SP10203: Development economics: microeconomic perspective
[Page last updated: 01 August 2022]
| Academic Year: | 2022/23 |
| Owning Department/School: | Department of Social & Policy Sciences |
| Credits: | 6 [equivalent to 12 CATS credits] |
| Notional Study Hours: | 120 |
| Level: | Certificate (FHEQ level 4) |
| Period: |
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| Assessment Summary: | CW 20%, PF 80% |
| Assessment Detail: |
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| Supplementary Assessment: |
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| Requisites: | |
| Learning Outcomes: | * Familiarity with the language and methodology employed by economists. * Understanding of the strengths and weaknesses of economic explanations of production, distribution, welfare and development, with reference to specific markets, sectors and economies. * Understanding of how economic analysis can contribute to policy analysis, particularly formulating strategies for promoting sustainable development. * A strong foundation for further study of development economics and for understanding how economics relates to other social science disciplines. * Useful revision (for those who have studied economics before) and insights into directions for more in-depth study. |
| Aims: | * To become familiar with core concepts and models explaining production and distribution under conditions of extreme scarcity, including the determinants of poverty and well-being over time; * To review microeconomic theories relevant to understanding economic change at local, national and global levels, with particular reference to low and middle income countries; * To assess the strengths and weaknesses of the way microeconomics explains international development and related public policy issues. * To strengthen the ability of students to apply microeconomic concepts to development issues of their choosing. |
| Skills: | Ability to relate (economic) theory and concepts to contemporary debates and policy issues. Ability to obtain empirical information in order to produce an original market study locating it within a wider international development context. |
| Content: | The content is looking at demand for a single good or service (1) then turn to the supply side and to production economics (2), supply and demand together under different assumptions about the nature of competition (3). From this foundation we then explore allocation of labour (4) and capital (5) through market and non-market institutions, moving onto closed system models of resource allocation (6). We also graduate from seeking to understand how economic institutions work to evaluating how well they work through cost-benefit analysis (7). The next step is to understand how economies operate as closed (8) and open-ended systems (9). This takes us finally to a comprehensive framework for understanding the microeconomic determinants of economic growth, structural change, inequality, poverty and exclusion at national and global levels (10). Each lecture will be illustrated with reference to examples from low and middle income countries, and reflect on how the context of poverty, inequality, weak infrastructure and governance affects the operation of market and non-market institutions of resource allocation. |
| Programme availability: |
SP10203 is a Designated Essential Unit on the following programmes:Department of Social & Policy Sciences
SP10203 is Optional on the following programmes:Department of Economics
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