Economics
Keele Management School
Faculty of Humanities and Social Sciences
Last Updated 19 September 2013

Principal Course Timetable Blocks 1


The Economics principal course provides a thorough and stimulating training in the economic analysis of socially important and policy relevant issues. The programme of study has been designed to provide a self-contained foundation for students with interests in Economics and its applications. The course provides training in the main aspects of modern economic theoretical analysis and empirical applications.

NB. Because of variations in staff availability and research interests from time to time, certain courses may not run in particular semesters. Erasmus, Exchange and Study Abroad students please confirm availability with the School when applying.

Economics Dual Honours - Level 1 Modules

Semester 1 C/O TYP ECTSCATS
ECO-10019 Households, Firms and Government C M 7.5 15
The module provides students with an understanding of how economists analyse decision making by consumers and businesses. The study of product and labour markets highlights their imperfect functioning and this enables students to recognise the role of government in regulating markets.
ECO-10025 The British and Global Economy EP M 7.5 15
The British and Global Economy provides an introduction to the study of (institutional) economics by exploring contemporary developments in the global economy from an historical perspective. The module offers students insights into key economic concepts relating to the organisation of productive economies and examines how capitalist industrial economies developed from the industrial revolution in Britain, through the period of Empire, World War, Revolution and Depression. The module also explores the development of an international economy after World War II and how this international trading system was broken by economic crises in the 1970s, paving the way for a (neo-liberal) vision of a global economy, its extension into newly industrialised economies and China and the foundations of the current Financial Crisis. As an introduction to the module students are encourage to read: Allen, R (2011) Global Economic History: A very short introduction, Oxford:OUP.
Semester 1-2 C/O TYP ECTSCATS
ENL-90003 Academic English for Business Students (Part 1) EA C 7.5 15
Drawing on business-related themes, these sessions will help students to develop and refine the specific writing, reading and verbal communication skills they need to succeed in their studies. Through a series of workshops, lectures, assignments, online and practical tasks and projects, students will improve their ability to: • extract key information from academic texts • summarise, paraphrase and synthesise information from a variety of sources • identify authorial stance, interpret data and read critically • cite sources appropriately and write a bibliography • write in an accepted academic style • engage in academic discussion • prepare and deliver academic presentations
Semester 2 C/O TYP ECTSCATS
ECO-10021 Output, Inflation and Employment C M 7.5 15
Macroeconomics is concerned with and seeks to explain the large-scale movements that we observe in the economy as a whole and the regularities of aggregate behaviour. This module will introduce students to the key concepts of national income accounting and measures of economic activity that macroeconomists utilize when discussing these developments. The module will subsequently examine the role of the real and financial sectors in determining aggregate output, employment and inflation. Much of the content of modern macroeconomics dates from the experience gained from two particularly important historical episodes: the high levels of unemployment of the 1930s and the stagflation of the 1970s. The understanding gained from these episodes remains important today. Governments around the world, struggle with the problem of balancing the needs of the economy in the short term (by attempting to control movements in unemployment and inflation), with the need to maintain long-term growth in the economy. The nature of government commitments to each of these policy areas will be described in the historical context and the notion of trade-off in the policy agenda will be discussed.
ECO-10023 Quantitative Methods C M 7.5 15
This module is designed especially to cater for the needs of students taking the Principal Economics, Principal Finance or Accounting and Finance Single Honours programme, and is structured to assist them in understanding the technical and quantitative aspects of the subject. No prior knowledge, above basic school maths, is assumed. The module will introduce and develop students&© understanding of a range of statistical and mathematical methods and techniques. These include basic descriptive statistics (measures of central tendency and dispersion), correlation and interdependence, bivariate regression, linear algebra and functions, solving linear simultaneous equations, basic calculus including the notion of the margin and differentiation, maxima and minima.

