ECONOMICS

Credit Points

15

Course Coordinator

Dr A Zangelidis

Pre-requisites

None.

Overview

This course studies aspects of the behaviour and actions of people such as consumers, employees, and company managers, and the behaviour and activities of organisations such as firms, governments, and regulatory authorities, usually within capitalist societies. An important part of these behaviours and activities involves coming to terms with scarce resources. People want many things, but cannot afford them all, and do not have the time to enjoy them all, so must prioritise. Companies want to produce many things, but usually focus on a fairly small range of products. Prices may be high, or increasing, meaning profits for some producers, and prices that are too expensive for some consumers. In other cases, prices may be low and falling, being too low to cover the costs of some companies.

In capitalist systems markets are an important way in which economic activities are coordinated. This often works through buyers adjusting how much they want in relation to established prices, and producers deciding how much it is profitable for them to supply. Circumstances may change, allowing people to adjust such decisions. If such coordination is effective, markets are said to be in, or approaching, equilibrium. Markets though are not always effective in coordinating the plans of people. In cases of market failure, governments often become involved in regulating economic activities, or arranging for the production of goods and services, such as in the cases of health care, education, transport infrastructure, and television and radio broadcasting.

This course investigates reasons why coordination in markets can fail, and introduce ideas about what can be done through governments and other bodies to undertake coordination through other means.

The principles and concepts that are introduced will be of a general nature and are applicable to a large number of cases. We will discuss ideas about how consumers behave in typical situations, or how firms behave in typical situations. We will present concepts and principles mainly through discussion, supplemented by diagrams, and in a few cases through basic mathematical expressions.

Structure

3 one-hour lectures per week (Mon, Tues and Thur at 16.00) and 4 one-hour tutorial every two weeks and four computing workshops.

Assessment

1st Attempt: 1 two-hour examination consisting of multiple choice and written elements (70%); continuous assessment (30%) consisting of three computer based quizzes (15%) and a written assessment (15%).

Resit: 1 two-hour written examination (100%).

Formative Assessment

This will take place via on-going discussions in tutorials and via mock computer quizzes.

Feedback

A written feedback sheet is used and this explains why students received a particular mark, outlines the strengths and weaknesses of the essay, and make suggestions as to how the student might improve future coursework submissions. 

On a less formal basis, via verbal feedback during tutorial discussions, and after tutorial presentations.

Credit Points

15

Course Coordinator

Dr H Battu

Pre-requisites

None.

Co-requisites

Notes

Overview

What are the causes of the current financial crisis and what can governments across the globe do about it? Why is it that certain countries have experienced rapid growth in incomes over the past century whereas others are stuck in severe poverty? Why do some nations have high rates of inflation and others stable prices or deflation? Why is unemployment low in some countries but very high in others? Why do all countries experience periods of economic recession and depression and how can government reduce the size of the associated fluctuations in incomes and employment?

This module, which looks at the behaviour of the economy as a whole, tries to answer these and other questions. This course introduces students to macroeconomic theory and policy.

This will enable students to understand the determinants of the level of national income, the overall growth rate of the economy, unemployment and the rate of inflation as well as the role of government in influencing these variables.

Structure

2 one-hour lectures per week and 1 one-hour tutorial every two weeks.

Assessment

1st Attempt: 1 two-hour examination (70%); continuous assessment (30%) consisting of an essay (18%) and a report (12%).

Resit: 1 two-hour written examination (100%).

Formative Assessment

This will take place via on-going discussions in tutorials and via mock computer quizzes.

Feedback

A written feedback sheet is used for both the essay and report and this explains why students received a particular mark, outlines the strengths and weaknesses of the essay, and make suggestions as to how the student might improve future coursework submissions. 

On a less formal basis, via verbal feedback during tutorial discussions, and after tutorial presentations.

Credit Points

30

Course Coordinator

Dr J Skatun

Pre-requisites

EC 1005

Overview

This course builds on and is a natural extension of EC 1005. It will further develop the student's analytical skills, and hopes to investigate in a more rigorous way concepts introduced in EC 1005. The course is designed appeal to all students interested in economics. This includes both students who may wish not to enter into any further studies of economics, but rather pursue studies other than economics after the completion of this course, as well as students who may explicitly wish to continue their study economics at the honours level, and thus in part use Microeconomics II as a means to this end.

