Economic Planning II
- Social Sciences
- 400 level
- 2 credit units
- 148 pages
- 12 units
This course builds on the understanding of Economic planning from ECO 447. It explores the dynamics of techniques and models of economic planning, focusing on their application in achieving economic growth and development. The course covers topics such as input-output analysis, social accounting matrix, general equilibrium models, linear programming, and cost-benefit analysis. It aims to provide a quantitative and qualitative understanding of these models and their real-world applications in economic planning policies, particularly in Less Developed Countries like Nigeria.
About this course
- Difficulty
- Intermediate
- Study hours
- 156 hours
- Maths
- Intermediate
- Content
- Theoretical, problem solving
- Practical work
- No
- Basic Microeconomics
- Basic Macroeconomics
- Introductory Statistics
- Assignments
- Tutor marked assessments
- Final examination
What you'll read
The real module and unit structure of ECO448, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ECO448 · UNIT 1 Meaning of Models in Economic Planning.
In distance learning the study units replace the university lecturer. This is one of the great advantages of distance learning; you can read and work through specially designed study materials at your own pace and at a time and place that suit you best.
What you should be able to do
- Understand the techniques and models used in economic planning.
- Apply input-output analysis in plan programming.
- Utilize linear programming techniques in planning.
- Analyze social accounting matrix techniques in economic planning.
- Evaluate general equilibrium models in economic planning.
- Apply cost-benefit analysis and project selection techniques.
What it prepares you for
- Economic Planner
- Policy Analyst
- Development Economist
- Project Manager
- Investment Analyst
- Government Agencies
- International Development Organizations
- Financial Institutions
- Consulting Firms
- Research Institutes
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 3 Social accounting matrix, General Equilibrium and Computable General Equilibrium Models of Economic Planning
Unit 3 Computable General equilibrium model of economic planning.
Computable General Equilibrium models require a strong understanding of economic theory and advanced mathematical skills to formulate and interpret the results.
- Module 4: Linear Programming Techniques and Cost-benefit Analysis in Planning.
Unit 2: Linear Programming technique and its application in Planning
Linear programming involves complex mathematical formulations and graphical solutions that require a solid understanding of optimization techniques.
A suggested way through it
13 weeks, about 42 hours in total. Yours will differ.
- Week 1Module 1: Understanding Techniques, Models and Requisites of Economic Planning.
Unit 1: Meaning of models in Economic Planning · 3 hours
Read the meaning of models in economic planning.. Understand the elements of development planning models.. Identify the types of economic development planning models..
- Week 2Module 1: Understanding Techniques, Models and Requisites of Economic Planning.
Unit 2: Rationale and prerequisite for successful Economic Planning. · 3 hours
Show the rationales behind a successful economic planning.. Enumerate the usefulness of development models to actual economic planning.. Identify the need for planning in Less Developed Countries..
- Week 3Module 1: Understanding Techniques, Models and Requisites of Economic Planning.
Unit 3: Categories of Development Planning Models in Focus · 3 hours
Show the quantitative workings of some growth models.. Do some quantitative workings on aggregate or macroeconomic models.. Do some quantitative workings on sectoral and sub-sectoral models..
- Week 4Module 2: Input-Output Analysis in Planning.
Unit 1: Meaning of Input-Output Technique · 3 hours
State what input-output technique is all about.. Show the essential features of input –output technique.. Highlight the assumptions of the input –output technique..
- Week 5Module 2: Input-Output Analysis in Planning.
Unit 2: Input –Output model · 3 hours
Interpret, draw and decode the input-output table.. Understand the Feasibility and consistency in planning.. Understand the Matrix of technical coefficient of production calculations and the Leontief solutions..
- Week 6Module 2: Input-Output Analysis in Planning.
Unit 3: Uses, Limitations and importance of input-output analysis to planning · 3 hours
Know the uses of input-output analysis in plan formulations.. Highlight the limitations and problems of input-output analysis.. Understand the significance of input-output model in development planning as listed by the United Nations..