Economics Dual Honours - Level 2 Modules

Semester 1 C/O TYP ECTSCATS
ECO-20016 Economics - Study Abroad I EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20017 Economics - Study Abroad II EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20036 Economic Decision under Risk EP M 7.5 15
The module introduces students to the analysis of decisions under uncertainty. Students analyse the choices individuals face when they are considering buying insurance contracts, developing a comprehensive understanding of the theory that lies behind insurance.
ECO-20038 Price Theory C M 7.5 15
The module provides students with a deeper understanding of how economists analyse decision making by consumers and businesses. The study of markets identifies causes of their possibly imperfect functioning thus enabling students to recognise the scope for regulating markets.
~ ECO-20042 Introduction to Econometrics C M 7.5 15
This module is designed especially to cater for the needs of students taking the Principal Economics, Business Economics Single Honours, Principal Finance or Accounting and Finance Single Honours programme, and is structured to assist them in understanding the technical and quantitative aspects of the subject. The module will introduce and develop students understanding of econometrics and the use of statistical methods to investigate selected economic and financial issues (e.g. consumption functions, household labour supply, CAPM)
Semester 1-2 C/O TYP ECTSCATS
ENL-90003 Academic English for Business Students (Part 1) EA C 7.5 15
Drawing on business-related themes, these sessions will help students to develop and refine the specific writing, reading and verbal communication skills they need to succeed in their studies. Through a series of workshops, lectures, assignments, online and practical tasks and projects, students will improve their ability to: • extract key information from academic texts • summarise, paraphrase and synthesise information from a variety of sources • identify authorial stance, interpret data and read critically • cite sources appropriately and write a bibliography • write in an accepted academic style • engage in academic discussion • prepare and deliver academic presentations
~ ENL-90004 Academic English for Business Students ( 2) EA M 7.5 15
Drawing on academic business themes and materials, these sessions will provide opportunities for students to further develop their writing, reading and verbal communication skills. Through a series of lectures, workshops, assignments, on-line and practical tasks, students will improve their ability to: • Summarise, paraphrase and synthesise information from a variety of sources • Cite sources accurately and write a bibliography • Gather, interpret and report on data • Identify authorial stance and read critically • Write in an appropriate style • Engage in academic discussion • Prepare and deliver business presentations
Semester 2 C/O TYP ECTSCATS
ECO-20018 Economics - Study Abroad III EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20019 Economics - Study Abroad IV EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20037 Open Economy Macroeconomics C M 7.5 15
This module examines the role and capability of government demand management policies in an open economy. The module systematically develops an open economy variant of the established closed economy macroeconomic models (IS/LM and AS/AD model). It examines the efficacy of monetary, fiscal and exchange rate policy for stabilizing output, employment and inflation. The role of capital mobility and the exchange rate in the transmission mechanism of policy is studied.
ECO-20040 Contemporary Issues in Economics EP M 7.5 15
The purpose of this model is to enable students to evaluate, using different economic models, complex contemporary economic policy problems faced by governments, such as poverty and inequality, regulation and sustainability of sovereign debt.
ECO-20045 Banking EP M 7.5 15
This module provides students with an understanding of the specific role played by banks and non-bank financial intermediaries in the financial system; of recent developments that have occurred in the banking industry; of methods to manage the risks to which banks are subjected and of the regulatory environment in which banks operate.

