Economics in context
Why are markets so powerful in most economies today? What is the role of the government in different economies, and how does this role shape opportunities of different people and firms? What explains global inequalities? Why is economic growth such a key economic goal in most countries today? Are there other goals economies could pursue? You'll unravel similar questions, using insights from recent history, key economic thinkers, and drawing on economic perspectives and examples. This module is a building block towards a critical perspective on economics and economic choices for our daily lives.
What you will study
This module has three primary aims:
- To provide you with foundations of economics and an initial set of skills and tools economists use
- To provide an insight into how economics and the economies have evolved over time
- And finally, to engage with a plurality of perspectives within the economics discipline and outside it, and embed standard economics in context.
Given the prevalence and power of markets around the globe, this module initially makes a case for why economies organise so much of their activity through exchange in markets. It then opens the analysis of economies to recognise the embeddedness and interrelation of markets with more complex systems which makes their success, if one could agree on what success means for markets, context-specific.
There are two main blocks of study. The first focuses on markets, how they operate, what drives their outcomes, and how economics analyses them from a microeconomic perspective. The second looks at key systems which interact with markets and define the economies in which they operate. You'll look at labour institutions, technological change, financial, innovation and industrial actors, and trade systems. The module ends with a reflection on the role of the government, and on how this role changes through time and space, and through context.
Throughout the module, we'll be making use of three interconnecting themes: agents, success, and change. What success means changes according to the agents and the context; the relative importance of different agents changes with the context and with what the prevalent measure of success is; and change through time depends on the relation between agents and success.
The story of the UK textile revolution, which many would argue as the origin of the Industrial Revolution, is used to describe the transformation of consumption, production, markets, and economies as felt in this industry, in the last 300 years, and the transformation of economics itself in the process.
There are no formal entry requirements for this module. You'll learn and engage with some techniques such as numerical calculus, descriptive charts, and more abstract diagrams, and you'll learn to use them when writing your assignments. During your studies, there will be two weeks of study to further support skills development.
If you have any doubt about the suitability of the module, please speak to an adviser.
The module is delivered through a textbook, written especially for the module, and the module website which includes:
- a week-by-week study planner, your starting point every week
- an online version of the textbook
- module materials and activities
- audio and video content
- assignment details and submission section
- online tutorial access.Y
You will need
You'll be provided with Office 365 which includes Word and Excel. Your assignments can be done using Word, but some will include diagrams drawn by you. We will support and discuss alternative ways of doing this, but if you will want to draw diagrams on paper and not using software, you may want to take a photo of your diagram, and be able to paste your photos into Word.
A computing device with a browser and broadband internet access is required for this module. Any modern browser will be suitable for most computer activities. Functionality may be limited on mobile devices.
Any additional software will be provided, or is generally freely available. However, some activities may have more specific requirements. For this reason, you will need to be able to install and run additional software on a device that meets the requirements below.
A desktop or laptop computer with either an up-to-date version of Windows or macOS.
The screen of the device must have a resolution of at least 1024 pixels horizontally and 768 pixels vertically.
To join in the spoken conversation in our online rooms we recommend a headset (headphones or earphones with an integrated microphone).
Our Skills for OU study website has further information including computing skills for study, computer security, acquiring a computer and Microsoft software offers for students.