Postgraduate Course: Understanding Economies (EMBA) (CMSE11231)
Course Outline
| School | Business School |
College | College of Humanities and Social Science |
| Credit level (Normal year taken) | SCQF Level 11 (Postgraduate) |
Availability | Not available to visiting students |
| SCQF Credits | 10 |
ECTS Credits | 5 |
| Summary | This course focuses on macroeconomics and is designed to provide sufficient understanding of the dynamics and developments in the economy to enable participants to engage in informed debate and to interpret relevant reports on contemporary economic issues. |
| Course description |
.The course aims to support an understanding of business because Macroeconomics affects all companies by: level of demand for products; interest rates - with their effect on the costs of the firm; the exchange rate - which tends to intensify or reduce competition even for firms not overtly engaged in trade. Each of these elements interact both with themselves and with other factors, such as government policy.
Syllabus
Demand, Supply and the Market
The Determination of National Income
The Multiplier, Fiscal Policy and Foreign Trade
a) The Multiplier
b) Fiscal Policy and Foreign Trade
Money and Modern Banking
Interest Rates and Monetary Transmission
Aggregate Supply and Inflation
Inflation
Student Learning Experience
Lectures provide the framework and agenda and motivate private study by providing the structure of the argument. These are supported by weekly workshops, which both clarify understanding and, by providing a forum for discussion, encourage the students to take an active role in working with the concepts and to develop the ability to explain how the different factors work. The workshops will provide a forum for feedback on understanding of concepts, clarity of problem solving, analytical skills and reasoning. Further details will be given to students by the lecturer.
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Entry Requirements (not applicable to Visiting Students)
| Pre-requisites |
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Co-requisites | |
| Prohibited Combinations | |
Other requirements | None |
Course Delivery Information
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| Academic year 2015/16, Not available to visiting students (SS1)
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Quota: None |
| Course Start |
Semester 1 |
Timetable |
Timetable |
| Learning and Teaching activities (Further Info) |
Total Hours:
100
(
Lecture Hours 20,
Summative Assessment Hours 30,
Programme Level Learning and Teaching Hours 2,
Directed Learning and Independent Learning Hours
48 )
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| Assessment (Further Info) |
Written Exam
100 %,
Coursework
0 %,
Practical Exam
0 %
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| Additional Information (Assessment) |
Written Examination - 100% |
| Feedback |
All students will be given at least one formative feedback or feedforward event for every course they undertake, provided during the semester in which the course is taken and in time to be useful in the completion of summative work on the course.
Feedback on formative assessed work will be provided within 15 working days of submission, or in time to be of use in subsequent assessments within the course, whichever is sooner. Summative marks will be returned on a published timetable, which has been made clear to students at the start of the academic year.
Students will be provided with electronic written feedback for all coursework. Coursework and exam scripts cannot be taken away by students. Students who wish to view a marked piece of coursework or an exam script, should contact the programme support team to arrange a time.
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| No Exam Information |
Learning Outcomes
On completion of this course, the student will be able to:
- Understand and discuss critically the macro-economy, particularly the elements measured by GNP, GDP and National Income.
- Understand and discuss critically the determinants of changes in the current and capital accounts of the balance of payments and their impact on exchange rates, and the implications of rising GNP for tax revenues and the current account of the balance of payments.
- Understand and discuss critically the role of savings and investment - and more generally the role of leakages (savings, taxation and imports) and injections (Investment, Government expenditure and Exports) in determining the level of GDP.
- Understand and discuss critically the role of government in expanding aggregate demand through fiscal policy.
- Understand and discuss critically the creation of money by the banking system and the limits due to reserve requirements, the role of the interest rate in affecting the demand for money, the role of money supply in inflation and the use of monetary policy to control inflation and the role of the central bank.
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Reading List
The core textbook is D Begg, G Vernasca, S Fischer & R Dornbusch, Economics, 10th edition, McGraw Hill, 2011.
Those who find the material challenging may find the following useful:
D. Begg Foundations of Economics, 5th Edition McGraw Hill, 20013 (or D Begg, S. Fischer and R. Dornbusch, Foundations of Economics, 4th Edition McGraw Hill, 2009).
(or)
D Begg and D Ward Economics for Business, 4th Edition McGraw Hill, 2012.
While these are useful sources of orientation, they are at a lower level of detail than desirable.
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Additional Information
| Graduate Attributes and Skills |
Cognitive and Subject-Specific Skills:
-Apply a systems-thinking perspective when analysing economic and business problems
-Apply logical thought when analysing cause and effect in the presence of interdependence
-Apply symbols and simple equations to model real-world phenomena
-Analyse and understand data in the presence of multi-causal phenomena
Transferable Skills:
-Skills of argument development and persuasion.
-Demonstrate skills of critical thinking and make effective use of data and analytical tools.
-Plan and manage independent study and research, and communicate effectively in writing.
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| Keywords | Not entered |
Contacts
| Course organiser | Prof Jonathan Crook
Tel: (0131 6)50 3802
Email: |
Course secretary | Miss Kate Ainsworth
Tel: (0131 6)51 7761
Email: |
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