| Unit name | Philosophy of Economics |
|---|---|
| Unit code | ECON30016 |
| Credit points | 20 |
| Level of study | H/6 |
| Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
| Unit director | Dr. Guizzo |
| Open unit status | Not open |
| Units you must take before you take this one (pre-requisite units) |
None |
| Units you must take alongside this one (co-requisite units) |
None |
| Units you may not take alongside this one |
ECON20007 Philosophy of Economics |
| School/department | School of Economics |
| Faculty | Faculty of Social Sciences and Law |
Why is this unit important?
Modern economics raises many conceptual and philosophical ideas, that are important to appreciate when analysing economic models. For example, the concept of utility maximisation is fundamental to many models of economic agents, but what is utility, what does it measure, and does it relate to well-being?
This unit will provide the opportunity to debate and evaluate normative assumptions that are implicit in economic models, as well as asking about ethical issues, value judgements, and wider social justice.
How does this unit fit into your programme of study?
This (optional) unit will give students the opportunity to discuss philosophical conceptual issues that underpin their core study of economics, supported by a variety of case studies in economics, including dimensions of inequality, scientific rigour, efficiency and measurements of value, social and ecological wellbeing, rationality, choice and uncertainty.
An overview of content
This unit offers an introduction to conceptual and philosophical issues raised in modern economics. By employing core theories and discussions from the philosophy of science, political philosophy, and ethics, we will ask questions about the nature, scientific status, and implicit value assumptions in economics.
For example: What is science and rigour, and how does it relate to economics? Can there be laws of economics? What is utility, and how does it relate to well-being? What is the role of models in economics? What are the normative assumptions implicit in economic research? How are ethical issues related to economics, and can economists incorporate value judgements? Can economics be associated with wider social justice?
How will students, personally, be different as a result of the unit?
Students will develop an understanding of the key philosophical underpinnings of modern economics, along with an ability to critically evaluate key assumptions of economic models.
Learning outcomes
Students will be able to:
Teaching will be delivered on a workshop-based format, through a combination of lecture delivery, in-class discussions and exercises. Additional online resources will be provided throughout, for content and assessment preparation.
Tasks which help you learn and prepare you for summative tasks (formative):
Tasks which count towards your unit mark (summative):
Assessment assess all intended learning outcomes.
When Assessment does not go to plan
If students fail the unit such that credit points cannot be awarded at the first attempt, they will normally be provided reassessment in the failed element(s).
The reassessment task will be:
Reassessment assess all intended learning outcomes.
If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.
If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. ECON30016).
How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours
of study to complete. Your total learning time is made up of contact time, directed learning tasks,
independent learning and assessment activity.
See the University Workload statement relating to this unit for more information.
Assessment
The assessment methods listed in this unit specification are designed to enable students to demonstrate the named learning outcomes (LOs). Where a disability prevents a student from undertaking a specific method of assessment, schools will make reasonable adjustments to support a student to demonstrate the LO by an alternative method or with additional resources.
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit.
The Board considers each student's outcomes across all the units which contribute to each year's programme of study. For appropriate assessments, if you have self-certificated your absence, you will normally be required to complete it the next time it runs (for assessments at the end of TB1 and TB2 this is usually in the next re-assessment period).
The Board of Examiners will take into account any exceptional circumstances and operates
within the Regulations and Code of Practice for Taught Programmes.
