This is an archived handbook for a previous year. The current undergraduate and postgraduate handbooks can be viewed using the links above.

Undergraduate Handbook 2016-2017 (archived)

Module ECON3291: POST-KEYNESIAN ECONOMICS

Department: Business School (Economics and Finance)

ECON3291: POST-KEYNESIAN ECONOMICS

Type	Level	Credits	Availability	Module Cap	Location
Tied	3	20	Available in 2016/2017	20	Durham

Tied To

Pre-requisites

Macroeconomics (ECON2011)

Corequisites

None.

Excluded Combinations

None.

Aims

To explore ‘economics without the invisible hand’, relaxing the presumption that competitive market economies tend towards a natural equilibrium
To develop and encourage critical thinking by identifying the implications of the differences between standard and post-Keynesian methodology, using the knowledge acquired in second-year macroeconomics
To consider a variety of theoretical issues and policies from the perspective of recent research in post-Keynesian economics

Content

Post-Keynesian economics is placed within the context of standard economics, with the emphasis on macroeconomics, starting from the work of Keynes but taking into account 80 years of development.
Theoretical topics include: equilibrium and the role of demand in the long run; the nature of money and interest; expectations and financial fragility under uncertainty; under-employment; income distribution; demand-led economic growth and the balance of payments constraint, with particular reference to lower-income countries.
Policy topics include: labour market flexibility; the roles of fiscal and monetary policy, banks, corporations, financial markets and the state; exchange rates, capital flows and global economic growth. Discussion will include reference to current and recent events.

Learning Outcomes

Subject-specific Knowledge

At the conclusion of the module students should:
have knowledge and understanding of post-Keynesian economic theory and policy implications
demonstrate a grasp of the theoretical differences from the standard model
demonstrate an understanding why post-Keynesian policy implications differ from the standard model

Subject-specific Skills

At the end of this module, students should be able to:
undertake critical analysis and evaluation of competing theoretical arguments
analyse and interpret economic texts
identify the tacit premises of policy arguments

Key Skills

critical thinking and analytical reasoning
the construction of concise logical argument in prose as well as in mathematics
the use of mathematical modelling and accounting outside an equilibrium context

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

Teaching is by lectures and seminars. Learning takes place through attendance at lectures, preparation for and participation in seminar classes, and private study.
Formative assessment is by means of a written assignment which prepares students for the examination through providing them with experience of writing the required type of answer and feedback.
Summative assessment is by means of a written examination which allows students to demonstrate the knowledge and skills acquired throughout the module.

Teaching Methods and Learning Hours

Activity	Number	Frequency	Duration	Total Hours	Attendance Monitored
Lectures	22	1 Per Week	1 Hour	22
Seminars	8	Fortnightly	1 Hour	8	Yes
Preparation and Reading				170
Total				200

Summative Assessment

Component	Component Weighting	Element	Length/Duration	Element Weighting	Resit Opportunity
Examination	100%	One written examination	2 hour 30 mins	100%

Formative Assessment

One written piece of work of not more than 1,500 words

Students who do not attend monitored activities shown under Teaching Methods and Learning Hours, or who fail to complete the summative or formative assessment(s) specified above, may be subject to the Academic Progress procedures defined in the University's General Regulation V, and may be required to leave the University.