B2014 - ECONOMIC STATISTICS

Learning outcomes

This course introduces students to economic measurement in a modern economy as a way to inform policymaking.

Course contents

By the end of this course, you should be able to:1. explain what is meant by economic statistics, the UN Fundamental Principles of Economic Statistics and the five principal providers of statistical data in the Global Statistical System. Be able to access and download economic data from these providers. 2. explain what is meant by the System of National Accounts and the Supply and Use Tables. 3. define and explain what is meant by Gross Domestic Product and related measures and be able to calculate GDP and related measures using relevant information from the Supply and Use Tables and other sources. 4. explain why accounting for uncertainty is important for policy-makers. 5. define and explain what is meant by a price index, calculate weighted and unweighted price indices, explain and be able to carry out adjustments to GDP to account for the following matters: the size of populations, inflation and the purchasing power of different nations. 6. explain what is meant by absolute and relative inequality. Define, explain and be able to calculate the appropriate graphical and numerical measures of relative inequality. 7. define and explain what is meant by natural capital, the System of Environmental-Economic Accounting and how it can be used to calculate depletion-adjusted measures of an economic territory’s output. 8. (if time permits) to discuss appropriate learning objectives in one or more of the following topics: labour market productivity, regional statistics and innovation statistics.

Readings/Bibliography

The main textbook is available online:

Jonathan Athow and Joe Grice (eds.) “Measuring the Economy”, online textbook at https://measuringtheeconomy.uk/index.html

It will be supported by additional reading.

Teaching methods

Lectures, case studies and workshops.

Assessment methods

Written examination at the end of the course.

Teaching tools

The e-learning platform will provide access to lecture slides, case studies, data sets and solutions. Weekly office hours will be held and comments and grading of the exams will be available in online feedback meetings.

Office hours

See the website of Martin Forster