Economics Dual Honours - Level 3 Modules

Semester 1 C/O TYP ECTSCATS
~ ECO-30033 Dynamic Macroeconomics C M 7.5 15
This module is designed to provide students with aan understanding of the significance of macroeconomic dynamics and their implications for macroeconomic modelling and policy. Dynamic considerations arise from a variety of sources and in this module students will consider the implications associated in particular with private sector expectations and various sources of endogenous growth. These ideas will be developed in the context of key macroeconomic policy problems such as the effectiveness of stabilization policy, the dynamic inconsistency problem of low inflation monetary policy, notions of the business cycle and economic policy and growth.
~ ECO-30036 Market Imperfections and Market Failures C M 7.5 15
The purpose of this module is to enable students to understand - and apply to real world issues - some advanced microeconomic models of market failures. The module will start with an analysis of the main models of market structure. Welfare economics will subsequently be developed to enable students to assess the impact of imperfect competition on social welfare. The module will examine the role of information in microeconomics showing the consequence of incomplete and asymmetric information on the nature of equilibrium.
Semester 1-2 C/O TYP ECTSCATS
ENL-90003 Academic English for Business Students (Part 1) EA C 7.5 15
Drawing on business-related themes, these sessions will help students to develop and refine the specific writing, reading and verbal communication skills they need to succeed in their studies. Through a series of workshops, lectures, assignments, online and practical tasks and projects, students will improve their ability to: • extract key information from academic texts • summarise, paraphrase and synthesise information from a variety of sources • identify authorial stance, interpret data and read critically • cite sources appropriately and write a bibliography • write in an accepted academic style • engage in academic discussion • prepare and deliver academic presentations
~ ENL-90004 Academic English for Business Students ( 2) EA M 7.5 15
Drawing on academic business themes and materials, these sessions will provide opportunities for students to further develop their writing, reading and verbal communication skills. Through a series of lectures, workshops, assignments, on-line and practical tasks, students will improve their ability to: • Summarise, paraphrase and synthesise information from a variety of sources • Cite sources accurately and write a bibliography • Gather, interpret and report on data • Identify authorial stance and read critically • Write in an appropriate style • Engage in academic discussion • Prepare and deliver business presentations
Semester 2 C/O TYP ECTSCATS
~ ECO-30024 Economics of the European Union EP M 7.5 15
Development and economic significance of various strands of EU policy, using a blend of theory, application and analysis relating to the EU as a whole and to a number of its constituent members. 2 one-hour lectures per week and 1 one-hour tutorial per fortnight
ECO-30026 Game Theory EP M 7.5 15
The module introduces students to the methods of game theory, enabling them to gain an understanding of strategic interaction, knowledge of which is fundamental in understanding modern literature in a variety of disciplines, including Economics, Politics and Biology. Although the subject will cover some elements of abstract modelling, topics will be introduced on an examples-led basis, with the emphasis on applicability of the theory to real life.
ECO-30032 Labour Economics EP M 7.5 15
This module is designed to provide students with an understanding of the significance of the labour market and labour market policy. The module will consider the factors that underlie the demand for labour by firms and the supply of labour by households and individuals; the module will subsequently examine issues like labour discrimination, training, efficiency wages and unemployment.
ECO-30043 Economic and Business Forecasting - ISP EP C 7.5 15
The ability to analyse quantitative information and produce and evaluatate forecasts is a highly prized skill in business and industry. This module is designed to familiarize you with a variety of methods and techniques used for forecasting economic and business data and their use in economic and business decision-making. The module will consider, in turn, applications and merits of various smoothing methods, time series decomposition, univariate time series and structural modelling forecasting methods. Methods of forecast evaluation will also be examined. The module is hands-on and students will learn how to apply the various forecasting techniques using real data. The module will develop further IT skills associated with the use of Stata and other software packages. Module assessment is based upon completion of a report comprising of three forecasts produced independently.
~ ENL-90005 Advanced Business English Communication EA C 7.5 15
In this highly competitive climate you need something to set you apart from others. This module will provide you with the specialist language and professional communication skills you will require if you wish to pursue a career in business. This highly practical module will build upon and complement your existing language skills by working on themes such as negotiating strategies and presenting visual information. Revision of essential grammatical structures and functional areas of language as well as building a subject-specific bank of key words will provide you with the confidence to engage fluently and competently in a variety of business contexts.

