ACADEMIC YEAR 2015/2016 PROVISIONAL MODULE OUTLINE Certificate of Higher Education ECONOMICS Economic Principles (Fast-Track) FFEC902S4CCB CLASS DETAILS First Meeting Tuesday 5 Jan 2015, 6.00-9.00pm (11 Meetings plus 2 Sat schools) Term Dates 5 January 2015 to 15 March 2015 Saturday Schools 6 Feb, 10am-5pm and 5 March 2015, 10am-5pm Module taught by Anthony Conibear Whilst we endeavour to teach on the Saturdays listed in the module outline, dates are liable to alteration after the module has begun. Please be aware that students should not be attending any classes until they have formally enrolled. 1 Contents CLASS DETAILS .................................................................................................................................. 1 MODULE DESCRIPTION ..................................................................................................................... 3 COURSEWORK AND ASSESSMENT................................................................................................... 4 REFERENCES ..................................................................................................................................... 5 READING LISTS .................................................................................................................................. 6 ESSAYS ............................................................................................................................................... 9 Please read the Certificate of Higher Education Economics Student Handbook carefully for information and College policies regarding your studies. 2 MODULE DESCRIPTION An Explanation of basic economic principles is provided, in order to establish a foundation for the understanding of national and International economic issues and policies. You will develop analytical skills and discuss problems of principle and policy. Aims The main aim of the module is to introduce basic economic principles as a foundation for the understanding and discussion of national and international economic policies and issues. Class members are encouraged to discuss economic issues. Student Outcomes By the end of the module you should: have gained a knowledge and understanding of the key terminology and themes in public policy debate. have gained an appreciation of the importance of critical thought and be able to apply basic principles in the explaining of real world economic behaviour. be able to think critically and independently about what you have read have completed and been assessed on your coursework Subject understanding and the ability to use a variety of analytical tools will be assessed in the course work. Teaching Arrangements Teaching and learning takes place by means of lectures, seminars and class presentations by students individually or in groups. 3 COURSEWORK AND ASSESSMENT Students will be expected to prepare essays for formal assessment and to undertake a compulsory in-class assessment. Assessment will consist of three elements: 1. Coursework amounting to 3,000 words in total to be made up of two assignments of 1,500 words each, to be submitted by weeks 5 and 10. These assignments will account for 60% of the total marks. The deadline for submission of coursework to the class tutor is the final class (week 11). Assignments submitted after the final class will not be assessed unless a mitigating circumstances form and supporting evidence has been submitted (further information see page 6). 2. A compulsory in-class assessment will take the form of unseen questions to be answered within 2 hours which will carry 40 % of the possible marks. This will take place in week 11. There will be a central re-sit date allocated for those who provide evidence that they cannot attend the unseen assessment in week 11. 3. In-class participation is marked as pass/fail. Criteria include regular contributions to class (e.g. groupwork, discussions, mini-presentations or other exercises), awareness of required reading, listening/communication skills. All assessment must be passed to be eligible for credit. Please keep a copy of all work you submit. You may produce up to two trial assignments if you wish which can be used for feedback. The course lecturer will give suggestions for improvement. These will NOT go forward for final assessment. 4 REFERENCES Please ensure that: you use appropriate footnoting or end noting, all references consulted, and all quotations reproduced, are properly cited, including where necessary specific page references, you include a full Bibliography representing the actual texts consulted you use texts that are written in English only It is essential that you reference sources correctly. If you fail to reference sources correctly, you run the risk of plagiarising. If a student’s work is proven to be plagiarised, this can result in the student automatically failing the course. The referencing formats below are widely adhered to in Economics: BOOK-1 AUTHOR SURNAME, INITIAL(S). YEAR. TITLE, CITY: PUBLISHER. EXAMPLE: Denoeux, G. 1993. Urban Unrest in the Middle East: A Comparative Study of Informal Networks in Egypt, Iran and Lebanon. New York: State University of New York Press. BOOK-2 OR 3 AUTHORS SURNAMES, INITIALS. YEAR. TITLE, CITY: PUBLISHER. EXAMPLE: Buzan, B., O. Wever, and J. de Wilde. 