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MODULE 1: INTRODUCTION TO ECONOMICS AND POLITICAL ECONOMY (1 day)
AIM: Modules 1 and 2 aim to provide essential background knowledge that will enable participants to better
understand contemporary economic issues and debates and to analyse the economic policies pursued
by governments. This module introduces major concepts and theories in economics and traces the
history of political economy in the UK.
Learning outcomes
Practical Activities/Underpinning Knowledge
The learner will:
The learner can:
01
Understand fundamental ideas
and concepts in the study of
economics
02
Be aware of major economic
theories of the 20th Century
and understand the link
between economic and
political ideologies
1.1
Define and explain key economic terms and concepts (such as scarcity, production,
consumption, resources, investments, demand and supply, markets and the price
mechanism)
1.2
Describe different types of economic systems available to societies to tackle the problem of
scarce resources (such as centrally planned or command, free-market and mixed market)
1.3
Outline reasons for government intervention in the economy and identify ways in which a
government might seek to influence or control the economy (such as price fixing,
legislation, spending, taxation etc) [considered in more detail in Module 2]
2.1
Briefly describe major economic theories of the 20 th century (for example, capitalism,
Marxism, socialism, neo-liberalism) highlighting the link between the economic theory and
the underlying political ideology
2.2
Highlight (using examples) where, when and how each of these theories has strongly
influenced a country’s economic policy
2.3
Discuss the left – right continuum (and alternative methods of classifying political thought
such as the ‘compass’) and identify the economic systems favoured by different political
groupings
03
Be aware of the history of
political economy in the UK
3.1
Describe key periods in the evolution of political and economic ideology in the UK during the
20th Century
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Pre 1st World War laissez-faire economics
Inter-war depression
Establishment of the Welfare State
Social Democratic Consensus period
The Thatcher period and neo-liberalism
New Labour and The Third Way
3.2
Illustrate, using examples from the periods above, the successes and failures of
governments during the 20th Century in managing the UK economy
3.3
Comment on the influence of Keynes and Friedman (in particular, on their views on the level
of government involvement in the economy)
3.4
Give examples to demonstrate how changes in economic and political ideology have
impacted on the provision of public services (for example, marketisation within the NHS,
privatisation of utilities and transport services)
3.5
Outline the present day underlying economic ideologies of the main UK political parties
3.6
Discuss, using examples, similarities and differences in resulting economic policy between
the main UK political parties
04
Be aware of wider influences 4.1
on the UK economy
Discuss the impact of the following on the UK economy and economic policy making

UKs membership of the European Union

Globalisation (including the globalisation of markets, influence of global companies,
role of supranational organisations, dominance of neo-liberalism)