The course examines a number of key areas in microeconomics including demand theory, production and cost, factor markets, market structure and strategic interaction, externalities, public goods and evaluation of projects and the application of microeconomic principals to important spheres of economic policy such as the regulation of merger activity and the operation of investor owned utility monopolies.

Structure

3 one-hour lectures per week (Mon, Tue and Thursday at 15:00) and 1 one-hour tutorial every week (to be arranged).

Assessment

1st Attempt: 1 two-hour examination (70%); continuous assessment (30%) consisting of three class tests.

Resit: 1 two-hour written examination (100%).

Formative Assessment

This will take place via tutorial discussions.

Feedback

Feedback is given after the class tests. On a less formal basis, via verbal feedback during tutorial discussions, and after tutorial presentations.

Credit Points

30

Course Coordinator

Dr W D McCausland

Pre-requisites

EC 1505

Overview

Macroeconomics is the branch of economics that seeks to answer such high level questions as: What determines the level of aggregate income? Through what channels is it influenced by the fiscal policy of national governments and the monetary policies of central banks? What determines the effectiveness of fiscal and monetary policies, and how do exchange rate regimes and capital mobility impact on policy effectiveness. What determines the level of macroeconomic activity and its growth or decay over time? What determines inflation and unemployment?

This course will equip you with the principles you need to make sense out of the conflicting and contradictory discussions and policies. It is designed to meet the interests of those wishing merely to take a further course in economics as well as those intending to proceed to honours. This course builds on, and is a natural extension of The Global Economy (EC 1505). It will further develop your analytical skills, and will investigate in a more rigorous and analytical way concepts introduced in EC 1505, so that you are able to study interesting and challenging problems in the global economy.

Structure

3 one-hour lectures per week (Tue 15:00, Thursday 12:00 and 15:00), 1 one-hour tutorial every two weeks, and 2 one-hour computer workshops in weeks 35 and 36.

Assessment

1st Attempt: 1 two-hour examination (70%); continuous assessment (30%) consisting of a piece of computer aided assessment (20%) and a graded tutorial presentation (10%).

Resit: 1 two-hour written examination (100%).

Formative Assessment

This will take place via tutorial discussions and via a "trial (computer aided) assessment" in the computer workshop.

Feedback

Feedback is given in the trial computer aided assessment on a question-by-question basis, giving students guidance on how to approach the question successfully. Oral feedback is given on the tutorial presentation.

On a less formal basis, via verbal feedback during tutorial discussions, and after tutorial presentations. Presentation slides and notes are submitted through WebCT and are available to the external examiner.

Credit Points

30

Course Coordinator

Dr J D F Skåtun

Pre-requisites

EC 2002 and EC 2502

Overview

This course provides an introduction to the basic mathematical and statistical techniques needed by economists. The mathematical component includes differential and integral calculus, maximisation subject to constraints and matrix algebra. The second part of the course comprises an introduction to econometrics, the principal means of statistical analysis in applied economics. This part of the course also includes the use of computer programmes for econometric estimation.

Structure

2 two-hour seminars per week plus computing workshops.

Assessment

1st Attempt: 1 three-hour examination (60%) and in-course assessment (40%).

Resit: 1 three-hour examination (60%) and in-course assessment (40%).

Credit Points

30

Course Coordinator

Dr H Battu

Pre-requisites

EC 2002

Notes

This course will be available in 2011/12 and in alternate sessions thereafter.

Overview

This course aims to analyse the problems of less developed countries and to consider the policies which might be adopted to further economic development.

The course begins by debating what is meant by “economic development”. Is it the same as economic growth or should we also be concerned with the distribution of the benefits of growth? The determinants of growth and technological change in both the agricultural and industrial sectors of less developed countries are considered at length. The interrelated topics of population growth, rural to urban migration, and unemployment are discussed. There are case studies of India, China and the East Asian ‘tigers’, especially Taiwan and South Korean.

