ES30174: Economic thought & policy
[Page last updated: 03 June 2024]
| Academic Year: | 2024/25 |
| Owning Department/School: | Department of Economics |
| Credits: | 6 [equivalent to 12 CATS credits] |
| Notional Study Hours: | 120 |
| Level: | Honours (FHEQ level 6) |
| Period: |
|
| Assessment Summary: | EXCB 100% |
| Assessment Detail: |
|
| Supplementary Assessment: |
|
| Requisites: | In taking this module you cannot take ES20022 |
| Learning Outcomes: |
Critically evaluate the historical contexts and development of some of the key economic ideas studied during the programme. Identify the different approaches and methodologies characterising different schools of thought, and evaluate the significance and relevance of these contributions. Knowledge and understanding of the economic models and contributions to policy of by individual economists and schools of economic thought. Knowledge of key debates in the development of economic ideas, and evaluation of related economic policies. |
| Synopsis: | This unit provides a selective analysis of the historical development of economic thought and policy from the beginning of the industrial revolution in the eighteenth century, to the current period. It traces the development of economic ideas through the works of Smith, Ricardo, Marshall, Hayek, Keynes, and several of their contemporaries. The key economic ideas studied during the course will be discussed in their historical contexts, comparing and contrasting their assumptions and policy recommendations, and emphasising the historical significance and current relevance. |
| Aims: | To familiarise students with a range of primary source texts written by major economists from the seventeenth, eighteenth and the mid twentieth century.
To stimulate an interest and knowledge base in the historical development of economic ideas.
To convey the relevance of the economics of earlier writers to an understanding of present day economic thought and policy debate. |
| Skills: | Exposure to critical debate in the development of economic argument.
Synthesising information in order to strengthen analytical and economic model building skills.
Reading and assimilating primary source texts.
|
| Content: | This until will trace the development of economic ideas, in a chronological order.
School of thought covered by this unit may include: Pre-classical and Classical Political Economy, Marxian Critique, Marginalism and Neoclassical Economics, Keynesian Revolution, Hayek and the Austrian School
Economic ideas/concepts will be discussed by tracing the historical route of developments, and their analytical insights.
These may include: (i) theories of value and distribution (ii) trade cycles, fluctuations and crises, (iii) competition, (iv) technology and growth. |
| Course availability: |
ES30174 is Optional on the following courses:Department of Economics
|
Notes:
|