ECON2291: ECONOMIC THEORY

• Principles of Economics (ECON1011) AND EITHER Economic Methods (ECON1021) OR Calculus I (MATH1061) AND Linear Algebra I (MATH1071) AND Probability I (MATH1597) AND Statistics I (MATH1617)

• None

• Macroeconomics (ECON2011), Microeconomics (ECON2021)

• To have an intermediate understanding and applications of topics in both microeconomic and macroeconomic theory
• To develop an understanding of policies and empirical applications of economic theory
• To build on the material of Principles of Economics and Economic Methods and prepare students for their level 3 studies

• Topics, reflecting on the current state of the field, may include:
• Consumer theory
• Game theory
• Firm theory
• Markets and allocative efficiency
• Imperfect markets: Sources of monopoly power, strategic interactions in oligopoly, competition policy
• Risk and Uncertainty: Expected utility theory and its applications
• Moral Hazard and Adverse selection
• Consumption and savings
• The open economy
• Economic growth
• Economic fluctuations
• Aggregate demand
• Aggregate supply
• Money supply, money demand and inflation
• Business cycle theory
• Fiscal policy

Subject-specific Knowledge:

• Upon completion of the module, students should:
• Have knowledge and understanding of the core theoretical models and key practical issues in Microeconomic and Macroeconomic Theory.
• Demonstrate an understanding of the areas of the applications of Microeconomic and Macroeconomic Theory.
• Demonstrate knowledge and understanding of the relationships between different economic models and apply the knowledge in policy discussions.

Subject-specific Skills:

• Upon completion of the module, students should:
• Be able to analyse real world problems from a theoretical microeconomic and macroeconomic perspective.
• Be able to demonstrate proficiency in critical discussion of the relevant literature and empirical evidence.
• Be able to apply mathematical techniques in economic analysis and understand statistical analysis of data.

Key Skills:

• Written Communication - through the in-person examination
• Planning, Organisation and Time Management - e.g. by preparing for examinations
• Problem solving and Analysis - by applying the necessary analytical and quantitative skills to identify and empirically test theoretical relationships
• Initiative - by collecting information for the summative assignment, searching relevant literature and information in preparation for the summative assignment.
• Numeracy - e.g. by applying an array of core mathematical-statistical skills to answer a range of examination questions;
• Computer Literacy and Information Retrieval - by word-processing the summative assignment.

• Lectures introduce to the key theoretical and empirical issues.
• Seminars give the students an opportunity to understand theoretical concepts and their applications.
• Formative assessment is by means of an assignment.
• Summative assessment is by means of an in-person examination and continuous assessment.

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