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BA Modern Language and Business & Management (Russian) / Course details
Year of entry: 2023
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Course unit details:
|Unit level||Level 2|
|Teaching period(s)||Semester 2|
|Available as a free choice unit?||No|
This course provides an introduction to long run macroeconomic issues such as why some countries are so much poorer than other, what drives savings, investment and innovation in the long run. In addition, we will also study the factors that determine unemployment and inflation in the long run. The course keeps a tight connection between economic models and data, a significant feature of modern macroeconomics. To analyze the macro economy, we must analyze current data and real-world situations, then apply this knowledge using models and equations. The course provides the necessary tools to analyze long run macroeconomic questions.
|Unit title||Unit code||Requirement type||Description|
|Introductory Statistics for Economists||SOST10062||Pre-Requisite||Compulsory|
ECON10252 AND (ECON10061 OR ECON10071) AND (SOST10062 OR ECON10072)
The aims of this course are:
- To provide a self-contained introduction to long-run macroeconomics including long run economic growth, unemployment and inflation for general social scientists.
- To cover the preparatory material for more specialist courses in economics in the second and third years.
- Demonstrate knowledge of measuring economic growth and the major issues of long-run economic growth.
- Understand the concept of modelling economic growth and how different modelling approaches contribute to our understanding of the growth process.
- Understand how the economics of ideas as the engine of growth necessarily leads to imperfect competition between firms and create monopolies.
- Understand why some countries are so much richer than others, and why some countries like China are growing much faster than others and for how long.
- Demonstrate knowledge of the major issues of long-term unemployment and inflation.
- Demonstrate a detailed understanding of the factors that determine long-term unemployment.
- Introduction to Macroeconomics/Measuring the Macroeconomy. How macroeconomics studies key questions. How GDP is measured. How to use GDP to measure the evolution of living standards within country over time, and across countries. Alternative measures of living standards.
- An Overview of Long Run Economic Growth. Some facts of economic growth including it is a relatively recent phenomenon from a historical point of view. How economic growth dramatically improved welfare around the world.
- A Model of Production. How to set up a macroeconomic model. How a production function help us to understand the differences in per capita GDP across countries. How to look at economic data through the lens of macroeconomic models.
- The Solow Growth Model. How capital accumulates over time helping us to understand economic growth. The role of diminishing returns to capital in explaining differences in growth rates across countries. The limitations of capital accumulation.
- Growth and Ideas. Why new ideas - new ways of using existing resources - are key to sustained long-run growth. Why "non-rivalry" makes ideas different from other economic goods in a crucial way. How the economics of ideas leads to monopolies. A new model of economic growth: the Romer model.
- The Labour Market, Wages, and Unemployment. How basic supply-and-demand model helps us to understand the labour market. How labour market distortions like taxes and firing costs affect employment in the long-run. How to value your own human capital. A key fact: return to university education increased enormously over the past half century.
- Inflation. What inflation is and how costly it can be. How the quantity theory of money allow us to understand where inflation comes from. How nominal and real interest rates are related. The important link between fiscal policy and high inflation.
Teaching and learning methods
Synchronous activities (such as Lectures or Review and Q&A sessions, and tutorials), and guided self-study
- Analytical skills
- To provide a detailed and qualified economic perspective on economic growth in the UK and elsewhere from the perspective of a global interdependent world. The ability to provide critical analysis of policies that affect economic growth and cross-country income differences. The ability to provide critical analysis of policies that affect unemployment and inflation in the long run. To use models to interpret economic data.
25% Mid-term test
- Mock exam.
- Online quizzes on Blackboard.
- Tutorial feedback.
- Drop-in sessions.
- Discussion boards.
Charles Jones, Macroeconomics, 5th edition (Chapters 1-8).
|Kyriakos Neanidis||Unit coordinator|