Undergraduate Course: Markets and Crises: The Study of Political Economy (LLLJ07019)
|School||Centre for Open Learning
||College||College of Humanities and Social Science
|Credit level (Normal year taken)||SCQF Level 7 (Year 1 Undergraduate)
||Availability||Not available to visiting students
|Summary||This course will give students an opportunity to develop their understanding of economics and economic policy by introducing them to the theories and concepts of both contemporary and classical political economists, and how these relate to modern positions on the nature of market crises.
This course will give students an opportunity to develop their understanding of economics and economic policy by introducing them to the theories and concepts of both contemporary and classical political economists, and how these relate to modern positions on the nature of market crises. The course works from first principles by following the manner in which theories developed, from the earliest Mercantilist ideas, through the Physiocrats, Adam Smith and the other Classical political economists, into the modern era. Students will develop and understanding and appreciation of the different approaches taken towards market economics, the process of accumulating capital, and why markets are prone to periodic 'cyclical' crises. The aim is to develop students' conceptual vocabulary and their critical understanding of how different positions observe the real world through varying economic categories or 'discourses'.
Entry Requirements (not applicable to Visiting Students)
||Other requirements|| None
Course Delivery Information
|Academic year 2017/18, Not available to visiting students (SS1)
||Lifelong Learning - Session 2
|Learning and Teaching activities (Further Info)
Seminar/Tutorial Hours 49.5,
Programme Level Learning and Teaching Hours 2,
Directed Learning and Independent Learning Hours
|Assessment (Further Info)
|Additional Information (Assessment)
||A 2,000 word essay (75%) and 1 hour exam (25%)
||All students will have the opportunity to submit a 1000 word practice essay mid-way through the course. This will be returned with feedback in time to help students prepare for the final assessment. Students will complete a practice in-class exam which will be returned in time to be useful for the final in-class exam.
|No Exam Information
On completion of this course, the student will be able to:
- 1. Investigate and differentiate between key concepts in political economy, such as capital, labour power, the labour theory of value, theory of production costs, theory of subjective utility (in price determination), class, profit, rent, wages, capital accumulation.
- Analyse the different historical and social contexts in which writers researched and published (Smith, Ricardo and Malthus, Marx, Hayek, Keynes).
- Contextualise the works and legacies of key thinkers, and display knowledge of their personal lives.
- Appraise and critique the approaches and concerns of classical political economists, and indicate how they differ from later 'neo-classical' schools.
- Understand and evaluate the development of production processes and why they change so rapidly under capitalism.
|Indicative Reading List|
Allen, R. C., 2011, Global Economic History Oxford: OUP
Dasgupta, P., 2007, Economics: A Very Short Introduction Oxford: Oxford University Press.
Marx, K., 1867, Capital: A Critique of Political Economy, Vol. 1. London: Penguin.
Rubin, I., A History of Economic Thought, London: Pluto Press.
Smith, A., 1776, The Wealth of Nations, Vol. 1. (Books I-III) London: Penguin.
|Graduate Attributes and Skills
||By the end of the course students should have strengthened their skills in: critical analysis; comparative study; participation in group discussion and practical tasks.
|Course organiser||Mrs Anthea Coleman-Chan
Tel: (0131 6)51 1589
|Course secretary||Mr Benjamin Mcnab
Tel: (0131 6)51 4832