ULMS Electronic Module Catalogue
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title DEVELOPMENT OF ECONOMIC THOUGHT
Code ECON128
Coordinator Dr O Gorelkina
Economics
Olga.Gorelkina@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2023-24 Level 4 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):
 

Modules for which this module is a pre-requisite:
 

Programme(s) (including Year of Study) to which this module is available on a required basis:
 

Programme(s) (including Year of Study) to which this module is available on an optional basis:
 

Teaching Schedule
  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 24

 12

         36
Timetable (if known)              
Private Study 114
TOTAL HOURS 150

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 3:Written Examination Assessment Type: Written Exam, open book, managed by SAS Duration: 3 hours Weighting: 70% Reassessment Opportunity: Yes Penalty for Late Submission: Standard   3    70       
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 2: Essay Assessment Type: Coursework Size: 2000 words Weighting: 20% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies Anonymous Assessment:   0    20       
Assessment 1: Note Restructuring Assessment Type: Coursework Duration/Size: None prescribed (students own notes) Weighting: 10% Reassessment Opportunity: Yes Penalty for Late Submission: Standa  0    10       

Aims

This module aims to:
1. Develop students understanding of the economic discipline
2. Develop key skills in construction of Economic argument and comparative analysis
3. Providing a foundation for further studies in the discipline.

Learning Outcomes

(LO1) Students will be able to provide a firm foundation of knowledge of the development of economic theories, ideas and tools.

(LO2) Students will develop the relevant skills for the constructive use of economic knowledge in a contemporary environment.

(LO3) Students will be able to foster an understanding of alternative approaches to the analysis of economic phenomena.

(LO4) Students will be able to foster knowledge and awareness of historical, political, institutional, international, social and environmental contexts in which specific economic analysis is applied.

(S1) Adaptability

(S2) Problem solving skills

(S3) Communication skills

(S4) International awareness

(S5) Lifelong learning skills

Teaching and Learning Strategies

Teaching Method: Lecture
Scheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method - Seminar
Description - 12 x 1 hour
Scheduled Directed Student Hours: 12
Attendance Recorded: Yes

Self-Directed Learning Hours: 114
Notes: Students will be expected to write-up notes from the in-class exercises and submit these (Via Canvas in weekly note-restructuring exercises. Students will be expected to ‘mark’ an essay using ULMS essay guidelines and provide feedback for that essay. It is therefore expected that students will develop a better understanding of the construction and quality of argument in the discipline.

Skill/Other Attribute 1: Adaptability
How this is developed: Students will apply understanding of the development of economic theory and apply it in modern contexts.

Skill/Other Attribute 2: Problem solving skills
How this is developed: Aspects of the development of economic theory will provide context for contemporary problems.

Skill/Other Attribute 3: Communication skills
How this is developed: Students will use skills of benchmarking standards along with their knowledge of the subject

Skill/Other Attribute 4: International awareness
How this is developed: The development of economic thought occurs in an international context and will be applied in an international context.

Skill/Other Attribute 5: Lifelong learning skills
How this is developed: Students will develop a better understanding of essay communication skills via reflection. Students will also reflect on their own note-taking in the note restructuring exercises.

Syllabus
 

Key topics (Lectures outline):
1.      From antiquity to the modern world view (up to pre-enlightenment era)
2.      The enlightenment era (17th – 18th C)
3.      Adam Smith and the framework of Classical economics (18th C)
4.      Elaborations and formalisations of Classical economics (Malthus & Ricardo) (19th C)
5.      John Stuart Mill and the revisionism of Classical economics (19th C)
6.      Marxian economics (19th C)
7.     Skills week: Essay writing workshop (Essay Assessment)
8. Alfred Marshall and the framework of Neoclassical economics (Early 20th C)
9.      Variations on neoclassical economics America & Europe (Early 20th C)
10.      Money & the Business Cycle, Keynesianism, monetarism and general theory (Mid 20th C)
11.   Econometrics and the rise of mathematical economics (Late 20th C)
12.   Applied economics and modern Heterodox economics (Friedman, Stigler & Becker among many)

Recommended Texts
Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.