The Contemporary Economic Issues module provides the opportunity for Year 1 students with A level economics to reinforce their understanding of economic methods and analysis. Its role is to encourage such students to stretch themselves by taking on second level material and higher level learning and teaching methods.  It applies many of the theoretical ideas the students are already familiar with, and which are reintroduced in the core Macroeconomic, Microeconomic and quantitative modules, to a variety of policy issues.  It pulls together various elements of economic analysis, interweaving theory, data analysis and policy evaluation.

Contemporary Economic Issues aims to demonstrate how economic analysis contributes to understanding and achieving efficiency, equity and sustained development.  It aims to enhance students’ study skills as foundation for Years 2 and 3 by encouraging them to work together in small groups, to organise their time and studies effectively, to participate actively in tutorials, to prepare various forms of informal and formal assessments thoroughly, to employ electronic communication and IT facilities usefully and to develop good revision technique.

A    Knowledge and Understanding:

• identify the central objectives of economic policy, and of UK economic policy in particular
• outline recent performance in relation to efficiency, equity and macroeconomic development
• elucidate recent UK policy in relation to: product market competition, competitive tendering, wage inequalities, environmental policy, monetary and fiscal policy, growth externalities, exchange rate mechanisms, and inflation control

B    Intellectual Skills: 

• analyse policy initiatives to improve economic performance;
• bring together macro and micro ideas and data analysis to understand economic problems better;
• assess the debates surrounding the role of markets and government in the economy.

C    Discipline Specific Skills: 

• recognise the contribution of economic theory to the specification and assessment of the objectives of policy, and be able to apply the models they meet to observed outcomes, for example applying the monopoly welfare model to X-inefficiency
• understand the role of data analysis and quantification in economics and therefore be capable of elucidating specific debates, such as those on the costs of agricultural support
• appreciate the links between macroeconomics and microeconomics, and be able to demonstrate those links;
• indicate how economists assess the welfare consequences of economic policy;

Teaching takes place in the Autumn and Spring semesters. There are approximately 34 hours of lectures and 12 hours of classes. Each core topic (macro and micro) is covered in both lectures and tutorials. In addition, each of the four core micro topics in semester 1 is linked to a workshop session.

Attendance at all activities is monitored closely and students counselled accordingly.  The study skills associated with lectures, reading, classes, writing and assessment are made explicit.

Lectures identify the structure of the topic, cover the new material and tackle the more difficult subject matter.

Each tutorial is set up as a discussion of specific reading material related to the current topic. The aim is to encourage interaction between the students and foster group/communication skills. To this end all students prepare answers in advance to questions on the reading.  In the workshops students operate in small groups solving problems associated with lecture material, of both a theoretical and a quantitative nature. This provides the opportunity for students to develop their interpersonal and group working skills.

Students are actively encouraged to approach staff with individual problems.

Indicative study hours:   200

The module attaches a high weight to coursework. This reflects the variety and substantive nature of coursework in the module’s learning and teaching.  It also recognises the formative as well as summative value of assessment. 

The module introduces a range of material and requires a variety of discipline specific and core skills.  This makes it possible to include a number of different informal and self-assessment activities. Together the informal and formal assessment activities allow staff to identify whether the module’s learning outcomes are being realised.

Semester 1 (Microeconomic issues)

The objectives of Economic Policy, Competition Policy, Inequality and Redistribution, Environmental Policy, Investment in Human Capital

Semester 2 (Macroeconomic issues)

Foundations of Macroeconomics, Equilibrium, Monetary and Fiscal policy, Economic Growth; Trade and the Balance of Payments, Globalisation and Economic Development

John Sloman and Alison Wride (2009) Economics Seventh edition (Prentice Hall)

Current and past issues of Economic Review, University of Southampton, Philip Alan