Economics Minor - Level 1 Modules

Semester 1 C/O TYP ECTSCATS
ECO-10019 Households, Firms and Government C M 7.5 15
The module provides students with an understanding of how economists analyse decision making by consumers and businesses. The study of product and labour markets highlights their imperfect functioning and this enables students to recognise the role of government in regulating markets.
ECO-10025 The British and Global Economy EP M 7.5 15
The British and Global Economy provides an introduction to the study of (institutional) economics by exploring contemporary developments in the global economy from an historical perspective. The module offers students insights into key economic concepts relating to the organisation of productive economies and examines how capitalist industrial economies developed from the industrial revolution in Britain, through the period of Empire, World War, Revolution and Depression. The module also explores the development of an international economy after World War II and how this international trading system was broken by economic crises in the 1970s, paving the way for a (neo-liberal) vision of a global economy, its extension into newly industrialised economies and China and the foundations of the current Financial Crisis. As an introduction to the module students are encourage to read: Allen, R (2011) Global Economic History: A very short introduction, Oxford:OUP.
Semester 1-2 C/O TYP ECTSCATS
ENL-90003 Academic English for Business Students (Part 1) EA C 7.5 15
Drawing on business-related themes, these sessions will help students to develop and refine the specific writing, reading and verbal communication skills they need to succeed in their studies. Through a series of workshops, lectures, assignments, online and practical tasks and projects, students will improve their ability to: • extract key information from academic texts • summarise, paraphrase and synthesise information from a variety of sources • identify authorial stance, interpret data and read critically • cite sources appropriately and write a bibliography • write in an accepted academic style • engage in academic discussion • prepare and deliver academic presentations
Semester 2 C/O TYP ECTSCATS
ECO-10021 Output, Inflation and Employment C M 7.5 15
Macroeconomics is concerned with and seeks to explain the large-scale movements that we observe in the economy as a whole and the regularities of aggregate behaviour. This module will introduce students to the key concepts of national income accounting and measures of economic activity that macroeconomists utilize when discussing these developments. The module will subsequently examine the role of the real and financial sectors in determining aggregate output, employment and inflation. Much of the content of modern macroeconomics dates from the experience gained from two particularly important historical episodes: the high levels of unemployment of the 1930s and the stagflation of the 1970s. The understanding gained from these episodes remains important today. Governments around the world, struggle with the problem of balancing the needs of the economy in the short term (by attempting to control movements in unemployment and inflation), with the need to maintain long-term growth in the economy. The nature of government commitments to each of these policy areas will be described in the historical context and the notion of trade-off in the policy agenda will be discussed.
ECO-10023 Quantitative Methods C M 7.5 15
This module is designed especially to cater for the needs of students taking the Principal Economics, Principal Finance or Accounting and Finance Single Honours programme, and is structured to assist them in understanding the technical and quantitative aspects of the subject. No prior knowledge, above basic school maths, is assumed. The module will introduce and develop students&© understanding of a range of statistical and mathematical methods and techniques. These include basic descriptive statistics (measures of central tendency and dispersion), correlation and interdependence, bivariate regression, linear algebra and functions, solving linear simultaneous equations, basic calculus including the notion of the margin and differentiation, maxima and minima.

Economics Minor - Level 2 Modules

Semester 1 C/O TYP ECTSCATS
ECO-20016 Economics - Study Abroad I EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20017 Economics - Study Abroad II EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20038 Price Theory C M 7.5 15
The module provides students with a deeper understanding of how economists analyse decision making by consumers and businesses. The study of markets identifies causes of their possibly imperfect functioning thus enabling students to recognise the scope for regulating markets.
~ ECO-20042 Introduction to Econometrics C M 7.5 15
This module is designed especially to cater for the needs of students taking the Principal Economics, Business Economics Single Honours, Principal Finance or Accounting and Finance Single Honours programme, and is structured to assist them in understanding the technical and quantitative aspects of the subject. The module will introduce and develop students understanding of econometrics and the use of statistical methods to investigate selected economic and financial issues (e.g. consumption functions, household labour supply, CAPM)
Semester 1-2 C/O TYP ECTSCATS
ENL-90003 Academic English for Business Students (Part 1) EA C 7.5 15
Drawing on business-related themes, these sessions will help students to develop and refine the specific writing, reading and verbal communication skills they need to succeed in their studies. Through a series of workshops, lectures, assignments, online and practical tasks and projects, students will improve their ability to: • extract key information from academic texts • summarise, paraphrase and synthesise information from a variety of sources • identify authorial stance, interpret data and read critically • cite sources appropriately and write a bibliography • write in an accepted academic style • engage in academic discussion • prepare and deliver academic presentations
~ ENL-90004 Academic English for Business Students ( 2) EA M 7.5 15
Drawing on academic business themes and materials, these sessions will provide opportunities for students to further develop their writing, reading and verbal communication skills. Through a series of lectures, workshops, assignments, on-line and practical tasks, students will improve their ability to: • Summarise, paraphrase and synthesise information from a variety of sources • Cite sources accurately and write a bibliography • Gather, interpret and report on data • Identify authorial stance and read critically • Write in an appropriate style • Engage in academic discussion • Prepare and deliver business presentations
Semester 2 C/O TYP ECTSCATS
ECO-20018 Economics - Study Abroad III EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20019 Economics - Study Abroad IV EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20037 Open Economy Macroeconomics C M 7.5 15
This module examines the role and capability of government demand management policies in an open economy. The module systematically develops an open economy variant of the established closed economy macroeconomic models (IS/LM and AS/AD model). It examines the efficacy of monetary, fiscal and exchange rate policy for stabilizing output, employment and inflation. The role of capital mobility and the exchange rate in the transmission mechanism of policy is studied.
ECO-20040 Contemporary Issues in Economics EP M 7.5 15
The purpose of this model is to enable students to evaluate, using different economic models, complex contemporary economic policy problems faced by governments, such as poverty and inequality, regulation and sustainability of sovereign debt.

