Macroeconomic policies and performance in Britain
Objectives:
This assessment aims to provide students with an understanding of competing theoretical perspectives on macroeconomic policy relating to the British economy since the mid-1940s.
The assessment explores the interplay of evolving economic theory, policy developments and political ideology and seeks to assess the performance outcomes of the various policy approaches relative to previous periods in British economic history.
Learning Outcomes:
Upon completion of this assessment, students will be able to demonstrate a critical understanding of:
• the evolution of macroeconomic theory since the mid-1940s
• macroeconomic policy debates
• the impact of various macroeconomic policy measures on British economic performance
Task: What the students need to show in the report –
1. A clearer understanding of what macroeconomic objectives are and what policy tools are available for achieving them
2. An understanding of the macroeconomic schools of thought that shapes macroeconomic policies often adopted by policy makers to achieve set macroeconomic objectives.
3. An assessment of UK’s macroeconomic policies (with empirical data). This should follow from 1 & 2 above. In other words, the students should be evaluating the economic performance of the competing schools of thought with data from the UK. The analysis should cover the periods from 1945 to 2010.
Reading resources:
• The UK Macroeconomic Policy Debate and the British Growth Crisis: Debt and Deficit Discourse in the Great Recession. A conference paper by Dr Ben Clift.
• Mankiw, N. G. Principles of Economics. Sixth Edition. (Ch. 36).
Required:
The total word count for this assignment is 2,000 words (plus or minus 5%).