- Week 7Module 3 Social accounting matrix, General Equilibrium and Computable General Equilibrium Models of Economic Planning
Unit 1 Social accounting matrix technique of economic planning. · 3 hours
Define what Social Accounting Matrix (SAM) is.. Know the origin and structure of social accounting matrix.. Identify the uses of social accounting matrix for macroeconomic planning of developing nations..
- Week 8Module 3 Social accounting matrix, General Equilibrium and Computable General Equilibrium Models of Economic Planning
Unit 2 General equilibrium model of economic planning. · 3 hours
Understand the overview and modern concept of General equilibrium theory in economics. Ascertain the Properties and characterization of general equilibrium analysis. Discuss the unresolved problems in general equilibrium analysis.
- Week 9Module 3 Social accounting matrix, General Equilibrium and Computable General Equilibrium Models of Economic Planning
Unit 3 Computable General equilibrium model of economic planning. · 3 hours
Show the Overview, structure and developments in CGE modelling.. Understand CGE models as multisectoral model and its main features. Identify the Advantages and limitations of GCE.
- Week 10Module 4: Linear Programming Techniques and Cost-benefit Analysis in Planning.
Unit 1: Introduction to the concept of Linear Programming technique · 3 hours
Identify the Origin and meaning of linear programming technique. Show the Conditions and generalisations of linear programming. Highlight the assumptions of linear programming technique..
- Week 11Module 4: Linear Programming Techniques and Cost-benefit Analysis in Planning.
Unit 2: Linear Programming technique and its application in Planning · 3 hours
Understand Statement of the linear programming problem.. Graphically solve the linear programming problem. Highlight the Limitations of linear programming technique..
- Week 12Module 4: Linear Programming Techniques and Cost-benefit Analysis in Planning.
Unit 3: Project selection technique of cost-benefit analysis · 3 hours
Understand optimal investment allocation.. Solve problems of multiple objectives. Understand the assumptions underlying project selection.
- Week 13Course Review and Exam Preparation
Final Revision and Assignments · 6 hours
Review all modules and units.. Work on assignments.. Prepare for final examination..
Preparing for the exam
- Review all study units and focus on key concepts and models.
- Practice solving numerical problems related to input-output analysis and linear programming.
- Create summaries of each module, highlighting the main techniques and their applications.
- Work through all self-assessment exercises and tutor-marked assignments.
- Allocate sufficient time to understand the assumptions and limitations of each planning model.
- Focus on understanding the relationships between different economic variables within each model.
- Practice applying cost-benefit analysis to different project scenarios.
- Create concept maps linking Units 3-5 database concepts
- Practice SQL queries from Units 7-9 weekly
Questions students ask about this course
What is ECO448 about?
This course builds on the understanding of Economic planning from ECO 447. It explores the dynamics of techniques and models of economic planning, focusing on their application in achieving economic growth and development. The course covers topics such as input-output analysis, social accounting matrix, general equilibrium models, linear programming, and cost-benefit analysis. It aims to provide a quantitative and qualitative understanding of these models and their real-world applications in economic planning policies, particularly in Less Developed Countries like Nigeria.
How many units does ECO448 have?
ECO448, Economic Planning II, has 12 units across 4 modules, over 148 pages of course material. You can read it one unit at a time.
How many credit units is ECO448?
ECO448 carries 2 credit units, at 400 level in Social Sciences.
Is ECO448 hard?
ECO448 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical and problem solving work.
How long does ECO448 take to study?
About 156 hours of study, spread across its 12 units.
How is ECO448 assessed?
ECO448 is assessed by assignments, tutor marked assessments and final examination.
What do I need before starting ECO448?
Basic Microeconomics Basic Macroeconomics Introductory Statistics
What can I do with ECO448?
Economic Planner, Policy Analyst, Development Economist, Project Manager and Investment Analyst.