EC107-Introduction to Economic Institutions and Policy

Module Provider: School of Politics, Economics and International Relations
Number of credits: 10 [5 ECTS credits]
Terms in which taught: Spring term module
Non-modular pre-requisites:
Co-requisites: EC113 Introductory Microeconomics and EC114 Introductory Macroeconomics or AP1EE1 Economics 2 and AP1EE3 Economics 1
Modules excluded:
Current from: 2020/1

Module Convenor: Dr Maria Asensio


Type of module:

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.

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 three main sections: (i) Recent Events in Economics, (ii) Economic Concepts in Practice, (iii) International and Domestic Institutions.

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.

Contact hours:
  Autumn Spring Summer
Lectures 15 1
Guided independent study: 65 19
Total hours by term 0
Total hours for module 100

Summative Assessment Methods:
Method Percentage
Written exam 60
Set exercise 40

Summative assessment- Examinations:

One 2-hour unseen written paper.

Part 1 examinations are held in the Summer term. 

Summative assessment- Coursework and in-class tests:

Students will complete four multiple choice tests accounting for 40% of the total module mark.

Formative assessment methods:

Penalties for late submission:

The Module Convenor will apply the following penalties for work submitted late:

  • where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day[1] (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:
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.

Assessment requirements for a pass:
A minimum mark of 40%.

Reassessment arrangements:

Re-examination for Part 1 modules takes place in August of the same year. Reassessment is by examination only (coursework will not be included in the re-assessment).

Additional Costs (specified where applicable):

Printing and binding: There may be optional costs associated with photocopying or printing sources listed on the reading list relating to this module. Please note that the Library charges approximately 5p per photocopy. 

Last updated: 4 September 2020


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