Structure

3 one-hour lectures and 1 one-hour tutorial per week.

Assessment

1st Attempt: 1 three-hour examination (80%) and in-course assessment (20%).

Resit: 1 three-hour examination (80%) and in-course assessment (20%).

Credit Points

30

Course Coordinator

Dr E Seki

Pre-requisites

EC 2002

Notes

This course will be available in 2010/11 and in alternate sessions thereafter.

Overview

This course uses economic theory to examine the exploitation and management of natural and environmental resources. The economic principles appropriate to the analysis of these topics are developed. The main topics examined include: the optimal use of non-renewable resources (such as oil and gas), the economics of sustainability, the optimal use of open access renewable resources (such as fisheries and whaling), the regulation of open access renewable resources, the economics and control of pollution (including international pollution such as global warming), and the valuation of environmental resources.

Structure

3 one-hour lectures and 1 one-hour tutorial per week.

Assessment

1st Attempt: 1 three-hour examination (80%) and in-course assessment (20%).

Resit: 1 three-hour examination (80%) and in-course assessment (20%).

Credit Points

30

Course Coordinator

Dr W D McCausland

Pre-requisites

EC 2502

Notes

This course will be available in 2010/11 and in alternate sessions thereafter.

Overview

This course covers both international trade and international money.

The first part of the course analyses international trade flows in perfectly competitive markets based on differences in technology (classical trade) or factor abundance (neoclassical trade), including the distributional and welfare implications of trade policy.

The analysis of international trade then continues by investigating the impact of imperfect competition, economies of scale and product differentiation (new trade), including strategic trade policy. Selected aspects of applied trade policy are also investigated.

The second part of the course begins by reviewing basic concepts in international money and then overviews various exchange rate theories, including the Dornbusch overshooting model. The analysis of international money then continues by examining the policy framework - looking at the objectives, targets and instruments of international monetary policy, including target zones and financial crises.

Structure

Up to 3 hours of lectures per week and 8 seminars.

Assessment

1st Attempt: 1 three-hour examination (80%) and in-course assessment (20%).

Resit: 1 three-hour examination (80%) and in-course assessment (20%).

Credit Points

30

Course Coordinator

Dr A Zangelidis

Pre-requisites

EC 3001

Notes

This course will be available in 2010/11 and in alternate sessions thereafter.

Overview

Econometrics is concerned with testing the compatibility of economic theories with actual day to day economic events. Its development has influenced the recent changes that have taken place in Economics to such an extent that some knowledge of econometrics is essential if much of the modern literature is to be understood. Economic theories are seen as hypotheses on the nature of the world, and are expressed as an equation or a system of equations. These equations are then estimated using one or more of the methods of econometrics. The acceptability or otherwise of the theory can then be decided upon, or the theory itself modified and re-tested. It is essentially the scientific empirical method applied to Economics.

Structure

3 one-hour lectures and 1 one-hour tutorial per week.

Assessment

1st Attempt: 1 three-hour examination (60%), and in-course assessment (40%).

Resit: 1 three-hour examination (60%), and in-course assessment (40%).

Credit Points

30

Course Coordinator

Professor J Swierzbinski

Pre-requisites

EC 2001.

Notes

This course will be available in 2011/12 and in alternate sessions thereafter.

Overview

Industrial economics has developed rapidly, in both theory and empirical investigation during the past 25 years. The course analyses how the behaviour of firms with respect to pricing, advertising, growth and innovation is influenced by market environment. A number of competing approaches are explored including, structure-conduct-performance paradigms, contestable markets and organisational models. Attention is focused on the internal organisational framework of the firm, including management structure and objectives, and its impact on growth and development. The acquisition and pricing policy of public sector organisations is examined. Finally an assessment is made of the impact of competition policy, privatisation, regulation, and industry policy on industrial performance.

Structure

3 one-hour lectures and 1 one-hour tutorial per week.

Assessment

1st Attempt: 1 three-hour examination (80%) and in-course assessment: 2 essays (20%).

