Introduction to Economic Institutions and Policy

Summary module description:
This module provides an introduction to the key economic institutions in Britain and the nature of the policy process undertaken by the government. The module also covers the work of the main international institutions such as the IMF and World Bank and their role in alleviating world poverty.

Aims:
Introductory courses in micro and macro economics are sometimes taught without reference to the institutional frameworks in which key economic policy decisions are made. The main aim of this module is to provide students with an introduction to the institutional framework and the nature of the policy process. Secondly, the module aims to clarify the relationship between some of the main theoretical concepts used in economics and their real-world counterparts. In summary, the aim is to show how theoretical economics operates in practice.

Assessable learning outcomes:
The module provides information relevant to Part 2, although it is also a stand-alone module. At the end of the module, students should: (i) develop an understanding of the operations of the main economic institutions; (ii) develop an appreciation of the main constraints under which economic policy operates; (iii) understand the relationship between key textbook economic concepts and those used by practitioners.

Additional outcomes:
Outline content:
The module has four main sections (i) the aims, objectives and operations of some of the main UK and international economics institutions, (ii) The operation of economic policy in Britain, (iii) an explanation of how theoretical concepts used in economics relate to their real world equivalents, (iv) an analysis of trends in the British and world economies over the last 20 years.

Global context:
The module covers international institutions and trends as well as those in the UK.

Brief description of teaching and learning methods:
The lectures will cover all the main module material, although students are required to follow closely media coverage of the main economic events, e.g. the Budget, the decisions of the Monetary Policy Committee. Coursework is set to encourage critical and analytical skills.

Summative Assessment Methods:
Written exam 80%
Written assignment including essay 20%

Other information on summative assessment:
Two pieces of coursework are set in order to assess progress. Each piece of coursework contributes 10% to the final assessment mark.

Formative assessment methods:
Students are also required to complete two sets of exercises to be discussed in class. These do not contribute to the final assessed mark.

Penalties for late submission:
The Module Convener will apply the following penalties for work submitted late, in accordance with the University policy.
where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Length of examination:
One 2-hour unseen written paper.
Part 1 examinations are held in the Summer term.

Requirements for a pass:
A minimum mark of 40%.