ECON08005 2022 Macroeconomics 1 for Bachelor of Business L8
This module will explore the management of the macroeconomy and how policy decisions can be made to achieve desirable economic goals. A review of introductory macroeconomic theory and the principles of economics will give the student an understanding of the context in which the policy issues arise. Students will develop an understanding of national and international macroeconomic issues and how they are managed and/or mismanaged.
On completion of this module the learner will/should be able to;
Discuss the principles of economics and connect their relevance to macroeconomic policy.
Classify economies according to their type of economic systems and construct an argument as to what type of economic system is most socially and economically desirable.
Measure and analyse economic growth and decline cycles and determine the causes of booms and recessions.
Evaluate the benefits of international trade and analyse the effect of protectionism on the international trading system.
Interpret fiscal policy and examine the effect that taxation and government expenditure have on the public finances.
Teaching and Learning Strategies
Students will attend formal lectures and tutorials, in addition to self directed learning from relevant sources.
Students will be encouraged to develop analytical thinking and learn the importance of ensuring validity and reliability in the sources they access for information.
Module Assessment Strategies
Continuous assessment will involve students co-creating the assessment, in allowing them choose a suitable medium through which they can demonstrate their knowledge of LO 2. This might include submission of an essay, presentation of a debate, submission of a video.
The final examination will assess the student's level of macroeconomic knowledge, their ability to apply it to the real world and their ability to understand the uses and limitations of macroeconomic policies.
LO 1: Introduction to Macroeconomics
- Ten principles of economics
- Topics of interest to macroeconomists
- How macroeconomists think
LO 2: Economic Systems
- Capitalism, command and mixed economic systems
- Classifying economic systems
- Transition economies
- Role and limitations of government in macroeconomic management
LO 3: Economic Growth & Recession
- Measuring economic performance (real Vs nominal measures)
- Exploring trends in economic performance
- Causes and consequences of recession
- Fiscal stimulus Vs Laissez-faire economics
LO 4: International Trade
- Absolute and comparative advantage
- Protectionist policies and their impact
- Free trade areas, customs unions, economic and monetary union
- Impact of international trade on global development
- Anti-international trade arguments
LO 5: Fiscal Policy
- Nature and tools of fiscal policy
- Public finances and budgetary decisions
- Uses and limitations of fiscal policy
- Implementing Irish fiscal policies within and EU framework
Coursework & Assessment Breakdown
|Title||Type||Form||Percent||Week||Learning Outcomes Assessed|
|1||Development an economic argument and deliver it in a suitable medium.||Coursework Assessment||Assignment||40 %||Week 8||1,2|
End of Semester / Year Assessment
|Title||Type||Form||Percent||Week||Learning Outcomes Assessed|
|1||Final written examination||Final Exam||Closed Book Exam||60 %||End of Term||1,2,3,4,5|
Full Time Mode Workload
|Tutorial||Flat Classroom||Co-creation of Assessment Tutorial||1||Weekly||1.00|
|Independent Learning||Offsite Facility||Independent learning||3||Weekly||3.00|
Required & Recommended Book List
2012-10-19 Understanding the World Economy
ISBN 0415681316 ISBN-13 9780415681315
This fourth edition of Understanding the World Economy will continue to provide the reader with the clearest guide available to the global economic scene. Since the last edition was published in 2006, enormous changes have taken place. The world economy has been in upheaval with the biggest financial crash and ensuing recession since the 1930s; with a global re-ordering of economic power relations; with widespread demonstrations by those left behind; with divergent views about where Europe is heading; with a growing scarcity of essential resources; with increasing international terrorism and with increasing concerns of environmental degradation and climate change. To embrace such urgent issues, this text is an almost entirely rewritten version of earlier editions. Tony Cleaver takes a long look at the evolution of market systems and how they have liberated peoples on one side of the globe and yet driven others into debt, depression and despair. He analyses causes and consequences, and discusses (and sometimes dismisses) economic theories. Topics covered include: Why crashes occur What causes some countries to grow and others to stagnate Whether the Euro can survive The economic underpinnings of terrorism The dangers of climate change This book takes the student through the major characteristics of the global economy in jargon-free non-technical language. Chapter summary diagrams and a wealth of boxes and tables make this an essential introduction for undergraduates and A-level students, as well as the casual reader.
ISBN 147376856X ISBN-13 9781473768567
Now firmly established as one of the leading economics principles texts in the UK and Europe, this exciting, new fifth edition of Macroeconomics by N. Gregory Mankiw (Harvard University) and Mark P. Taylor (Washington University), has been fully updated. Much revered for its friendly and accessible approach, emphasis on active learning, and unrivalled support resources, this edition also has an improved structure to ensure the text aligns even more closely with the latest courses. The new edition incorporates additional coverage of a number of key topics including the future of the European Union, the post-Financial crisis world, and macroeconomic policy issues.This title is available with MindTap for Economics, a flexible online learning solution that provides students with all the tools they need to succeed including an interactive eReader, engaging multimedia, practice questions, assessment materials, revision aids, and analytics to help you track their progress.
2021-10-21 Boom and Bust Cambridge University Press
ISBN 1108431658 ISBN-13 9781108431651
Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.
See book list.