Resit: 1 three-hour examination (80%) and in-course assessment: 2 essays (20%).

Credit Points

30

Course Coordinator

Dr H Dickey

Pre-requisites

Available only to students in Programme Year 3 or above who have passed EC 2002.

Notes

This course will be available in 2011/12 and in alternate sessions thereafter.

Overview

This course aims to develop an understanding of the level and structure of wages and employment in advanced industrial nations. Distinguishing the nature and determinants of the supply of and the demand for labour, the course analyses the behaviour of labour markets and offers explanations of the major policy issues of wage inflation and unemployment. Current policy issues such as the impact of welfare benefits on labour supply, the minimum wage, the contrast between ‘Anglo-Saxon’ and ‘European’ models of the labour market are explored. The institutional and regulatory framework within which labour markets operate is detailed and analysed. Attention is given to the analysis of wage structure, wage inequality, labour market flexibility and unemployment.

Structure

3 one-hour lectures and one seminar per week.

Assessment

1st Attempt: 1 three-hour examination (80%) and in-course assessment (20%).

Resit: 1 three-hour examination (80%) and in-course assessment (20%).

Credit Points

30

Course Coordinator

Dr J Skatun

Pre-requisites

EC 2002 and EC 2502

Notes

This course will be available in 2011/12 and in alternate sessions thereafter.

Overview

This course seeks to provide an explanation of the behaviour and operation of the public economy, especially in the United Kingdom. This involves both theoretical and empirical investigation of the reasons for the existence of the public sector, the great growth in public expenditure throughout the world in the twentieth century, and the controversy that has surrounded these developments. Growth of expenditure obviously imposes a need to raise taxation to pay for it. The course examines the main taxation instruments available to governments and their effects on the behaviour of workers, investors and consumers.

Structure

3 one-hour lectures and 1 one-hour tutorial per week.

Assessment

1st Attempt: 1 three-hour examination (80%) and in-course assessment (20%).

Resit: 1 three-hour examination (80%) and in-course assessment (20%).

Credit Points

30

Course Coordinator

Dr H Battu

Pre-requisites

EC 2002

Notes

This course will be available in 2010/11 and in alternate sessions thereafter.

Overview

The various regions and cities of Britain have had different economic experiences. This course seeks to explain why this is so and examines the policies which have been formulated to deal with regional and urban problems. Theories that explain differences in the rates of economic growth and levels of unemployment are examined, together with inter-regional migration and the North-South divide. The objectives, instruments and achievements of regional policy are considered. Other current issues that are examined include the role of regional development agencies, devolution to the regions, and the regional policy of the European Union. The course also focuses on the processes of urban change, the redistribution of population away from cities to large towns and rural areas, and the nature and causes of inner city decline. The most recent policy instruments are examined, including enterprise zones, urban development corporations and initiatives to deal with the problems of peripheral housing estates.

Structure

3 one-hour lectures and 1 one-hour tutorials per week.

Assessment

1st Attempt: 1 three-hour examination (80%) and in-course assessment (20%).

Resit: 1 three-hour examination (80%) and in-course assessment (20%).

Credit Points

30

Course Coordinator

Mr D Newlands

Pre-requisites

EC 2002 and EC 2502

Notes

This course will be available in 2010/11 and in alternate sessions thereafter.

Overview

This course discusses some of the principal themes in health economics. The relationship between health and health care is considered. The distinctive characteristics of health care as an economic good are explained. The course examines the demand for health care, the supply of health care and the economics of the hospital. The role and application of economic evaluation in health care are discussed. Most of the course relates to the UK but there are international comparisons.

Structure

3 one-hour lectures and 1 one-hour seminar per week.

Assessment

1st Attempt: 1 three-hour examination (80%) and in-course assessment (20%).

Resit: 1 three-hour examination (80%) and in-course assessment (20%).

Credit Points

30

Course Coordinator

Dr E Seki

Pre-requisites

Available only to Senior Honours candidates for Honours in Economics. Compulsory for Single Honours Economics candidates.

