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2017/18 Undergraduate Module Catalogue

LUBS2280 Macroeconomic Policy and Performance in Britain

10 creditsClass Size: 94

Module manager: Dr Gary Slater
Email: g.slater@leeds.ac.uk

Taught: Semester 2 View Timetable

Year running 2017/18

Pre-requisites

LUBS1950Economic Theory & Apps 1

This module is not approved as a discovery module

Module summary

Widely referred to as ‘the sick man of Europe’ in the 1970s, the British economy’s relative decline has been halted in recent years. To what extent can this turnaround be ascribed to changes in macroeconomic policy-making? Was the monetarist experiment and the abandonment of Keynesianism a necessary step or did recovery occur despite policy errors? What have been the effects of the shift from a policy focus on unemployment to an overriding concern with inflation? How has the current policy framework – based on a ‘new consensus’ in macroeconomic theory – performed in the face of the deepest post-war economic recession?Building on introductory economics (pre-requisite: LUBS 1950 Economic Theory and Applications) this module traces the developments in British economic policy-making, macroeconomic theory and macroeconomic performance since the mid-1970s. Through lectures and debate-led seminars, we examine the major policy changes and their supporting theoretical and ideological arguments. Throughout the module there is an emphasis on critical evaluation and analysis, drawing on economic theory, political economy and recent economic history. At the end of this module, you will have a much greater awareness of the historical and theoretical foundations of the current policy framework and the ability to critically appraise it.

Objectives

This module aims to provide students with an understanding of competing theoretical perspectives on macroeconomic policy relating to the British economy since the mid-1970s.

The module explores the interplay of evolving economic theory, policy developments and political ideology and seeks to assess the performance outcomes of various policy approaches relative to previous periods in British economic history and to other industrialised nations.

Learning outcomes
Upon completion of this module students will be able to demonstrate a critical understanding of:
- the evolution of macroeconomic theory since the mid-1970s
- macroeconomic policy debates
- the impact of various macroeconomic policy measures on British economic performance

Skills outcomes
Upon completion of this module students will be able to:
Subject specific
- devise and select a suitable framework for the evaluation and assessment of the effects of economic policy
- apply economic theories to the analysis of developments in macroeconomic policy-making in Britain

Transferable skills
- construct and express an evidence-based argument and form a judgement


Syllabus

Indicative Content:
Britain’s relative decline (and recovery); the monetarist experiment; the rise of monetary policy and the fall of fiscal activism; unemployment policy – from macroeconomics to microeconomics; monetary policy responses to the 2007 crisis; fiscal policy, crisis and austerity.

Teaching methods

Delivery typeNumberLength hoursStudent hours
Lecture111.0011.00
Seminar51.005.00
Private study hours84.00
Total Contact hours16.00
Total hours (100hr per 10 credits)100.00

Opportunities for Formative Feedback

Students will have the opportunity to ask questions relating to the module after lectures, or during the Module Lecturer's office hours

Methods of assessment


Exams
Exam typeExam duration% of formal assessment
Standard exam (closed essays, MCQs etc)2 hr 00 mins100.00
Total percentage (Assessment Exams)100.00

Normally resits will be assessed by the same methodology as the first attempt, unless otherwise stated

Reading list

The reading list is available from the Library website

Last updated: 23/02/2017

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