Rise (and globalisation) of financial services and the banking crisis [considered in more
depth in Module 5]
MODULE 2: MANAGEMENT OF THE UK ECONOMY (1 day)
AIM: Modules 1 and 2 aim to provide essential background knowledge that will enable participants to better
understand contemporary economic issues and debates and to analyse the economic policies pursued
by governments.
This module examines how governments seek to manage economies with a
particular focus on the economic policies pursued by recent UK governments
Learning outcomes
Practical Activities/Underpinning Knowledge
The learner will:
The learner can:
01
Understand the areas of the
economy that historically
governments have sought to
manage
1.1 Identify the four key areas which governments have historically sought to manage through
macroeconomic policy
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
Economic growth
Unemployment
Inflation
Balance of payments
NB Measurement of each of these four areas will be considered in Module 6
1.2
Discuss why it is considered important to manage each of these areas and, using examples,
illustrate the relationships between them
1.3
Explain key terms used when discussing economic growth (such as national income, gross
domestic product (GDP), the business cycle, recession, recovery)
1.4
Discuss how and why economic growth rates typically fluctuate
1.5
Outline some of the economic arguments for the causes of unemployment
1.6
Outline some of the economic arguments for the causes of inflation and explain why a low
level of inflation is considered advantageous
02
Be aware of the different tools
used by governments to
manage the economy and
understand how they operate
03
Be aware of how UK
governments have sought to
manage the economy in recent
years
1.7
Explain the terms balanced budget, budget deficit, government borrowing and net debt
1.8
Outline the reasons why governments seek to avoid / minimise budget deficits and control
the level of government borrowing and net debt
2.1
Describe what is meant by fiscal policy and explain how fiscal policy is used to manage an
economy
2.2
Describe what is meant by monetary policy and explain how monetary policy is used to
manage an economy
2.3
Identify further means by which a government can influence economic outcomes (for
example, consider some supply side tools)
2.4
Comment on the use of fiscal and monetary policy in the UK over the last 30 years
3.1
Explain the roles of the UK Government, Bank of England and of the Office for Budget
Responsibility in respect of the UK economy
3.2
Explain the influence of EU economic policy (including fiscal targets) on UK economic policy
3.3 Explain the purpose of the Government’s Budget Statement
3.4
Understand the economic terms used in the Budget Statement (most recent reviewed as a
case-study)
3.5
For the two most recent governments (Labour and Coalition) which are considered as casestudies,
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Summarise the main economic policies adopted
Identify the key fiscal / economic targets set by these governments
Outline the main economic tools used by these governments
Discuss the success (or otherwise) of these governments in meeting economic targets
MODULE 3: THE NORTHERN IRELAND ECONOMY (1 day)
AIM: This module aims to give participants a clear understanding of the size and makeup of the NI
economy. The strengths, weaknesses and challenges facing the NI Economy will be examined. The
module will also consider the economic ideologies and policies of the main NI political parties and role
of the NI Assembly and NI Executive in managing the NI economy
Learning outcomes
Practical Activities/Underpinning Knowledge
The learner will:
The learner can:
01
Know key facts about the
Northern Ireland economy and
be able to identify key players
1.1
List important sources of information on the Northern Ireland economy (including both
statistical data and the regular reviews/commentaries produced by a range of organisations)
1.2
Outline, using relevant statistics, the current state of the Northern Ireland economy and
future projections
1.3
Discuss the size, make-up and activities of the different sectors of the Northern Ireland
economy
1.4
Compare the Northern Ireland economy with other economies (such as overall UK economy,
Republic of Ireland, Europe)
1.5
Discuss how the Northern Ireland economy has changed over the last 30 years highlighting
the impacts of the Peace Process and of the current recession on the Northern Ireland
economy
1.6
Identify and explain the role of those governmental organisations in Northern Ireland with
specific remits relating to the Northern Ireland economy
1.7
Identify other key influencers (for example, financial institutions) and representative groups
in Northern Ireland (such as CBI, NIFSB, IoD, Trade Unions and Associations)
02
Understand the strengths,
weaknesses and challenges
facing the Northern Ireland
economy
03
Be aware of key strategies,
proposals and discussions
relating to the Northern
Ireland economy
2.1
Identify strengths and weaknesses of the Northern Ireland economy
2.2
Outline some of the key challenges currently facing the Northern Ireland economy
2.3
Discuss the wider factors that influence the Northern Ireland economy (including the
interaction with the economies of Great Britain, the Republic of Ireland, Europe and beyond)
2.4
In this context, comment on the

Ease / difficulty with which economic challenges might be overcome

Ability of the Northern Ireland Executive to shape economic outcomes
3.1
Outline the proposals put forward by the UK Government to re-balance the Northern Ireland
economy (as expressed in the Coalition Programme for Government, Budget June 2010 and
resulting consultation paper March 2011)
3.2
Summarise the main points of the Economic Strategy for Northern Ireland (under
development)
3.3
Identify other relevant strategy documents (for example, local authority economic
strategies)
3.4
Highlight and comment on some of the economic issues that are currently be debated within
Northern Ireland (focusing particularly on those issues which may impact on the Third
Sector)
04
Be aware of the economic 4.1 Identify the positioning of each the main Northern Ireland political parties on the left – right
continuum
ideologies and policies of the
main Northern Ireland political
4.2 Comment on the economic ideology of each of these parties and compare their stance on a
parties
range of economic and related issues to illustrate the similarities / differences between the
parties
05
Understand the role of the
Assembly and Northern
Ireland Executive in managing
the Northern Ireland economy
5.1
Explain how economic affairs are handled within the Northern Ireland Assembly and identify
key players
5.2
Discuss the tools available to the Northern Ireland Executive in managing the Northern
Ireland economy and also the limitations / constraints within which the Northern Ireland
Executive must operate
5.3
Outline how the Northern Ireland budget is developed highlighting the respective roles of
the UK Government, Northern Ireland Executive, HM Treasury and Department for Finance
and Personnel
5.4
Summarise key features of the current Northern Ireland budget focussing particularly on
those areas designed to have an impact on the Northern Ireland economy
5.5
Identify opportunities available to input to Northern Ireland Assembly / Northern Ireland
Executive deliberations on economic issues
MODULE 4: ECONOMIC ANALYSIS OF SOCIAL AND ENVIRONMENTAL ISSUES (1 day)
AIM: This module will explore how the economic concepts and theories studied link to policy making in the
real world. The module will be case-study based considering a range of social and environmental
issues and examining how the historical and contemporary responses to these issues have been
influenced by economic and political ideology and agendas. Participants will be better able to
analyse and contribute to contemporary debates on issues relevant to their organisation
Learning outcomes
Practical Activities/Underpinning Knowledge
The learner will:
The learner can:
01
Understand the constraints
within which policy-making
happens
02
Be able to analyse social and
environmental issues from an
economic perspective
1.1
Discuss the constraints within which policy is developed and implemented by the
government
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2.1
Economic and resource constraints
Political constraints
Social constraints
Institutional constraints e.g. trade unions, local/central government
International constraints e.g. Europe
For a range of social and environmental issues examined as case-studies,

