Class ouline: Integrative Economics (IE)

Navigating your way through the IE class.

Introduction

IE is an 18 credit value core class for the Masters in Economic Management and Policy Programme. As a core class, it is offered at the Certificate stage of the Masters programme.

(In case you have forgotten about, or never understood credits, a Masters degree comprises 180 credits made up as follows: 120 credits taught component [= 72 at Certificate Stage + 48 at Diploma stage] and 60 credits for the Masters stage Final Project.)

Teaching and Other Staff

Class Tutor: Roger Perman, Tel: (0)141 548 3845, e-mail r.perman@strath.ac.uk
Administrator: Mr Neil Andrew, Tel: 0141 548 3871, e mail n.andrew@strath.ac.uk

Overview

Integrative Economics (IE) is one of the four core classes on the MSc EMP degree programme. But it is quite different from the other three core classes in terms of the roles it plays in the programme. IE will exploit the content, skills and techniques developed in the other core classes in order to develop the analytical skills of our graduates. In pursuing this goal, IE emphasises

• application of economic analysis to policy issues and business problems
• adaptations required when theory has to confront the complications of the real world
• exposure to the multi-faceted nature of the problems with which policymaking – in both private and public sectors - has to contend

In so doing, IE plays three principal roles in attaining the MSc EMP overall programme objectives. The first of these roles relates to integration of, and linkages between, various components of the programme. The second pertains to its problem-based learning approach, and the third to its emphasis on teamwork and group learning. While this latter is of less importance in our Open Learning mode of study than for our Full Time students, we nevertheless attach importance to it here too.

1. Linkages and Integration

IE establishes and develops two particular kinds of connections within the programme: linkages between the other three core classes, and integration among different degree pathways. The importance of developing linkages between the core classes follows from our belief that economic problems and policies rarely fall into specifically microeconomic, macroeconomic or data-analytic categories. Developing integration among pathways allows significant synergies to be obtained. The MSc EMP programme offers five specialised 'named' pathways: business, development, environmental, international financial and regional economics. However, the work of an applied economist is rarely restricted to one of these areas, as the problems confronted typically have a multi-faceted nature. There is much to be gained, therefore, from students in each of the pathways having substantial exposure to the perspectives, problems and techniques embraced in the other pathways, and from exploiting the wide diversity of knowledge and experience of staff teaching on the programme as a whole.

2. A problem-based learning approach

Graduate level applied economics programmes should focus on enhancing students’ abilities to solve the kinds of multi-faceted problems that are likely to be confronted by the practising economist. Those taking IE will be faced with such multi-faceted problems – such as appraising whether a large dam should be built; launching an E-Business venture; developing an eco-tourism venture, and assessing its contribution to national socio-economic objectives. They will be expected to determine the important questions to address, acquire appropriate data, and write and present substantial Business Reports for each problem examined. The response to each problem posed in IE should exploit content covered, and skills acquired, in the DHA, MMP and ME core classes.

3. Teamwork and group learning

IE develops and enhances those team working skills needed by the professional economist. Teamwork in private and public sector organisations involves regular collaboration with others in similar roles; it also involves intermittent collaboration with professionals in different (but complementary) roles, often those trained in entirely different disciplines.

Syllabus

A full statement of the class structure, timetable and content, and the problems to be investigated and addressed is given implicitly here on the IE Moodle web pages.

The class will be oriented around in-depth (and student-directed) investigations of problems in these areas of application:

• Country Intelligence Reports
• Industry and market analysis
• Development of a proposal to construct a big dam, and the appraisal of that project from a variety of perspectives
• Economic analysis of E Business, undertaken by means of developing and justifying one such venture
• Ecotourism: What role does – and could - ecotourism play in economic development?

Assessment

Assessment in this class is entirely based on coursework assignments. Four of these must be completed. All four of will be assessed, with your final IE mark consisting of the average of the four marks (one for each assignment). Each assignment will yield two or three deliverables:

• A team written report, delivered as a Word document, plus one or both of
• A PowerPoint presentation by a team of its key findings, prepared as if it were to be used for an Oral Presentation 
• An Excel workbook containing calculations as appropriate

These elements should normally be undertaken in self-selected teams of not more than four (4) individuals, given the commitment of IE to enhance team-working skills. Where this is done, the marks allocated to each member of a team will, in general, be identical. However, in some circumstances, individual marks may be adjusted to reflect evidence of exceptionally poor or strong contributions.

Your tutor recognises that individual circumstances may preclude some participants working in teams (for some or all assignments). In those cases, working as an individual is permitted. But, unlike in other classes, it is our intention that his should be the exception rather than the rule. Team compositions should be notified to the tutor as soon as possible.

Intended Learning Outcomes

By exploiting and building upon skills and techniques learned in other classes, IE indirectly contributes to all the intended learning outcomes of the Core classes. Those learning outcomes which are directly sought by IE include:

(a) Knowledge and Understanding

Written and Oral Presentation

• Develop the ability to research a topic, write a report on it, and communicate findings orally.

Economic concepts and theories

• Develop the ability to select relevant theories and make use of evidence. 
• Be aware of the importance of institutions in economic analysis and policy.

Modelling and its applications

• Develop the ability to select an appropriate model in a particular situation. 
• Awareness of the strengths and weaknesses of using alternative models.

Policy Analysis

• Understand how the appropriate model can be used to generate policy recommendations, provide an evaluation of current and alternative policies, and to analyse issues relating to the each of the four degree pathways. 
• Develop the ability to evaluate policy options.

Reflective Learning

• Develop the ability to be reflective about learning and in monitoring progress in understanding. 
• Recognise the limitations of a purely economic approach to business, development, environmental and regional issues.

(b) Practical Professional Skills

Communication with fellow economists

• Further develop the ability to communicate and discuss economic ideas with peers.

Working with economists in other sub-disciplines

• Prepare the student for the realization that the work of many applied economists involves the joint application of several sub-disciplines and may also be interdisciplinary

Communication with wider non-specialist audiences

• Develop an awareness of the requirements in presenting economic analysis for a policy audience. 
• Write clearly and concisely for a number of different audiences.

Team working

• Appreciate the strengths and weaknesses of working within teams 
• Have experience of problem solving within multi-disciplinary teams
• Problem solving in an organisational context 
• Understand and appreciate organisational objectives, stakeholder expectations, and relevant constraints 
• Be able to apply economic analysis to problem solving within the nexus of relevant organisational objectives, expectations and constraints.