About the Summer School
Since the global financial crisis of 2008 there has been awareness of a divergence between theory and an effective approach to macroeconomic policy issues. There is increased recognition of the incompleteness of economic knowledge in an uncertain and changing social setting. This has been felt by professional economists as well as by students who have been active in demanding a more 'pluralist approach' to their study of economics. This course therefore aims to introduce students to critical analysis of the building blocks of 'mainstream' macroeconomics, and to some of the approaches offered as alternatives.
This course intends to familiarise students with competing current macroeconomic theories, offering students a 'pluralist' approach and the opportunity to examine the underlying pre-suppositions of different approaches and how different motivating questions and goals set may affect inquiry and policy.
This course considers the main features and internal criticisms of the current 'standard model' of macroeconomics, considering its variants and historical development from orthodox IS-LM Keynesianism and monetarist quantity theoretical roots. In this process the course will study subsequent 'New Classical' developments involving rational expectations and 'New Keynesian' models incorporating nominal and real rigidities.
It will analyse and contrast these approaches and their points of departure from the 'Post-Keynesian' approach that identifies Keynes's fundamental uncertainty and effective demand along with the role of price setting by firms and the endogeneity of money to production. The course will also consider the Austrian approach to macroeconomics that emphasises the allocation and misallocation of factors at various stages of production, with the latter driven mainly by policy errors. There may be the opportunity to introduce other approaches, such as Feminist, Institutionalist and Evolutionary economics.
The ethos of the course will be to approach different macroeconomic theories on the background of critical or 'structured' pluralism, paying particular attention to the ontological presuppositions of alternative macroeconomic theories. Thus students will gain insight into some current issues in economic methodology.
Students should usually have at least 3 Economics courses at grade B or above (or be predicted to obtain this) for entry to this course. This must include courses in both Macroeconomics and Microeconomics. We will only consider University/College level courses.
Scholarship - Scottish Summer Endeavour
Scottish Summer Endeavour Scholarships are offered to students from all countries who can display evidence of outstanding academic merit.
The scholarship equates to a 20% tuition fee waiver for any course listed onwww.summerschool.ed.ac.uk.
The scholarships are competitive and awarded broadly on the basis of academic merit. A minimum of 3.3 GPA or equivalent is required and evidence of this must be provided along with your application.
In order to apply, you should be a full-time university/college student who can demonstrate that you meet the academic and language requirements of your preferred course.
1. Choose the course you are interested in.
2. Go to your preferred programme page and select ‘click here to apply now’, located towards the top right of your screen. This will enable you to request an application form and further guidance regarding the application process.
2. Fill out the application form and attach the documents required in order to support your application. This will include the following:
- one letter of recommendation provided by your academic referee (no longer than 500 words)
- (interim) degree transcripts
- Evidence of an internationally recognised English language qualification (if appropriate).
4. Send back the application form stating in your email that you would like to apply for the Scottish Summer Endeavour Scholarship.
5. Remember to enclose any other documents that will support your application.
1. Do I have to provide pre-payment in support of my application?
Yes. Please see the following page from more information:http://www.summerschool.ed.ac.uk/courses-and-fees/fees
2. Will the scholarship award be applied to my accommodation fees?
No. The scholarship fee waiver will be applied to your tuition fees only.
3. How do I know if I am eligible to receive a University of Edinburgh Scholarship?
The scholarship is available to all students from around the world and it is awarded on the basis of academic merit. A minimum of 3.3 GPA or equivalent is required.
4. My University does not issue GPA but I have my transcript with my module grades – can I send these instead?
Yes. Institutions globally use a variety of assessment and grading systems and you can provide your most recent degree transcript with your application. Please contact email@example.com for guidance about what documentation or grades to provide us with, should you have any questions about the equivalent grading of a GPA.
5. How do I apply for a scholarship?
Please fill in the application form, enclose any other documents of your achievements and references from your home University and email this to summerschool(at)ed.ac.uk
When will I receive written confirmation if I have been successful in my application to the Scottish Summer Endeavour Scholarship?