Discuss the historical responses to these issues emphasising the influence of the
prevailing economic ideologies and government economic policy

Comment on the relative success (from an economic perspective) of the policies
adopted

Outline current policy on these issues clearly explaining how the current policy position
has emerged and commenting on the factors that have influenced current policy
(including the influence of economic policy)

Identify (where relevant) contemporary debates on these issues and analyse the
different viewpoints presented with particular emphasis on how these viewpoints
support / challenge the government’s underlying economic and political ideology
Suggestions for policy areas that could be considered as case-studies:
 Social policy areas - housing, health, education, income maintenance (benefits and old
age)
 Environmental policy issues – controlling pollution, sustainable development
 Other policy issues – Big Society, partnering /commissioning with Third Sector
MODULE 5: THE GLOBAL FINANCIAL CRISIS (1 day)
AIM: This module will critically examine the 2008 banking crisis, the resultant global financial crisis and the
responses of governments and key financial institutions to the crisis
Learning outcomes
Practical Activities/Underpinning Knowledge
The learner will:
The learner can:
01
Understand the role of major
financial institutions
1.1 Explain the roles of the following financial institutions with particular emphasis on the roles
they have played during the financial crisis
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02
Be aware of key events /
periods in the global financial
crisis and the implications for
different global economies
National central banks including the Bank of England
The European Central Bank
International Monetary Fund
1.2
Briefly outline the different roles of commercial banks and investment banks and explain the
meaning of ‘shadow banking system’
1.3
Comment on practices that are considered to have contributed to the banking crisis (for
example, easy credit, sub-prime lending, selling of ‘toxic assets’ such as mortgage backed
securities)
1.4
Outline the role of credit rating agencies (such as Standard and Poors) and explain why it is
considered important for a country to have a high credit rating
2.1
Explain the significance of the following key events / periods
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BNP Paribas announcements (August 2007) re lending to US Housing markets
Credit crunch
Collapse of Lehman Brothers
Bailing out of banks
Eurozone debt crisis and the bailing out of European countries
Downgrading of US credit rating
03
Understand the different
economic measures employed
in response to the crisis
2.2
By considering key economic indicators (such as GDP, house prices, unemployment,
inflation, level of government debt), explain how the global financial crisis has impacted on
the economy in the UK
2.3
Discuss the impact of the global financial crisis on the economies of two / three other
countries selected as case-studies
3.1
Explain why each of the following economic measures are considered to be suitable
responses to the financial crisis and the effect they are intended to have
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Slashing of interest rates
Increasing the money supply through quantitative easing
Bank bailouts and measures to stimulate lending by banks
Fiscal stimulus packages
Austerity packages
3.2
Discuss how the UK government has used each of these economic measures
3.3
Summarise the International Monetary Fund’s assessment of the UK Government’s response
3.4
Discuss how these measures (or others) have been employed within two / three other
countries selected as case-studies
04
Be aware of current debates 4.1 Present the views held by different economists on
surrounding the financial crisis
 The underlying causes of the crisis

