ECONOMICS
The Economics of the Current Great Recession
SPRING BN210
Mondays
Joe Durkan
The current economic and financial crisis facing the developed world is the most serious since the Great Depression of the 1930’s. This course sets out to examine the causes of the recession and how different regions- the US, UK, Eurozone - responded to it. A by-product of the recession has been major turmoil in the Eurozone and the course shows how the poor design of the Eurozone led to pressure on national governments once the recession resulted in different emerging budget deficits across the Eurozone. The particular problems in Ireland, with the emergence of the property and housing bubble, and their ultimate collapse, are explained, as are the consequences for the society of the fall in output, the rise in unemployment, and the banking crisis. The course then looks at possible solutions to the crisis, showing how little room for manoeuvre national governments in the Eurozone have, but how collective action could ease the situation.
|
BELFIELD |
|
|
|
8 Mondays |
Jan 28, Feb 4, 11, 18, 25, Mar 4,11,25 (No Class March 18) |
7.30pm - 9.30pm |
|
FEE €155 |
Print Open Learning Application Form 2012.13 or ring (01) 716-7123 for Laser/credit card payment |
|
Tutor Bio:
Joe Durkan is currently an Associate Research Professor at the Economic and Social Research Institute, where he has been since early 2011. Prior to this he lectured in UCD, mainly in relation to the Irish Economy, being on the staff from 1989. He has extensive experience with adult learners, as he lectured on extra-adult education in the 1990’s, on the evening BA programme from its inception until 2010, and on several of the UCD MBA programmes (full-time, part-time, health services). Before UCD he was in business for a few years, and had been in the ESRI from 1969-1983, with two years away in Nigeria. He spent four years in Tanzania from 1964-1968.
Provisional list of key topics to be covered
-
- Some basic economics-to explain house prices, money and banking and the macro-economy
- The sub-prime mortgage crisis in the US, the bubble economy in Ireland and its collapse
- What US did, and why Eurozone did not. The particular case of Germany
- The course of the boom and recession in Ireland: the output decline, the banking crisis, the public finance collapse, the public debt crisis, the private debt crisis, the rise in unemployment and emigration
- Why the emphasis of policy is on public debt. What are possible solutions to the crisis and what are the constraints on policy?
Who is the course for?
This course is for those who have an interest in engaging with the debate about the causes, consequences and solutions of the current economic crisis.
Reading List:
The following is a selection of recommended texts for those interested in reading further around the course content. We advise that you do not buy books in advance of the course as your tutor will discuss the list and suggest the most relevant reading for particular interests.
Paul Krugman. End this Depression Now (2012)
Durkan et al General Assessment in Quarterly Economic Commentary ESRI various issues (www.esri.ie)
Government of Ireland Department of Finance. Stability programme update
