This module builds on the introduction to economics provided in the first year Principles of Economics module. The aim of this module is to develop students’ understanding of economic theory by introducing them to key topics in intermediate microeconomics that are of particular relevance to students of political economy, perhaps most notably: consumer theory (under conditions of certainty and uncertainty); general equilibrium theory and welfare economics; the theory of market failure; principal-agent theory and the theory of asymmetric information; transactions cost economics; and human capital theory.
Please note that module information is indicative and may change year to year
2-hour lecture & 1-hour seminar every two weeks
Module assessment - more information
3-hour examination (90%) & participation (10%)