An individual assignment of 2000 words worth 100% of the mark assessing LO 1-4.

This course will provide students with an understanding of the development of economics as a social science over the last three centuries and help them to understand different economic perspectives and their application in the real world. The module will acquaint students with classic texts of economic thought and their usefulness to address the issues of the present as well at the limitations of some of the models they study in the other economic courses by developing critical thinking.

Indicative content may include topics:

- Pre-Classical Economics
- The Industrial Revolution and Economic Growth
- Classical school of economic thought and contributions of Adam Smith, David Ricardo, Robert Malthus, J.S. Mill
- The Marxian Critique of Capitalism
- Marginalist Revolution and neoclassical theories of firm and distribution
- Debates on socialism (economic
calculation debate and soft-budget constraint)
- Theories of monopoly and imperfect competition, creative destruction and entrepreneurship
- Causes and consequences of Great depression
- Keynesian revolution and the beginning of modern macroeconomics
- Neoclassical synthesis
- Discussions around uncertainty, animal spirits and expectations in the economy
- The economic thought of the 2007-2008 financial crisis

1. Understanding of the key contributors and contributions to the development of economic thought. Knowledge & Understanding

2. Evaluate the economic theories that could be alternative to mainstream economics
Reflection
Application

3. Knowledge of key developments in economic and political history that have coincided with the evolution of economic ideas.
Knowledge & Understanding
Learning

4. Demonstrate the ability to analyse the strengths and weaknesses of economic analysis and their applicability to the world economy today
Analysis
Application
Problem Solving

Module study guide
The University Library and Learning Resources - books and academic journals
The module VLE
Electronic data bases

Core textbook:
Pareto, V. (2014): Manual of Political Economy. Oxford, UK: Oxford University Press.

Hunt, E.K. and Lautzenheiser, Mark (2011): A History of Economic Thought third edition New York: M.E. Sharpe

Allen, Robert C. (2011): Global Economic History: A Very Short Introduction Oxford, UK: Oxford University Press

Recommended reading:
Sandmo, A. (2011): Economics Evolving: A History of Economic Thought, Princeton University Press

Landreth, H. and Colander, D. (2002) History of Economic Thought, Fourth
Edition, Boston: Houghton-Mifflin.

Blaug, M.(1997): Economic Theory in Retrospect, Cambridge University Press; 5th edition

The learning strategy for the module requires students to commit 150 learning hours (including assessment). There will be 36 hours of class support and 114 hours of independent and self-directed study.

The class sessions will include formal lectures, case study analysis and group discussions based on student experiences in the subject area. Students will be encouraged to apply their new knowledge and skills developed in the classroom to other economics modules as the module progresses.

Students will engage with:

• a mix of lectures/ tutorials and small group activities, plus self- directed learning. Learning support material will be provided for independent /self-directed learning.
• undertake their own (contemporary) research where students are expected to critically evaluate the ideas on social and
economic changes during the
tutorials.
• Students are expected to read a range of book chapters and articles before they come to tutorials, which will enable students to participate in discussions.