Basic Economic Concepts for European Political Economy

This information is for the 2021/22 session.

Teacher responsible

Dr Vassilis Monastiriotis


This course is available on the MSc in Political Economy of Europe, MSc in Political Economy of Europe (LSE and Sciences Po) and MSc in The Global Political Economy of China and Europe (LSE and Fudan). This course is not available as an outside option.

Students from other programmes within the European Institute may also choose to follow this course.  This course is for students with little economic background.

Course content

This is a Moodle-based course offering a series of reading material and study guides on some basic economics concepts and theory that are relevant to discussions concerning the political economy of Europe that students will come across in their other courses during their MSc degree. The course is not assessed and there is no formal instruction. Students are encouraged to work in teams and to develop discussions on Moodle- which will be partially moderated by the Course Convenor. The material is designed so as to be accessible to students with no previous knowledge of economics but students with some basic economics knowledge will also benefit from it. Example topics include: current account and budget deficits (“twin deficits”), inflation and unemployment (“Phillips Curve”), trade liberalisation and tariffs (“gains from trade”), competitiveness and unit labour costs (“internal devaluation”), and others.


This is a Moodle-based course with no formal teaching. Students can arrange one-to-one sessions with the Course Convenor during Feedback Sessions/Office Hours. Depending on student demand, a limited number of 'EU409 Surgeries' can be arranged.

Indicative reading

J Stiglitz & J Driffill, Economics, Norton, 2000 (or later editions); P Krugman & M Obstfeld, International Economics, Addison Wesley, 2003.


There is no examination for this course.

Course selection videos

Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.

Important information in response to COVID-19

Please note that during 2021/22 academic year some variation to teaching and learning activities may be required to respond to changes in public health advice and/or to account for the differing needs of students in attendance on campus and those who might be studying online. For example, this may involve changes to the mode of teaching delivery and/or the format or weighting of assessments. Changes will only be made if required and students will be notified about any changes to teaching or assessment plans at the earliest opportunity.

Key facts

Department: European Institute

Total students 2020/21: 77

Average class size 2020/21: Unavailable

Controlled access 2020/21: No

Value: Non-credit bearing

Guidelines for interpreting course guide information

Personal development skills

  • Self-management
  • Team working
  • Problem solving
  • Application of information skills
  • Communication
  • Application of numeracy skills
  • Specialist skills