The role of this module is to provide a descriptive, quantitative and empirical background to the more theoretical economics modules in the second and third years.It offers students the opportunity to investigate the workings of the British economy and assess its performance.

The British Economy module aims to provide students with a sound understanding of the recent behaviour and performance of key aspects of the British economy, with a focus on relevant policy responses, and to develop the capacity for critical analysis of economic phenomena.

A    Knowledge and Understanding:

• be aware of key issues in the recent performance of the British economy;
• appreciate the role of global, domestic, economic and non-economic factors, in influencing how the British economy functions, and to understand and explain the interactions between them;
• recognise and understand the contribution of economic theory to analysis of the British economy, and be able to apply the theories encountered to observed outcomes;
• understand the role of empirical evidence in analysing the performance of the British economy and therefore be capable of elucidating specific debates;
• identify the main policy initiatives to improve the performance of the British economy, and be capable of comparing the relative merits of available options;
• elucidate the lessons of recent policy experiences in the British economy and relate them to current and future policy decisions.

B    Intellectual Skills: 

• evaluate the function and performance of the British Economy by examination of recent economic evidence;
• undertake data analysis to assess the impact of economic policy and events.

C    Discipline Specific Skills: 

• be able to collect, present and interpret economic statistics to elucidate topics covered;
• summarise information on economic institutions and their role in the British economy;
• evaluate economic theories in the light of current empirical evidence.

D    Transferable Skills: 

• communicate economic ideas by written and oral means;
• demonstrate economic reasoning and empirical evaluation.

Teaching will take place in the Autumn and Spring semesters. There will be approximately 30 hours of lectures and 15 hours of classes.

The teaching method involves both the reinforcement and elaboration of previously encountered theoretical issues, and active participation by students in the analysis and interpretation of statistic appropriate for analysis of contemporary problems of the British economy.

Lectures serve as introductions to the individual topics. Class questions are designed to develop skills in interpreting economic data relevant to the performance of the British economy.  Students are required to come prepared to discuss answers to these questions in classes.  Attendance at classes and the completion of class questions is considered important.

Indicative study hours:   200

The three hour examination paper consists of both analytical questions and essay topics. 

The assignments develop from the material covered in lectures and classes to support the discussion of contemporary economic and policy issues in the British economy.  Assignments take the form of essay questions.  The maximum permitted word length for assignments is 2000 words each, excluding tables, charts or references. 

The nature and structure of the British economy and the major issues in economic policy.  Topics may include: Trade and the balance of payments, The exchange rate, Britain in the EEC and the Euro, Industrial performance and policy, The changing structure of the UK economy, The labour market and unemployment, Economic growth and cycles, Consumption and saving, Fiscal policy, the budget and public expenditure, Monetary policy and interest rate movements.

Crafts N (2002) Britain’s Relative Economic Performance, Institute of Economic Affairs, London.

Curwen P (1997) (ed.) Understanding the UK Economy. Fourth Edition, Macmillan, London.

Dickens, R, Gregg, P and Wadsworth, J (2003) The Labour Market under New Labour: The State of Working Britain, Palgrave.

Griffiths A and Wall S (2004) Applied Economics. Eighth Edition, Longman, London.

Kitson M and Michie J (2000) (ed.) The Political Economy of Competitiveness: Essays on Employment, Public Policy and Corporate Performance. Routledge: London.

Sawyer M (2001) (ed.) The UK Economy. Fifteenth Edition, Oxford University Press, Oxford.