Economics Minor - Level 3 Modules

Semester 1 C/O TYP ECTSCATS
~ ECO-30033 Dynamic Macroeconomics EP M 7.5 15
This module is designed to provide students with aan understanding of the significance of macroeconomic dynamics and their implications for macroeconomic modelling and policy. Dynamic considerations arise from a variety of sources and in this module students will consider the implications associated in particular with private sector expectations and various sources of endogenous growth. These ideas will be developed in the context of key macroeconomic policy problems such as the effectiveness of stabilization policy, the dynamic inconsistency problem of low inflation monetary policy, notions of the business cycle and economic policy and growth.
~ ECO-30036 Market Imperfections and Market Failures EP M 7.5 15
The purpose of this module is to enable students to understand - and apply to real world issues - some advanced microeconomic models of market failures. The module will start with an analysis of the main models of market structure. Welfare economics will subsequently be developed to enable students to assess the impact of imperfect competition on social welfare. The module will examine the role of information in microeconomics showing the consequence of incomplete and asymmetric information on the nature of equilibrium.
Semester 1-2 C/O TYP ECTSCATS
ENL-90003 Academic English for Business Students (Part 1) EA C 7.5 15
Drawing on business-related themes, these sessions will help students to develop and refine the specific writing, reading and verbal communication skills they need to succeed in their studies. Through a series of workshops, lectures, assignments, online and practical tasks and projects, students will improve their ability to: • extract key information from academic texts • summarise, paraphrase and synthesise information from a variety of sources • identify authorial stance, interpret data and read critically • cite sources appropriately and write a bibliography • write in an accepted academic style • engage in academic discussion • prepare and deliver academic presentations
~ ENL-90004 Academic English for Business Students ( 2) EA M 7.5 15
Drawing on academic business themes and materials, these sessions will provide opportunities for students to further develop their writing, reading and verbal communication skills. Through a series of lectures, workshops, assignments, on-line and practical tasks, students will improve their ability to: • Summarise, paraphrase and synthesise information from a variety of sources • Cite sources accurately and write a bibliography • Gather, interpret and report on data • Identify authorial stance and read critically • Write in an appropriate style • Engage in academic discussion • Prepare and deliver business presentations
Semester 2 C/O TYP ECTSCATS
~ ENL-90005 Advanced Business English Communication EA C 7.5 15
In this highly competitive climate you need something to set you apart from others. This module will provide you with the specialist language and professional communication skills you will require if you wish to pursue a career in business. This highly practical module will build upon and complement your existing language skills by working on themes such as negotiating strategies and presenting visual information. Revision of essential grammatical structures and functional areas of language as well as building a subject-specific bank of key words will provide you with the confidence to engage fluently and competently in a variety of business contexts.
C Compulsory Core Module
O Optional Core Module
EP Programme Elective Module
EA Approved Elective Module
EF Free-Standing Elective Module
M Mixed Assessment e.g. a mixture of essay(s) and examination, with the latter's weighting below 90%.
E Examination, providing 90% or more of the mark.
C Continuous Assessment e.g. essay(s) or practical work (as appropriate).
+ Available to qualified non-principal, Erasmus, Exchange and Study Abroad students but there may be a restriction on the number of places available
~ Specific pre-requisite(s) needed by non-principal, Erasmus, Exchange and Study Abroad students wishing to take these modules
# Not normally available to Erasmus, Exchange and Study Abroad students (except by prior negotiation with Departmental Tutor)
Note: Modules not marked with a # are available to suitably qualified Erasmus, Exchange and Study Abroad students.