
- UCAS course code
- NT11
- UCAS institution code
- M20
Course unit details:
Microeconomics 2
Unit code | ECON20232 |
---|---|
Credit rating | 10 |
Unit level | Level 2 |
Teaching period(s) | Semester 2 |
Offered by | Economics |
Available as a free choice unit? | No |
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 |
---|---|---|---|
Introductory Mathematics | ECON10061 | Pre-Requisite | Compulsory |
Advanced Mathematics | ECON10071 | Pre-Requisite | Compulsory |
Microeconomics 1 | ECON10221 | Pre-Requisite | Compulsory |
ECON10221 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 Signalling.
- 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
Synchronous activities (such as Lectures or Review and Q&A sessions, and tutorials), and guided self-study
Employability skills
- Analytical skills
- Oral communication
- Problem solving
Assessment methods
If in-person teaching is allowed:
60% Policy Brief
20% Online Quizes (x5)
20% Group Presentation
If there is no in-person teaching:
75% Essay
25% Quizzes
Recommended reading
The main text for this module is CORE Economics. Students should register (it is free) at www.core-econ.org/.
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