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Module

TCP1019 : Economics of Development I

  • Offered for Year: 2022/23
  • Module Leader(s): Mr Aidan Oswell
  • Owning School: Architecture, Planning & Landscape
  • Teaching Location: Mixed Location
Semesters
Semester 2 Credit Value: 10
ECTS Credits: 5.0

Aims

• To introduce students to microeconomic principles and their application to planning and property development.
• To introduce students to development financing and valuation, including public and private financial systems.
• To introduce students to the macroeconomy, and its relevance to, and impact on, the Planning process.

The Economics of Development module helps students develop a range of analytical tools to improve their understanding of planning and development processes. Although the module builds on economic principles, no previous study of economics is required. Basic theory and application are covered early in the course with later sessions building on these foundations. On completion of the module, a clear understanding of both the theory and practical application of economics to planning and development processes will have been developed. Student satisfaction with the course is consistently high, with many reporting that they have effectively applied skills gained here to work set elsewhere within the degree programme.

Outline Of Syllabus

• Module Induction and Introduction
• When Markets Fail.
• First Principles in the Economics of Development – Land.
• First Principles in the Economics of Development – Property.
• The Economics of the Property Development Process – Investment Appraisal.
• The Economics of the Property Development Process: Investment Constraints.
• Private and Public Financing of Development.
• Introduction to the Economic Environment
• Understanding the Macro Economy.
• The Planning System in Action.
• Review/Revision Session

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Guided Independent StudyAssessment preparation and completion120:0020:00Reading and research directly connected to assessment preparation and completion.
Scheduled Learning And Teaching ActivitiesLecture102:0020:00Weekly timetabled 2 hour PiP sessions
Structured Guided LearningStructured research and reading activities158:0058:00Research and reading, as set out in and around the scheduled learning and teaching activities,
Scheduled Learning And Teaching ActivitiesWorkshops12:002:00Assessment preparation workshop.
Total100:00
Teaching Rationale And Relationship

The Scheduled Learning and Teaching Activities provide a detailed explanation of the key issues and an examination of important literature and practice in the field. The Structured Guided Learning Activities provide background research and reading activities, to support the development of skills and knowledge. The Guided Independent Study associated with the assessment preparation will enable students to achieve both the intended knowledge and skills outcomes identified for the module, as well as helping them to prepare their assessment submission.

Assessment Methods

The format of resits will be determined by the Board of Examiners

Exams
Description Length Semester When Set Percentage Comment
Digital Examination602A100The examination will be delivered and completed electronically, in line with the University's approach to digital examinations.
Assessment Rationale And Relationship

Historically, this module was assessed using a one hour, in-person, paper examination. This allowed assessment against the whole of the curriculum, via 25 multiple choice questions. But it also allowed for the in-depth assessment knowledge students developed against one of two curriculum areas, through the setting of a data response question in section two of the examination. At the commencement of the pandemic, it was necessary to change this assessment to a 1500 word essay. With a changing public health and technological landscape, we are able to switch back to an examination, however. And this will be done for 2022/23.

The digital examination will last 60 minutes. It is made up of two sections. Section one contains 25 multiple choice questions. Students are expected to complete all of these. Section 2 contains 2 data response questions. Students are expected to complete one of these. Both sections are equally weighted at 50% of the final mark.

The Structured Guided Learning Activities provide a detailed explanation of the key issues and an examination of important literature. The Scheduled Learning and Teaching Activities provide support for discussions about the relationship of the content to planning issues. The Guided Independent Study will enable students to both achieve the intended knowledge and skills outcomes identified for the module, as well as enabling to help them prepare for the completion of their examination.

Reading Lists

Timetable