EC1B3      Half Unit
Macroeconomics I

This information is for the 2022/23 session.

Teacher responsible

Dr Antonio Mele 32L.1.22


This course is compulsory on the BSc in Actuarial Science, BSc in Economics and Economic History, BSc in Environmental Policy with Economics, BSc in Finance, BSc in Financial Mathematics and Statistics, BSc in Geography with Economics, BSc in International Social and Public Policy and Economics, BSc in Management, BSc in Mathematics and Economics, BSc in Mathematics with Economics, BSc in Philosophy and Economics, BSc in Philosophy, Politics and Economics and BSc in Politics and Economics. This course is available on the BA in Geography, BSc in Accounting and Finance, BSc in Data Science, BSc in Economic History and Geography, BSc in Environment and Development, BSc in Mathematics, Statistics and Business, BSc in Politics and BSc in Politics and International Relations. This course is available with permission as an outside option to students on other programmes where regulations permit and to General Course students.

This course cannot be taken with EC1B5 Macroeconomics I, EC100 Economics A or EC102 Economics B.


Students must have completed Microeconomics I (EC1A3).

A-level mathematics, or equivalent.

Course content

This course is an introduction to macroeconomic analysis. We will study how countries’ economic performance is determined in the long run. We will learn why we observe economic growth and development in some countries but not in others. We will discuss how the labour market works and how unemployment is determined. We will analyse how the largest components of GDP, consumption and investment, are formed. We will also cover the role of policy and how it affects the economy. We will look at fiscal challenges in the long run. Emphasis will be given to concepts and tools used by macroeconomists in the analysis of macroeconomic phenomena. This course, in combination with either EC1A3 or EC1A5, exempts those who complete them from BA1 Fundamentals of Business Economics of the Chartered Institute of Management Accountants (CIMA).

This course, combined with EC1A3, contributes to the CB2 Exemption of the Institute and Faculty of Actuaries (IFoA). 


20 hours of lectures and 9 hours of classes in the LT. 1 hour of classes in the ST.

There will be a reading week in Week 6 of LT only (no lectures or classes that week).

This course is delivered through a combination of classes and lectures totalling a minimum of 30 hours across Lent Term.  

Formative coursework

There will be weekly assignments and feedback will be given on two.

Indicative reading

There is no set textbook for the course. The required reading material will sample from the textbooks listed below. Lecture material may occasionally be complemented by supplementary readings, either required or optional.

  • Mankiw, G. (2019), Macroeconomics, 10th edition or later, Macmillan, London. Available online on the LSE Library website
  • Jones, C. (2020), Macroeconomics (Fifth Edition), 5th Edition or later, W. W. Norton. Available from: VitalSource Bookshelf.
  • Williamson, S. (2019), Macroeconomics, 6th Edition, Pearson Education. Available online on the LSE Library website 


Exam (90%, duration: 2 hours, reading time: 15 minutes) in the summer exam period.
Coursework (10%) in the LT.

Key facts

Department: Economics

Total students 2021/22: 739

Average class size 2021/22: 19

Capped 2021/22: No

Value: Half Unit

Guidelines for interpreting course guide information

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.

Personal development skills

  • Self-management
  • Team working
  • Problem solving
  • Communication