from Markets

•      Inequality and redistribution.

•      Inequality.

•      Measurement.

•      Debates and policies.

•      Normative issues: Rawls and Nozick.

•      Redistribution as a public good.

Political Economy

•      Power and Economic Policy.

•         Institutions and development.

Teaching and learning methods

Lectures and tutorial classes.

Employability skills

Analytical skills
Oral communication
Problem solving

Assessment methods

70% Essay

30% Online Tests (x5)

 

Recommended reading

The main text for this module is CORE Economics. Students should register (it is free) at www.core-econ.org/.
 

Study hours

Independent study hours
Independent study 0

Teaching staff

Staff member Role
Peter Backus Unit coordinator

Additional notes

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

Return to course details