NCI Courses

In this topic we provide an overview of key contemporary issues and challenges in Macroeconomics and begin to introduce students to related terminology and concepts including Gross Domestic Product (GDP). We critique GDP as a measure of a nation’s income and welfare. Issues of macroeconomics Contemporary macroeconomic policy challenges Measuring a Nation’s Income: Gross Domestic Product and the business cycle

In this topic we move beyond traditional approaches of measuring the macroeconomy to encompass sustainability and regeneration. We continue the study of the circular economy which is a systemic approach to economic development designed to benefit businesses, society, and the environment. We discuss the doughnut model which encompasses a social dimension and ecological ceiling for economic development and link this to the United Nations Sustainable Development Goals and theories of equality. Defining sustainability and the circular economy Beyond the Circular flow model The Doughnut Model and the economics of sustainability The circular economy and policy Growth and the environment: the Environment Kuznets Curve United Nations: Sustainable Development Goals

In this topic we introduce two key measures of the macroeconomy: inflation and unemployment. We will examine their economic definitions, how the constructs are measured in the economy and the advantages and disadvantages of each. These concepts will then be used as building blocks for the key macroeconomics models on the module. Defining and measuring unemployment Issues in Unemployment: minimum wage laws, unions and collective bargaining Unemployment and Hysteresis Measuring prices: Inflation and deflation Costs of inflation Inflation dynamics

This topic introduces the marginal propensity to consume concept and links it to the consumption function which underpins the key macroeconomic model of Aggregate Demand and Aggregate Supply. We will learn how this model can be used to explain short run economic fluctuations along the business cycle and the role of supply and demand dynamics in these shocks. We will also introduce the concept of the fiscal multiplier and the role of Government Fiscal Policy in managing the economy. The multiplier: consumption function and the role of confidence Aggregate Demand and Aggregate Supply model Short-run and long-run macroeconomic equilibrium Macroeconomic management: The role of Fiscal Policy Behavioural dimensions of Government Policy

In this topic we explore the modern financial system and how money is created. We discuss the key regulating role of the Central Bank and its potential to manage the macroeconomy through manipulation of Monetary Policy and key interest rates. We model the impact of this through Aggregate Demand and Aggregate Supply and show students the possible trade-offs of excessive use of Monetary Policy. The financial system How banks create money The role of central banks and the ECB Monetary policy in action Behavioural dimensions of Monetary policy

This topic present learners with the key economic concepts and models on international trade, the benefits to trade and arguments that pose doubts on the extent to which trade benefits everyone in the economy. We will discuss the three main ways countries can impose restrictions on trade. Finally, we will explore the main criticisms to the traditional comparative advantage theory. Comparative advantage and determinants of trade Effects of trade on consumer welfare and income distribution Trade restrictions: tariff, import quota and non-tariff barriers Criticisms of comparative advantage

This topic introduces learners to the discussion on climate change and how policies developed to mitigate or adapt to it can affect the macroeconomy. Then, we will discuss the implications of climate change and the transition to a low carbon and environmentally sustainable economy on monetary and fiscal policy Potential supply and demand shocks Impacts on output and inflation Impacts on international trade Macroeconomic policies to mitigate climate change Implications for Monetary and Fiscal policy Ireland: transition to environmentally sustainable economy by 2050