Running the Economy

Overview

You'll start with macroeconomics, looking at how economies work from global and integrated perspectives, before moving on to microeconomics, drilling down into the behaviour of people, firms and governments. This combined analysis allows you to start exploring how policy affects, and is affected by, the economy and its constituent members. Using a simulator, you'll apply what you have learned, taking on the role of an economic analyst to make or advise on policy choices.

You will learn

You will emerge with a good grasp of some fundamentals of economic theory – both macro- and microeconomic – including the Keynesian aggregate demand model, the theory behind central bank inflation targeting and the application of basic game theory. In addition, you will gain an understanding of some key theoretical and policy debates in economics, as well as confidence in applying these theories and concepts to major economic policy challenges.

This Running the Economy module from The Open University UK has a student-centred approach in developing and applying economic theories and debates to serious worldwide economic problems and the critical assessment of proposed solutions. The transferable and vocational skills you’ll gain include the ability to:

• interpret, manipulate and critique economic evidence, including interpreting numerical data and basic statistical skills
• compare and contrast the most prominent economic traditions and theories from the 1930s to the present day, widely used in public debate
• build and support arguments in discussion and written forms
• use and present modelling and simulation as methods of analysis of economic problems, including simulating the macroeconomy under different policy scenarios
• engage in debates with other students, substantiating your arguments with economic theory and evidence.