Module ECON3291: POST-KEYNESIAN ECONOMICS

Department: Business School (Economics and Finance)

ECON3291: POST-KEYNESIAN ECONOMICS

Prerequisites

• Macroeconomics (ECON2011)

Corequisites

• None.

Excluded Combination of Modules

• 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

• 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

• 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

• 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

Summative Assessment

Formative Assessment:

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

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University