Aims

- To introduce students to microeconomic principles and their application to planning and property development.
- To introduce students to development financing and valuation, including public and private financial systems.
- To introduce students to the macroeconomy, and its relevance to, and impact on, the Planning process.

The Economics of Development module helps students develop a range of analytical tools to improve their understanding of planning and development processes. Although the module builds on economic principles, no previous study of economics is required. Basic theory and application are covered early in the course with later sessions building on these foundations. On completion of the module, a clear understanding of both the theory and practical application of economics to planning and development processes will have been developed. Student satisfaction with the course is consistently high, with many reporting that they have effectively applied skills gained here to work covered elsewhere within the degree programme.

Outline Of Syllabus

- Module Induction and Introduction
- When Markets Fail.
- First Principles in the Economics of Development – Land.
- First Principles in the Economics of Development – Property.
- The Economics of the Property Development Process – Investment Appraisal.
- The Economics of the Property Development Process: Investment Constraints.
- Private and Public Financing of Development.
- Introduction to the Economic Environment
- Understanding the Macro Economy.
- The Planning System in Action.
- Review/Revision Session

Teaching Rationale And Relationship

The Scheduled Learning and Teaching Activities provide a detailed explanation of the key issues and an examination of important literature and practice in the field. The Structured Guided Learning Activities provide background research and reading activities, to support the development of skills and knowledge. The Guided Independent Study associated with the assessment preparation will enable students to achieve both the intended knowledge and skills outcomes identified for the module, as well as helping them to prepare for their examination.

Assessment Rationale And Relationship

Historically, this module was assessed using a one hour, in-person, paper examination. This allowed assessment against the whole of the curriculum, via 25 multiple choice questions. But it also allowed for the in-depth assessment knowledge students developed against one of two curriculum areas, through the setting of a data response question in section two of the examination. At the commencement of the pandemic, it was necessary to change this assessment to a 1500 word essay. With a changing public health and technological landscape, we switched back to an examination last year, however and this will be maintained for 2024/25.

The digital examination will last 60 minutes. It is made up of two sections. Section one contains 25 multiple choice questions. Students are expected to complete all of these. Section 2 contains 2 data response questions. Students are expected to complete one of these. Both sections are equally weighted at 50% of the final mark.

The Structured Guided Learning Activities provide a detailed explanation of the key issues and an examination of important literature. The Scheduled Learning and Teaching Activities provide support for discussions about the relationship of the content to planning issues. The Guided Independent Study will enable students to both achieve the intended knowledge and skills outcomes identified for the module, as well as enabling to help them prepare for the completion of their examination.