Economics 271
The British Economy: Structures and Policies
Fall 2007

Instructor: Jean Shackelford
Required Texts:

The UK Economy – A Manual of Applied Economics, 16e, Malcolm Sawyer, ed., Oxford University Press, November 2004
Daily Paper

August 20 - 22-- Sawyer - Introduction to the UK Economy and Current Economic Conditions

August 27- – Sawyer: Chapter 1 – The UK Economy in Context

Statistics.gov site provides online access to a wide range official statistics of the UK economy.
These sites below offer a wide range of information about developments in the world economy:

World Bank: International Bank for Reconstruction and Development)
International Monetary Fund
The United Nations Development Programme site provides much information development issues

August 29 -- Sawyer: Chapter 2 – The Structure of the Economy

The web site of the Office of National Statistics provides much statistical information: many statistical publications are available online, and many macroeconomic (and other) data series can be downloaded.
The web site of HM Treasury, provides much detailed information on macroeconomic policy and specifically on the budget and on public expenditure plans.

Sept. 3-- Sawyer: Chapter 4 --Fiscal Policy and the Budget

The web site of HM Treasur y also provides details of the annual budget and decisions on changes in taxation.
The web site of the Institute of Fiscal Studies provides analysis of taxation, benefits and inequality.
For up to date information on the tax regime and on tax rates see the web site of the Inland Revenue

Sept. 5 – Sawyer: Chapter 4 continued

Sept. 10 – Sawyer: Chapter 3 – The UK and the European Union

For the CAP, EU budget and the euro see the European Union online .
More on the euro and monetary policy is found in the European Central Bank's site Government's euro site and at www.theeurodebate.co.uk/gov.htm.

Sept. 12— Sawyer Chapter 3 Continued & Reports on "The EU at 50"

Sept . 17—Scotland’s economy – (Devolution and elections)

Sept. 19 – To Edinburgh - While we are on the road duringthe program excursionto Scotland, please continue reading the newspaper and clipping or taking notes about economic events in the UK—or economic events that are of concern to the UK. This is a good time to organize and catch-up on this project.

From your clipping project, produce a “Headline News” report. This may be done on you own or in collaboration with others in the class. (Note your contributions with your initials.) Include the headlines that you find interesting or important to discussions of the UK economy and a brief 2-3 sentence “story.”

Sept. 24—Sawyer: Chapter 7--Balance of Payments and International Trade

Recent statistics on the UK's balance of payments can be found on the web site of the Office of National Statistics .
The web site of The International Monetary Fund provides much information on the working of the IMF and the financial and economic positions of member countries.
The Organisation for Economic Cooperation and Development is also a source of much information on the member countries of the OECD.

Sept. 26— Continue Chapter 7 - Exam Overview

October 1— Examination –Sawyer Chapters 1,2,3, 4 and 7
Includes class discussion and projects, handouts and outside reading assignments

October 3—To Paris and Fall Break

October 15— Britain the EU and the World Economy - Updates and Reports from the field

October 17 -- Sawyer: Chapter 5--Public Expenditure

The web site of HM Treasury provides a great deal of information about the structure and level of public expenditure, particularly in the documentation available there on the annual budget and in the pre-budget report. Details of the comprehensive spending review are also available on this site.
Web sites of government departments provide much more information on the details of public expenditure programmes. These include:

Department of Health
Department for Education and Employment
Department of Social Security
For public expenditure is Scotland, Wales and Northern Ireland respectively, see:
Scottish Executive
National Assembly for Wales
Department of Education for Northern Ireland:

October 22 – Guest Lecturer – Rima Horton “Health and Education Policies”

October 24 – Sawyer: Chapter 6--Money, Finance and Monetary Policy

Bank of England gives access to speeches, statistics and announcements about the activities of the Bank of England and, in particular, about the operation of monetary policy.
Bank of International Settlements gives access to speeches and articles on banking and finance as well as to a wealth of statistics on international banking and securities markets.
Financial Services Authority gives much information about the activities of the Financial Services Authority including a section on teaching and learning.

October 31—Visit to Bank of England

I. Bank of England-Directions -Wednesday October 31st, Meet at the Bank of England’s Bartholomew Lane Entrance
(exit at Bank Street tube station—Central Line from Totenham Court—follow map.)
After our scheduled talk by a Bank staff member, you are expected to tour the Bank of England Museum on your own. The Museum takes about 45 minutes to tour. If you don’t tour it on the 31styou will need to return at another time.

II. Bank of England Assignment
During your visit to the Bank of England you will visit the museum and hear a presentation about the Bank. If there is an opportunity, you will probably want to raise questions that you might have about the operation and function and policy making of the Bank. Remember the Bank of England functions like the Fed in the US—so be equally impressed! You might ask questions about the current role of the Bank, current policy, about aspects of its history, about decision making and the interaction with the treasury.

After your visit to the Bank and the Museum, draft a 2-page essay on some aspect of the Bank that interests you. This may include policy, intergovernmental relations or UK money. If you can’t think of a topic, please write your essay on the Bank’s development from a commercial bank to the central bank of the UK. Use information from the presentation and the museum in your essay for examples and explanations

November 5 -- Financial Services Authority

November 7 – Sawyer Chapter 8 - Industrial Structure

November 12 – Sawyer, Chapter 8 Continued, Begin Chapter 9 –Mainly Regulation

Information on industrial and competition policy can be found on the web site of the Department of Trade and Industry.
The operation of competition policy and reports of investigations concerning competition, monopoly and mergers can be found on the web sites of Office of Fair Trading www.oft.gov.uk and Competition Commission www.competition-commission.org.uk.
Web sites of some of the major regulatory agencies that give up to date information on their activities:

Office of Water Services (OFWAT),
Office of the Rail Regulator (ORR),
Office of Gas and Electricity Markets (OFGEM),
Strategic Rail Authority (SRA)
Office of Communications (Ofcom)

November 14 – Sawyer: Chapter 9 Continued e

Much information on income distribution and poverty is available via statistical analysis on the web site of the Office for National Statistics.
Department for Work and Pensions .
Joseph Rowntree Foundation undertakes research in the area of inequality and the results of their work can be found on their web site.

Noverber 19 - Soverign Funds

November 21 – LEHMAN BROTHERS - 2:30 - 25 Bank Street

November 22 -(Thanksgiving)

November 26 -Chapter 10 Employment and Unemployment

For government policy in the area of employment and retirement see the web site of Department for Work and Pensions .
Centre for Economic Performance undertakes research on issues of labour markets, educations and skills, productivity and innovation, and the output of their research can be found on cep.lse.ac.uk.
The web site of the Trade Union Congress provides information of their activities and campaigns.

November 28 – Sawyer: Chatper 12 Environmental and Transport Policy

The following three web sites refer to government agencies and departments concerned with environmental issues

Two international agencies concerned with environment policies are:

And two non-governmental organisations:

Friends of the Earth
Greenpeace

December 5 – Final Examination