Module manager: Esra Ugurlu
Email: E.N.Ugurlu@leeds.ac.uk
Taught: Semester 2 (Jan to Jun) View Timetable
Year running 2025/26
LUBS1951 Economic Theory and Applications
This module is not approved as a discovery module
Approaches to macroeconomic policy differ across countries. To what extent do policy changes reflect developments in economic theory? To what degree can differences in macroeconomic performance over time and across countries be attributed to divergent macroeconomic frameworks and policy choices? This module explores these issues in both the Global North and Global South. The module will examine developments in macroeconomic policy and performance of contemporary relevance and interest. As such, topics may vary from year to year, although the following themes will be explored: how has the current policy framework in the Global North - based on a 'new consensus' in macroeconomic theory - performed in the face of inflationary pressures and a general slowdown in growth? How do policy priorities and macroeconomic performance differ between the Global North and Global South? To what extent can the same macroeconomic concepts and frameworks be applied to studying macroeconomic issues in these diverse contexts? Building on introductory economics (pre-requisite: LUBS 1951 Economic Theory and Applications) this module traces developments in economic policy-making, macroeconomic theory and macroeconomic performance since the mid-1950s. Through lectures and debate-led seminars, we examine the major policy changes and their supporting theoretical and ideological bases. Throughout the module there is an emphasis on critical evaluation and analysis, drawing on economic theory, political economy, recent economic history and real-world data. At the end of this module, you will have a much greater awareness of the historical and theoretical foundations of current policy frameworks, patterns of comparative economic performance across nations and the ability to critically appraise policies and their application, both historically and in contemporary settings.
This module aims to provide students with an understanding of competing theoretical perspectives on macroeconomic policy since the mid-1950s, across both Global North and Global South countries.
The module explores the interplay of evolving economic theory, policy developments and political ideology and seeks to assess the performance outcomes of varying policy approaches through a comparative lens between the Global North and the Global South.
Upon completion of this module students will be able to demonstrate a critical understanding of:
- the evolution of macroeconomic theory since the mid-1950s
- macroeconomic policy debates
- the impact of various macroeconomic policy measures on economic performance
Upon completion of this module students will be able to:
Subject specific
- devise and select a suitable framework for the evaluation and assessment of the effects of economic policy
- apply economic theories to the analysis of developments in macroeconomic policy-making in various contexts
Transferable skills
Critical thinking
- Construct and express an evidence-based argument and form a judgement
Indicative Content:
Relative economic performance; inflation: theories, policy frameworks and performance; the macroeconomic role of fiscal policy; structuralist and post-Keynesian macroeconomics as a framework to understand the Global South; balance of payments issues; debt crises; Washington Consensus.
| Delivery type | Number | Length hours | Student hours |
|---|---|---|---|
| Lecture | 11 | 1 | 11 |
| Seminar | 5 | 1 | 5 |
| Private study hours | 84 | ||
| Total Contact hours | 16 | ||
| Total hours (100hr per 10 credits) | 100 | ||
Your teaching methods include a variety of delivery models, such as face-to-face teaching, discussion boards and other interactive activities. There will be opportunities for formative feedback throughout the module.
| Assessment type | Notes | % of formal assessment |
|---|---|---|
| Coursework | 2,500 word report | 100 |
| Total percentage (Assessment Coursework) | 100 | |
The resit for this module will be 100% by 2,500 word report.
The reading list is available from the Library website
Last updated: 30/04/2025
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