Learning objectives
By the end of the course students will be expected to
1. Have a general appreciation of the degree to which there is debate and controversy between streams of thinking in Economics, most basically between “mainstream” and more heterodox approaches. Students will be encouraged to form their own critical standpoints on these issues
2. Have a grasp of the complexities of the notion of rationality as it occurs in Economics especially in a world of uncertainty
3. Understand the basic dynamics of international trade and of the case for a multilateral approach to trade policies
4. Be able to think critically regarding the role and economic significance of the nation state in a globalised world economy
5. Have an appreciation of the geopolitical as well as the purely economic significance of the European Union with its distinctive approach to economic and political integration
6. Understand the basic workings of foreign exchange markets and of the different possible exchange rate regimes.
7. Grasp the significance of Optimal Currency Area theory in relation to Europe’s single currency, the
8. Have an insight into the challenges of debt and deficits in the Eurozone: and the controversies surrounding debt levels, austerity and banking union in the EU
9. Understand the basic meaning of sustainable development and circular economy within the wider corporate social responsibility of companies and in particular in the context of the challenges of climate change
10. Understand of the importance of measurement tools in relation to assessment of performance in sustainable development and have a knowledge of some of the key tools of such measurement that are currently available both at micro and macro level.
Prerequisites
Basic knowledge of Micro and Macroeconomics
Course unit content
The course presupposes a basic grounding in micro and macroeconomic theory and treats a selection of specific themes which are a matter of significant debate and controversy in contemporary economic thought. The historical roots of these as well as the contemporary politico-economic implications of these discussions will be examined. Specific themes to be covered will include
The conceptualisation of rationality in Economics: rational economic men and women; rationality and decision-making in the face of an uncertain future; black swan events. The rationality of cooperation.
Fundamentals of International Trade theory and the case for Multilateralism
International Political economy and the role of Nation States
The economic and geopolitical significance of the European Union in International Political Economy
Foreign Exchange rate systems and Optimal Currency Area theory Contemporary Challenges of the Eurozone: Debt, Deficits, Stability and Growth pact)
Corporate Social Responsibility, Sustainable Development and Circular Economy. The politico-economic significance of climate change
Practical Measurement tools for sustainable development; alternatives to GDP; Social Progress Index.
Full programme
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Bibliography
Blyth M (2013) Austerity, the History of a Dangerous Idea Oxford University Press, Oxford
Kahneman D & Tversky A (1979) “Prospect Theory: an Analysis of Decision under Risk” Econometrica 47(2) 263-292
Montani G (2019) Supranational Political Economy Routledge, London
Senior Nello S (2011) The European Union: Economics Politics and History, 3rd ed. McGraw Hill Maidenhead See especially chapters 1 3 4 5 and 9
Sloman J et al. (2022) Economics 11th ed Pearson Prentice Hall, Harlow.
Teaching methods
Lectures to impart fundamental knowledge and understanding of concepts with ample possibility of student interaction for question and discussion
Reflection exercises for subsequent discussion in class with a view to encouraging critical thinking and discussion
Group activity involving collaborative research leading to subsequent formal presentations in the classroom
Assessment methods and criteria
Final Written Examination (80%). Duration: 2 hours.
The examination will consist of a set of open essay type questions from which students will answer any two questions at choice. Students will be expected to demonstrate their mastery of relevant theories and their ability to think critically about the issues and topics covered in the course. They will be in effect invited to form their own opinions and to defend them.
Groupwork assignment (20%). Students will work in groups on assigned topics on which they will make (and be assessed upon) presentations in class at agreed dates in March
Other information
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