Notes

This course will be available in both the first and second semester in the fourth year of study, under codes EC 4001 and EC 4501. No student will be allowed to offer both EC 4001 and EC 4501 as part of a degree programme.

Overview

The dissertation must be submitted by the examination period at the end of the first semester in the Senior Honours year. There are no explicit rules regarding the subject matter of the dissertation, but the topic must be approved by the Course Co-ordinator. Dissertations must be typed and must not exceed 10,000 words.

Assessment

1st Attempt: Dissertation (100%).

Credit Points

30

Course Coordinator

Professor N Feltovich

Pre-requisites

EC 3001

Notes

Available only to students in Programme Year 4.

Overview

This course examines a number of important topics in microeconomics in greater depth than the microeconomics course at level two. In the first part of the course both the consumer’s and producer’s problem are examined using a number of analytical tools developed in EC 3001. The second part of the course considers market structure and general equilibrium theory in more detail. The third section focuses on the economics of uncertainty and game theory.

Structure

3 one-hour lectures and 1 one-hour tutorial per week.

Assessment

1st Attempt: 1 three-hour examination (60%) and in-course assessment (40%).

Credit Points

30

Course Coordinator

Professor M Costa-Gomes

Pre-requisites

Available only in programme year 4 or by permission of Head of School.

Co-requisites

EC 2002 and EC 2502

Notes

Level Four Elective for MA Economics Single and Joint honours.

Overview

Overview of the field of experimental economics. Experimentation as a tool to study economic issues. Concepts and methods in experimental economics. A historcal perspective of the field of experimental economics. Tools to analyse experimental data. Overview and description of market experiments, placing special emphasis on the impact of different mechanisms (eg. double auctions versus call auctions, bilateral versus multilateral bargaining, etc.) on the efficiency and equity of outcomes. Comparisons of spot and futures experimental markets. The effects of externalities on behaviour and outcomes and the assessment of different corrective policies and institutional arrangements in addressing them.

Issues in public policy such as the provision of public goods. Environmental Issues: Climate change and the relevance of economics experiments to "climate design".

Structure

Three hours of lectures per week (for 12 weeks) plus one hour tutorial per week. It is envisaged that some of the lectures will take place in the brand new Scottish Experimental Economics Laboratory (SEEL).

Assessment

1st attempt: 1 Two-hour written examination (80%) and one piece of continous assessment (20%).

Credit Points

30

Course Coordinator

Professor I Theodossiou

Pre-requisites

EC 2002 and EC 2502

Notes

Available only to students in Programme Year 4.

Overview

This course examines the history of economic ideas and the evolution of the main schools of economic thought from the eighteenth century to the present day. The aims of the course are to trace the origins of modern economic thought, and to explore the development of the main traditions and the differences between them. It examines the main controversies stimulated by the differences between the main Schools of thought with regard to their contemporary relevance, and demonstrates that the subject is rather more substantive and interesting than the definition once offered that it was ‘the wrong opinions of dead men’. The main objective is to enable the student both to appreciate the diversity of schools of thought in Economics and to identify his/her position within this spectrum of opinion.

Structure

3 one-hour lectures and 1 one-hour tutorial per week.

Assessment

1st Attempt: 1 three-hour examination (80%) and in-course assessment (20%).

Credit Points

30

Course Coordinator

Dr W D McCausland

Pre-requisites

EC 3001

Notes

Available only to students in Programme Year 4.

Overview

This course treats the economy as an interactive system which can produce unemployment, changes in investment portfolios and revised expectations. The relationship between the private and public sector is also examined with reference to stability and uniqueness. Fundamental constraints on policy, conditions for effectiveness, and means of policy implementation and assessment are then considered. Subsequent topics include the techniques of fiscal and monetary control; optimal policy rules in stochastic and dynamic environments; rational expectations and the credibility of policy; exchange rate determination/intervention; forecasting models; and international interdependence and policy co-ordination.

Structure

3 one-hour lectures and 1 one-hour tutorial per week.

Assessment

1st Attempt: 1 three-hour examination (60%), and in-course assessment (40%).