Module ECON3311: Heterodox Economics

Department: Economics

ECON3311: Heterodox Economics

Prerequisites

• Macroeconomics ECON2011 OR Economic Theory (ECON****)

Corequisites

• None

Excluded Combination of Modules

• None

Aims

• To explore how economics changes, once key presumptions of the mainstream orthodox modela are relaxed.
• To develop and encourage critical thinking by identifying the implications of the differences between mainstream and heterodox methodology, using the knowledge acquired in second-year macroeconomics.
• To consider a variety of theoretical issues and policies from the perspective of heterodox economics.

Content

• The following is indicative of types of areas to be covered, Heterodox economics is placed against the background of standard mainstream economics, with the key differentiating factors highlighted. Specific issues examined are likely to include;
• risk and uncertainty
• money and credit
• investment
• expectations
• under-employment
• equilibrium
• income distribution
• output levels
• the role of information
• fiscal and monetary policy
• financial markets and the role of the state
• financial crises

Learning Outcomes

• At the conclusion of the module students should:
• have knowledge and understanding of Heterodox economic theory
• demonstrate a grasp of the theoretical differences from the standard model;
• demonstrate an understanding as to why policy implications differ from the standard model.
• communicate their knowledge with non-specialists

• 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
• Analytical reasoning
• The construction of concise logical argument in prose as well as in mathematics
• Time management

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 independent 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 2hour 30mins 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 1500 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