1998. Security: A New Framework for Analysis. Boulder, CO: Lynne Rienner. BOOK-4 OR MORE AUTHORS SURNAME(S), INITIAL(S) ET AL., EDS. (IF RELEVANT) YEAR. TITLE, CITY: PUBLISHER. EXAMPLE: Held, D. et al., eds. 2005. Debating Globalization. Cambridge: Polity Press. BOOK-SECOND OR LATER EDITION SURNAME(S), INITIAL(S). YEAR. TITLE, NUMBER EDITION, CITY: PUBLISHER. EXAMPLE: Calvocoressi, P. 2008. World Politics since 1945. 9th edition. London: Longman. CHAPTER IN (EDITED) BOOK SURNAME(S) CHAPTER AUTHOR, INITIAL(S). YEAR. “TITLE OF CHAPTER,” IN SURNAME(S), INITIAL(S), ED(S). TITLE OF BOOK. CITY: PUBLISHER, PP:. EXAMPLE: Murphy, C. 2002. ‘‘Why Pay Attention to Global Governance?,’’ in Wilkinson, R., and S. Hughes, eds. Global Governance: Critical Perspectives. London: Routledge, pp. xi-xvii. JOURNAL ARTICLE SURNAME(S), INITIAL(S). YEAR. TITLE OF ARTICLE. NAME OF THE JOURNAL VOLUME(ISSUE NUMBER): PAGE NUMBERS. EXAMPLE: Martin, L., and B. Simmons. 1998. Theoretical and Empirical Studies of International Institutions. International Organization 52(4): 729–757. NEWSPAPER ARTICLE SURNAME(S), INITIAL(S). YEAR. TITLE OF ARTICLE. TITLE OF NEWSPAPER, DAY MONTH BEFORE PAGE NUMBER AND COLUMN LINE. EXAMPLE: Glapper, R. 2005. Transnational corporate recruitment and the welfare state: Pressing issues for governments and lawyers. The New Times, 4 Sep. p.4b. WEB PAGE SURNAME(S), INITIAL(S). YEAR. TITLE. PLACE OF PUBLICATION, PUBLISHER (IF ASCERTAINABLE). AVAILABLE FROM: INTERNET ADDRESS [ACCESSED DY/MNTH/YR]. EXAMPLE: Zuttel, F., and M. Hobland. 2002. References: Harvard systems. Powle, Burnemouth University. Available from: http://www.burnemouth.edu/service.html [Accessed 18 November 2002]. 5 READING LISTS Purchase of some or all advisable (but not before the first class as we occasionally have to cancel classes) MAIN READING Students need to read one basic economics text. The main texts recommended for this module are: Sloman. J. and Garratt, D.(2009) Essentials of Economics, (5th edition). London.Financial Times Press. Lipsey and Chrystal,(2011) Economics (12th edition) Oxford,OUP The text by Sloman is less rigorous than the Lipsey and Chrystal text and therefore an easier read. OTHER GENERAL READINGS Begg, (2008) Economics, 9th edition. Good bookshops include: The LSE Bookshop; Waterstones; Foyles; Secondhand Stores: Skoob Books, Judd Books Websites: abebooks.co.uk amazon.co.uk OTHER SOURCES Internet Sources www.ft.com www.economist.com www.bankofengland.co.uk www.hm-treasury.gov.uk. www.ons.gov.uk www.booksites.net Journals and Newspapers n/a 6 WEEK-BY-WEEK BREAKDOWN The readings given below for each topic are in no sense comprehensive or required reading. An indication is given of the relevant chapters in the set texts, together with an identification of some of the better works dealing with the topics specified. WEEK-BY-WEEK BREAKDOWN Weeks 1 and 2: An Introduction and an analysis of the market, buyers and sellers and price Scarcity, choice and cost Economic systems Demand and supply curves Market equilibrium, price floors and ceilings Elasticity of demand and supply Selected applications of price analysis. Reading: Lipsey – chapters 1, 2, 3, 4, 5 and 5. Sloman – Intro and chapters 1 and 2. Week 3 and the first Saturday school: The economics of the firm Economic Costs, and their characteristics over the short and long run Profit maximisation and how it is achieved Competitive and monopolistic behaviour Market rivalries and oligopolies. Reading: Lipsey – chapters 8, 9, 10, and 11 Sloman – chapters 3 and 4 Week 4: The labour market and income distribution Demand and Supply of labour Employment and wages Minimum wages under competition and monosony Income distribution and inequality. Reading: Lipsey – chapters 14 and 15 Sloman – chapter 5 Week 5: Allocative efficiency and market failure Externalities, public and merit goods, asymmetric information Policy responses to market failure. Reading: Lipsey – chapter 18 Sloman – chapter 6 7 Weeks 6 and 7: Macro economics – basic models and measurement Government Macro policy objectives and policy instruments GDP, GNP as measures of welfare The national income and expenditure model The income multiplier Consumer and investment spending The business cycle – recession and recovery Reading: Lipsey – chapters 20, 21, 22 and 23 Sloman – chapters 7 and 8. Weeks 8 and 9: Fiscal and monetary analysis and policy, Inflation and unemployment The role of government spending and taxation National debt and the impact of government borrowing Credit creation and money supply control Interest rate determination Money supply and interest rate changes in a global environment Consequences of inflation and unemployment Their causes and the policy responses The 'Phillips Curve' and NAIRU Role of supply-side policies. Reading: Lipsey – chapters 25, 26, 27 Sloman – chapters 8 and 9. Lipsey – chapters 24, 30 and 31 Sloman – chapter 10. Week 10 and the second Saturday school: International trade and Development and Revision Why trade? Comparative advantage and free trade Trade restrictions – tariff and non-tariff barriers The balance of payments and the problem of deficits Exchange rate systems The Euro Development Strategies – Aid and Debt Reading: Lipsey – chapters 28, 29, 34 and 35. Sloman – 11 and 12 Week 11: 2 hours unseen in-class assessment 8 ESSAYS Essay 1 (Deadline Week 5) Essay 2 (Deadline Week 10) 9