School of Management, Unit Catalogue 2011/12 |
|
 Credits:
| 3 |
| Level:
| Masters UG & PG (FHEQ level 7) |
| Period: |
Modular (no specific semester) Semester 2 |
| Assessment:
| CW 100% |
| Supplementary Assessment: | Like-for-like reassessment (where allowed by programme regulations) |
| Requisites:
| Before taking this unit you must take MN50339 or take MN50340 |
| Description:
| Aims: The module aims to give students an understanding of the economy as an evolving complex adaptive system of distributed information and knowledge, the ways information is aggregated by price systems, and how this process is affected by asymmetries in the spread of this information. Learning Outcomes: Successful completion of this unit should result in participants who: * Appreciate the strengths and weaknesses of alternative forms of economic organisation in solving the fundamental problem of co-ordination of productive resources in a complex adaptive system. * Understand the circumstances under which decentralised market systems work imperfectly. Skills: Intellectual skills * facility to apply subject-specific knowledge into a range of situations. * the ability to critically evaluate the relevance and validity of traditional assumptions of economics to different business environments. Professional skills * operate effectively both independently as well as within teams and assume leadership roles where appropriate; * be self-directed and able to act autonomously in planning and implementing projects at professional levels. Practical skills * ability to identify and potentially cultivate sources of informational advantage. Content: * The distinction between information and knowledge * Definitions of information asymmetry, moral hazard and adverse selection. * Definitions of complexity and economic evolution * Application of the concepts in a variety of contexts, which may include: insurance markets, the market for bank loans, mortgage offers and derivatives, firm growth, entrepreneurship, etc. * Connection of this material to the financial crisis that began in 2007. |
| Programme availability: |
MN50484 is Compulsory on the following programmes:School of Management
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