Economy and Space

Overview

Economics is the starting point for the Social Sciences. Moreover, it comprises a strategically important role in planning theory and practice. However, economic theory is highly contested, for example there is a spectrum of theories from neoclassical (free market) economics (‘the Right’) to heterodox and Marxian inspired theories (‘the Left’). These have different ontological, epistemological and philosophical traditions, presumptions and belief systems and therefore lead to very different policy applications and planning interventions. The key message of this module is that there is no one theory of how we understand the economy. The second point is that the economy significantly shapes and structures the city in terms of the geographies of production and consumption, location of wealth and deprivation, spaces of inclusion and exclusion, stimulation of investment, generation of jobs, processes of regeneration, and spatialities of employment and unemployment. All these issues have a huge impact not only on our livelihoods, they also underpin the quality of our lives and how we function as human beings, communities and global citizens. Again, however, we can understand these issues in different ways according to our theoretical and ideological position: e.g. a ‘Right wing’ perspective on Capitalism, growth, unemployment, the State and planning is very different compared to a ‘Left wing’ view. This module is dedicated to unpacking, exploring and problematising the different ways we can understand the interrelationships between the economy and space, and how these inform planning theory and practice. For example, a key question to explore is the extent to which planning decisions are excessively driven by free market economics. Ultimately, this module is geared towards using this knowledge to encourage students to think critically about what and who the economy is for, who wins, who loses and why, and if, how and indeed should we make the economy and its impacts on cityspaces more equitable and egalitarian.

Learning Objectives

The intended aims of this module are to:
1. Develop students' extant knowledge and skills, as well as preparing them for subsequent modules;
2. Equip students with skills that are highly relevant to the modern professional workplace;
3. Provide an opportunity for students to apply economic principles to real-life contexts.

At the end of the module students should be able to demonstrate these learning outcomes:
1. Understand and describe different economic theories and apply them to live examples:
2. Recognise and critique key features of capitalism (e.g. entrepreneurship; property development; finance; and regulation and the state);
3. Demonstrate enhanced critical thinking skills;
4. Effectively participate in debates on economy and space;
5. Demonstrate how efficient resource management helps to deliver effective spatial planning;
6. Evaluate different development strategies and the practical application of development finance; assess the implications for generating 'added value' for the community.

Skills

At the end of the module students should be equipped with the following transferable skills:

Intellectual skills
• Analyse, evaluate and interpret economic information;
• Understand how to develop and defend reasoned opinions;
• Develop and demonstrate independent critical thinking.

Employability Skills:
• Communication and presentation skills;
• Independent learning and performance;
• Problem solving and analytical skills;
• Team working and working as part of a group.

Assessment

Students must pass all assessment components.