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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 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 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, 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 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 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 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 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 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) 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 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