Undergraduate Course: Alternative Approaches to Macroeconomics (ECNM10076)
Course Outline
| School | School of Economics |
College | College of Humanities and Social Science |
| Credit level (Normal year taken) | SCQF Level 10 (Year 3 Undergraduate) |
Availability | Available to all students |
| SCQF Credits | 20 |
ECTS Credits | 10 |
| Summary | This course aims to introduce students to competing current macroeconomic theories, offering students a 'pluralist' approach and the opportunity to examine the underlying pre-suppositions of different approaches and how different motivating questions and goals set may affect inquiry and policy. |
| Course description |
This course considers the main features and internal criticisms of the current 'standard model' of macroeconomics, considering its variants and historical development from orthodox IS-LM Keynesianism and monetarist quantity theoretical roots. In this process the course will study subsequent 'New Classical' developments involving rational expectations and 'New Keynesian' models incorporating nominal and real rigidities.
It will analyse and contrast these approaches and their points of departure from the 'Post-Keynesian' approach that identifies Keynes's fundamental uncertainty and effective demand along with the role of price setting by firms and the endogeneity of money to production. The course will also consider the Austrian approach to macroeconomics that emphasises the allocation and misallocation of factors at various stages of production, with the latter driven mainly by policy errors. There may be the opportunity to introduce other approaches, such as Feminist, Institutionalist and Evolutionary economics.
The core content of the course will be delivered in the form of lectures. Students will also be directed to key readings in the studied approaches, and asked to summarise, analyse and present their findings in seminar discussions. Feedback will be provided for these presentations, which will be written up and submitted as part of the course summative assessment.
The ethos of the course will be to approach different macroeconomic theories on the background of critical or 'structured' pluralism, paying particular attention to the ontological presuppositions of alternative macroeconomic theories. Thus students will gain insight into some current issues in economic methodology.
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Entry Requirements (not applicable to Visiting Students)
| Pre-requisites |
Students MUST have passed:
Economics 2 (ECNM08006)
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Co-requisites | |
| Prohibited Combinations | |
Other requirements | None |
Information for Visiting Students
| Pre-requisites | Students should usually have at least 3 Economics courses at grade B or above (or be predicted to obtain this) for entry to this course. This MUST INCLUDE courses in both Macroeconomics and Microeconomics. We will only consider University/College level courses. |
| High Demand Course? |
Yes |
Course Delivery Information
| Not being delivered |
Learning Outcomes
On completion of this course, the student will be able to:
- 1a) Demonstrate knowledge of the main features of key macroeconomic theories, their points of departure and sources of criticism. 1b) Demonstrate the ability to communicate in a group setting understanding of sources relevant to macroeconomic theory and related debates. 1c) Demonstrate the ability to succinctly analyse and summarise in writing economics research literature.
- Acquire understanding of the value of critical analysis of contested and competing ideas in macroeconomics.
- Analyse the main distinguishing features of competing approaches to macroeconomic theory.
- Acquire some understanding of the role of ontology, epistemology and methodology as applied to economic theory evaluation.
- Acquire understanding how macroeconomic theory has developed in response to theoretical and historical motivations.
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Additional Information
| Course URL |
http://www.summerschool.ed.ac.uk/course/alternative-approaches-macroeconomics |
| Graduate Attributes and Skills |
Knowledge and understanding
Major modern developments in economic analysis, with a deeper understanding and appreciation of ongoing research activity in some more specialised areas.
Research and Enquiry
The ability to critically assess existing understanding of economic and social issues, the limitations of that understanding and the limitations of their own knowledge and understanding of those issues.
The ability to question the principles, methods, standards and boundaries of economic knowledge.
Personal and Intellectual Autonomy
The ability to be independent learners who take responsibility for their own learning, and are committed to continuous reflection, self-evaluation and self-improvement.
The ability to collaborate and debate effectively to test, modify and strengthen their own views.
Communication Skills
The ability to make effective use of oral, written and visual means to critique, create and communicate understanding.
The ability to communicate relevant information succinctly and precisely. |
| Special Arrangements |
University of Edinburgh students will not receive credits for this course. |
| Additional Class Delivery Information |
The course has a 5 week duration - 3 weeks of classes with 2 further weeks of independent study / consolidation before the take-home exam. |
| Keywords | AltAppstoMacro |
Contacts
| Course organiser | Dr Richard Holt
Tel: (0131 6)50 8350
Email: Richard.Holt@ed.ac.uk |
Course secretary | Ms Eirlys Armstrong
Tel: (0131 6)50 9905
Email: eirlys.armstrong@ed.ac.uk |
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