The measures being taken to resolve the crisis and their likely success

The future direction of economic policy
[Consider - Does neo-liberal economic theory hold any blame for the current crisis and is
there a new role for Keynesian and or alternative economic theories in the future?]
MODULE 6: UNDERSTANDING AND ANALYSING DATA AND INFORMATION (1 day)
AIM: In order for economic policy to be effective, the government needs to have a clear picture of the
working of the economy. This module will examine some of the economic data and statistics available
considering how and why they are produced and how and by whom they are used. Participants will be
better able to understand and use economic data to construct arguments and influence policy
Learning outcomes
Practical Activities/Underpinning Knowledge
The learner will:
The learner can:
01
Have a basic understanding of
relevant statistical tools and
techniques
02
Be aware of the statistics
available and how and why
they are produced
1.1
Briefly explain the following tools and techniques used to collect or present economic data
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Surveys v routine collection
Time series (including smoothing / averaging)
Index numbers
Weighting (of a ‘basket’)
Nominal (current) v real (constant) prices and adjusting for inflation
1.2
Give examples of the use of these techniques (from some of the major economic statistics
produced)
1.3
Calculate changes (value and percentage) in variables expressed as index numbers
1.4
Adjust values for inflation and calculate constant prices from current prices
2.1 Identify the main government sources of economic statistics at both a national and regional
level and have a broad understanding of the range of economic statistics produced
2.2 Comment on the measures taken to ensure the reliability of government statistics
2.3 Identify some of the economic statistics available from non-government sources (for
example, forecasts of economic growth produced by banks etc)
2.4 For each of the following, briefly explain how the most commonly used economic statistics
are produced (including, where relevant, the different methods of measurement)

Economic activity and growth (GDP and GVA)
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Inflation (CPI and RPI)

Unemployment

Government debt and borrowing
3.3 Describe the range of users of economic statistics and discuss how the statistics above are
used (including how they are used to influence economic policies)
03
Be able to interpret and use
statistical information
3.1
Correctly interpret statistical information [tested by being able to correctly extract
information from ‘real-life’ statistical tables etc and explain the results]
3.1
Identify the economic statistics that are most relevant to your organisation’s mission and
policy agenda
3.2
By reviewing the broader range of statistics produced by NISRA (or others), identify any
further statistical information that is of relevance to your organisation
3.3
Comment on the availability of relevant statistical information, for example, are there gaps
in the information currently available
3.4
Discuss factors which should be considered before using a set of statistics (for example,
relevance, timeliness, reliability, methodology) and highlight the dangers in using statistical
information incorrectly
3.5
Use statistical information in constructing an argument [based on some case-study
examples illustrating how statistics can be used to enhance the case put forward]
MODULE 7: MEASURING THE ECONOMIC BENEFIT OF THE VOLUNTARY AND COMMUNITY SECTOR (1 day)
AIM: The role of the voluntary and community sector is rarely, if ever, referenced in economic debates and
statistics. This module will examine how the voluntary and community sector can better contribute
to economic debates focussing on the statistical and other tools available to measure the economic
and social benefit of the voluntary and community sector. The module will conclude by considering
how the learning throughout the programme can be practically applied
Learning outcomes
Practical Activities/Underpinning Knowledge
The learner will:
The learner can:
01
Be aware of statistical and
other tools available to
measure the economic and
social benefit of the voluntary
and community sector
02
Understand how such tools
(and others) can be used to
better contribute to economic
debates and policy-making
1.1
Describe the key features of the following measurement tools
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Social Return on Investment (SROI)
Local Multiplier 3 (lm3)
Social accounting and auditing
Social capital measurement framework
1.2
Discuss some case-study examples of how these measurement tools have been practically
used
2.1
Discuss why development of measurement tools (such as those listed above) has been
considered necessary
2.2
Outline what is meant by the Economics of Wellbeing (as an example of an economic theory
that challenges the focus on economic growth as a measure of ‘wealth and success’)
2.3
Comment on the level of acceptance of such theories and tools in the public sector arena
2.4
Outline some areas of policy-making in which it is suggested these tools could be used (for
example, incorporating SROI into commissioning and procurement)
2.5
Comment on the relevance of these tools to your own organisation
03
Explore how the learning
throughout the programme
can be practically applied
3.1 Summarise the learning from throughout the programme that is of particular relevance to
yourself, your work or the work of your organisation
3.2 Present an action plan of further research, learning activities or practical actions that will be
taken as a result of attending the programme
3.3 Provide (as a group) comments and suggestions to the Centre for Economic Empowerment
on future areas of research and development