Sustainicum Collection

Consus The aim of the project is to establish a regional science-society network for sustainability innovations in Albania and Kosovo in order to strengthen the connection and collaboration of institutions in the field of higher education, research and practice.
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Resource facts

  • 11 to 30 students
  • up to 1 semester
  • Internet connection necessary
  • English, Shqip

Resource Description

Instruction file

Active learning in Macroeconomics: Growth forecasting and growth models.(Resource ID: 265)

x Please note: module with excess length - more than
7 lecture units required!
During this module students discuss real macroeconomic problems with key Macroeconomic stakeholders, such as: Government officials, Macroeconomic unit within the Ministry of Finance, the Statistical Office and the Central Bank. Through this module, students will go through concrete examples of how the government forecasts economic growth, what is the main model of development, how they measure GDP and other key macroeconomic variables and how fiscal and monetary policy works. “Economic growth is hugely linked to the sustainable development of the society. Societies/countries, in some cases, may have short-term economic growth by trading-off long term sustainability. Therefore, in this resource we will try to discuss models of long-term sustainable economic growth. Economic growth which balances current needs with the needs of future generations."

Economics is traditionally divided into two parts: microeconomics and macroeconomics. The main purpose of this resource is to introduce students to the principles of macroeconomics and forecasting models. Macroeconomics is the study of how a country's economy works while trying to distinguish among alternatives for improving and/or maintaining a nation's standard of living and level of economic and societal well-being.

Historical and contemporary perspectives on the roles and policies of government are part of the mix of interpretations and alternatives that surround questions of who or what gains and loses the most or least within a relatively small set of key interdependent players. In the broadest view, that set consists of households, consumers, savers, firm owners, investors, agency and elected officials, and global trading partners in which some wear many hats and face price considerations at two levels.

Macroeconomic performance relies on measures of economic activity, focusing on variables and data at the national level within a specific period of time. Macroeconomics entails analyses of aggregate measures such as national income, national output, unemployment and inflation rates, and business cycle fluctuations. This resource will push students to think critically about the national and global issues we currently face, to consider competing views that may agree or disagree with their own, and to draw challenging conclusions from a vast array of perspectives, tools, and alternatives.

 

During this module students will discuss real macroeconomic problems with key Macroeconomic stakeholders, such as: Government officials, Macroeconomic unit within the Ministry of Finance, the Statistical Office and the Central Bank. 

Through this module, students will go through concrete examples of how the government forecasts economic growth, what is the main model of development, how they measure GDP and other key macroeconomic variables and how fiscal and monetary policy works. 

Integration of Social Stakeholders
Students together with the lecturer will visit three main Macroeconomic departments of the country, such as: the Ministry of Finance (Macroeconomic Unit), the Central Bank and the Statistical Office.

During the visits, government officials will discuss with students topics such as: GDP measurement and GDP growth, models of growth, forecasting and real challenges on dealing with these issues.
Strength
This teaching resource brings together students and policy-makers. Concepts that are studied during the lectures, and that may be confusing for first year economics students, will be discussed with policy-makers, with real data and real examples.

This methodology will increase students' interest and curiosity for further studies on sustainable economic development.

– Students learn economic principles by discussing concrete problems
– Students will be in touch with the concrete policy making process
– Students will have access to real data
– Mutual learning for students and stakeholders
Weakness
The main weakness of this teaching resource is that it requires detailed coordination with main macroeconomic institutions. And having in mind their engagements, it may be difficult to arrange meetings with them.

– Stakeholders must be contacted and coordinated in advance
– Stakeholders may have busy agenda
– The number of students participating may be limited
Learning Outcomes
Understanding how the Government forecasts growth and its budget income

Understanding how the Statistical Office calculate the main Macroeconomic Indicators

Understanding how the Central Bank uses the Monetary Policy
Relevance for Sustainability
Economic growth is hugely linked with the sustainable development of the society. Societies/countries, in some cases, may have short-term economic growth by trading-off long term sustainability. Therefore, in this resource we will try to discuss models of long-term sustainable economic growth. Economic growth which balances current needs with the needs of future generations.
Related Teaching Resources
No specific previous knowledge / related resources required
Preparation Efforts
Medium
Preparation Efforts Description
Teachers of this resource should have knowledge of economics principles, and should be familiar with Macroeconomics issues of the country where he/she teaches.
Access
Free
Assessment
Students will write an essay of 1500 words on one of the topics discussed in lectures.
Credit/Certification Description
No certification!
Sources and Links

 

Mankiw NG. Principles of Economics, 5th edition. South-western Cengage Learning; 2011.

 

Mankiw NG. Macroeconomics, 7th Edition. Worth Publishers; 2010.
 
 

 

 

Funded by
This teaching resource, realised within the project ConSus, has been funded with the support of the TEMPUS of the European Union. The contents reflect the views of the authors, and the European Commission cannot be held responsible for any use which may be made of the information contained therein.

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Contact

Alban Zogaj
alban.zogaj(at)riinvest.net
This teaching resource is allocated to following University:
RIINVEST - Riinvest College
Institution:
RIINVEST COLLEGE
Date:

License

Creative Commons
BY-NC-ND

Teaching Tools & Methods

  • Field study
  • Written material