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Curricular information is subject to change
On completion of this module students should be able to:
1. have an understanding of the basic tools of economic analysis,
2. apply those tools to practical situations related to sustainability,
3. understand the contributions economics can make to the discussion on sustainability issues, their causes and their solutions.
The main topics covered in this module are the following:
INTRODUCTION TO ECONOMICS AND SUSTAINABILITY
Economics as a discipline. The economy and the biosphere. Climate change, planetary boundaries, and tipping points. How to define sustainability. Sustainable Development Goals.
ECONOMIC DECISIONS, INCENTIVES, AND TECHNOLOGY
Technology, production, population, and growth. Economic decisions: opportunity costs, economic rents, incentives. Comparative advantage, specialization, markets. Use of models in economics.
GOODS AND PREFERENCES
Decision-making under scarcity. Budget constraint. Institutions. Fairness and Efficiency. Distribution of income. Measuring economic inequality.
SOCIAL INTERACTIONS
Social Interactions and game theory. Nash equilibrium. Prisoners’ dilemma. Pareto criterion. Public good game. Social norms and social preferences. Climate change and climate negotiations as an application.
PRICES, SUPPLY, AND DEMAND
Price-Setting Firms and Consumers. Economies of scale. Production and costs. Demand and elasticity. Setting price and quantity to maximize profits. Producer and consumer surplus. Competition & market power.
Supply and Demand. Market-clearing price. Competitive equilibrium and price-taking. Changes in supply and demand. Short-run and long-run. Effect of taxes.
MARKET EFFICIENCY AND MARKET FAILURES
Market Efficiency. First Fundamental Theorem of Welfare Economics. Market Failures. Externalities. Public Goods. Property Rights. Case studies and applications to Sustainability, Climate Change and the Environment.
INTERTEMPORAL CHOICES
Intertemporal choices. Consumption smoothing and banking. Interest rates and discount rates. Applications to discounting, external effects, and the future of the planet.
MEASURING WELLBEING
Growth. Measuring the aggregate economy. GDP. Inequality. Alternative measures: HDI, genuine savings, System of Environmental-Economic Accounting (SEEA). Natural Capital.
Student Effort Type | Hours |
---|---|
Lectures | 24 |
Autonomous Student Learning | 80 |
Total | 104 |
There are no pre-requisites for this course, and this course is not a pre-requisite for moving into Level Two Economics
Description | Timing | Component Scale | % of Final Grade | ||
---|---|---|---|---|---|
Examination: End of Trimester examination |
2 hour End of Trimester Exam | No | Alternative linear conversion grade scale 40% | No | 70 |
Multiple Choice Questionnaire: Intermediate assessment during the trimester | Unspecified | n/a | Alternative linear conversion grade scale 40% | No | 30 |
Resit In | Terminal Exam |
---|---|
Summer | No |
• Group/class feedback, post-assessment
Students will receive their grade and answer key so they can determine what they got wrong in the assessment.
Name | Role |
---|---|
Dr Guohao Yang | Lecturer / Co-Lecturer |
Johannes Scheuerer | Tutor |
Lecture | Offering 1 | Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 | Thurs 13:00 - 13:50 |
Lecture | Offering 1 | Week(s) - 20, 21, 22, 23, 24, 25, 26, 29, 30, 31, 32, 33 | Tues 16:00 - 16:50 |