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2010/1 Module Catalogue
 Module Code: ECO3025 Module Title: FURTHER ECONOMIC THEORY
Module Provider: Economics Short Name: ECO3025
Level: HE3 Module Co-ordinator: NEWMAN ME Mrs (Economics)
Number of credits: 30 Number of ECTS credits: 15
 
Module Availability
All Year
Assessment Pattern
Unit(s) of Assessment

Weighting Towards Module Mark (%)
3 Hour Examination

70
Coursework 1

15
Coursework 2

15

Qualifying Condition(s)
A weighted aggregated average of 40% is required to pass the module.
Module Overview
The module consists of three themes.
  1. The first theme focuses on microeconomics topics that familiarise with basic tools of general equilibrium theory.
  2. The second theme develops a micro-founded dynamic macro-economy by combining agents and firms in a formal utility maximizing RBC framework. This will demonstrate the art of modern formal modelling in macroeconomics. Thinking in a structured framework and the importance of rigorous arguments will be highlighted.  
  3. Finally, the third theme focuses on economic growth. The aim is to survey the main models that are currently used to describe the determinants of economic growth. We then turn to testing the main implications of these models. We also introduce the endogenous growth models.
Prerequisites/Co-requisites
This course uses algebra, calculus, optimisation and differential equations based on material covered in level 1 and 2.
Module Aims
This module aims to familiarise students with conceptual and appropriate mathematical tools in macroeconomic theory and also to present macroeconomics models that explain economic growth.
Learning Outcomes
On successful completion of this module you should be able to:-
  • Use key microeconomic mathematical techniques common in general equilibrium theory
  • Apply static and dynamic optimisation 
  • Understand the micro-foundations of modern macroeconomics 
  • Appreciate the insights and applications of the Real Business Cycle model       
  • Explain various sources of economic growth 
  • Discuss the issue of convergence, and
  • Discuss intuitively and technically the main models of economic growth
Module Content
The following is an indication of the likely topics to be covered:-
  • Static optimisation problems
  • Duality, competitive markets and exchange
  • Time, intertemporal preferences and optimisation, and general equilibrium
  • The RBC model and applications
  • The Solow model and important variations
  • Empirical applications of the neoclassical growth models
  • Endogenous models
Methods of Teaching/Learning
Lectures (40 hrs) Tutorials (10 hrs)
Readings using lecturers' guidance
Responding to questions in class and tutorials
Preparing and taking part in the coursework
Selected Texts/Journals
  • Hoy, Michael et al. (2001), Mathematics for Economics, 2nd ed, MIT Press.
  • Varian, H. R. (2006), Intermediate Microeconomics, 7th edition, WW Nortan & Company.
  • Wickens, Michael (2008), Macroeconomic Theory, Princeton 
  • Jones, Charles, I (2001), Introduction to Economic Growth, 2nd ed., W.W.Norton & Company. 
  • Gylfason, Thorvaldur (1999) Principles of Economic Growth, Oxford
  • Barro, Robert, J. and Xavier Sala-I-Martin (1995), Economic Growth, McGraw-Hill
Last Updated
04 October 2010