Introduction to Macroeconomics



Overview

An introduction to core concepts in macroeconomics, focusing on how national and global economies function. You will explore how income flows through the economy, how markets interact, and how government policies shape growth, stability, and employment.

This course offers a clear and structured introduction to core concepts in macroeconomics, focusing on how national and global economies function. You will explore how income flows through the economy, how markets interact, and how government policies shape growth, stability, and employment.

We begin with the circular flow of income and the Keynesian model of goods market equilibrium. You will learn how changes in government spending, taxation, investment, and trade affect national income through the multiplier effect.

Next, we examine inflation, aggregate demand and supply, and how interest rates influence economic activity using liquidity preference theory. We consider the causes of business cycles and competing theories of unemployment.

In the final sessions, we explore macroeconomic policy. You will assess how governments use fiscal and monetary tools to manage the economy. We then turn to the international dimension—how economies are linked through trade, capital flows, and global institutions like the IMF and World Bank.

The course concludes by drawing together these elements to help you think critically about real-world economic challenges. You will leave with a practical understanding of how macroeconomists approach growth, policy, and global interdependence in an increasingly complex world.

This course is part of the Oxford University Summer School for Adults (OUSSA) programme.

Programme details

Seminars

Participants are taught in small seminar groups of up to 10 students, and receive two one-on-one tutorials with their tutor. 

Sunday

Seminar 1: The Circular Flow of Income

Seminar 2: Equilibrium in the Goods Market – The Keynesian Cross

Monday

Seminar 3: The Multiplier – Impact of changes in government spending, taxation, investment and net exports on national income.

Seminar 4: Aggregate Demand, Aggregate Supply and Inflation.

Tuesday

Seminar 5: Equilibrium in the Assets Market – Liquidity Preference Theory.

Seminar 6: The Nature of the Business Cycle

Wednesday

Seminar 7: The Theories of Unemployment

Seminar 8: Monetary Policy

Thursday

Seminar 9: Fiscal Policy

Seminar 10: The Global Linking of National Economies.

Friday

Seminar 11: The Importance of international Finance, the IMF and the World Bank.

Seminar 12: Putting it all together

Programme timetable

The daily timetable will normally be as follows:

Saturday

14.00–16.30 - Registration

16.30–17.00 - Orientation meeting

17.00–17.30 - Classroom orientation for tutor and students

17.30–18.00 - Drinks reception

18.00–20.00 - Welcome dinner

Sunday – Friday

09.00–10.30 - Seminar

10.30–11.00 - Tea/coffee break

11.00–12.30 - Seminar

12.30–13.30 - Lunch

13.30–18.00 - Afternoons are free for tutorials, individual study, course-related field trips or exploring the many places of interest in and around Oxford.

18.00–19.00 - Dinner (there is a formal gala dinner every Friday to close each week of the programme).

A range of optional social events will be offered throughout the summer school. These are likely to include: a quiz night, visit to historic pubs in Oxford, visit to Christ Church for Evensong and after-dinner talks and discussions.

Certification

Certificate of Attendance

All participants who complete the course will receive a physical Certificate of Attendance.

Digital badge

You will also be issued with an official digital badge of attendance. After the course, you will receive an email with a link and instructions on how to download this. You will be able to share this on social media and add to your email signature if you wish to do so.

Academic credit

OUSSA is an accredited summer school taught at undergraduate level; each one-week course carries 10 CATS (Credit Accumulation and Transfer Scheme) points at FHEQ (Framework for Higher Education Qualification) Level 4.

CATS points will be awarded to students who attend all classes and complete the on-course assignment to the required standard. Please see the 'assessment methods' section below for more details.

Certificate of Higher Education

Credit (CATS points) earned from OUSSA can be transferred towards our flexible Certificate of Higher Education. This part-time, award-bearing course lets you decide what, how and where you study by gaining credit from short courses, including short online courses, in-person weekly classes and OUSSA.

For full details, including transfering credit gained from OUSSA to the programme, see our Certificate of Higher Education programme page.

Fees

Description Costs
Fee Option 1 (Single en suite - inc. Tuition and Meals) £2205.00
Fee Option 2 (Double en suite - inc. Tuition and Meals) 1 person £2310.00
Fee Option 3 (Twin en suite - inc. Tuition and Meals) per person £1850.00
Fee Option 4 (No Accommodation - inc. Tuition, Lunch & Dinner) £1375.00

Funding

Concessionary rates are available on a non-residential basis for those that qualify. 

The concessionary fee is for non-residential attendance only; participants will then be responsible for finding their own accommodation. See full details including eligibility.

Payment

All fees are charged on a per week, per person basis.

Please be aware that all payments made via non-UK credit/debit cards and bank accounts are subject to the exchange rate on the day they are processed.

Course change administration fee: Please note that course transfers may be permitted in exceptional circumstances; however, in accordance with our Terms and Conditions, an administration fee of £50 will be charged.

Payment terms

  • If enrolling online: full payment by credit/debit card at the time of booking
  • If submitting an application form: full payment online by credit/debit card or via bank transfer within 30 days of invoice date

Cancellations and refunds

Please see the terms and conditions for our open-access courses.

The Department cannot be held responsible for any costs you may incur in relation to travel or accommodation bookings as a result of a course cancellation, or if you are unable to attend the course for any other reason. You are advised to check the terms and conditions carefully and to purchase travel insurance.

Tutor

Dr Sangaralingam Ramesh - Tutor

Dr Ramesh has taught Economics at the School of Oriental and African Studies and University College London. His current research interests include Development Economics, the Chinese economy and Behavioural Economics.

Course aims

This course aims to introduce students to macroeconomics so that they can gain a better understanding of the issues regarding employment, inflation and economic growth.

Teaching methods

The teaching methods used during this course may include:

  • Short lectures/presentations
  • Seminars/group discussions
  • Student presentations

Learning outcomes

By the end of this course, students will have been given the opportunity to understand:

  • The theories of unemployment.
  • The nature of the business cycle.
  • The theory of money.
  • The meaning of expansionary and contractionary monetary and fiscal policy.
  • The nature of the global linking of national economies.

Assessment methods

Participants are required to undertake preparatory reading and complete a pre-course assignment of 1,500 words. Although this does not count towards credit, it is seen as an important way of developing your ideas and is mandatory. The pre-course assignment is typically due in the first week of June.

You will be assessed during the summer school by either a 1,000 word written assignment or a presentation supported by individual documentation. To successfully gain credit (10 CATS points) students should attend all classes and complete the on-course assignment.

Participants will attend two one-on-one tutorials with their tutor during the week.

Please see the 'certification' section for more details about CATS points.

Application

Most courses fill quickly so early registration is strongly recommended. If your preferred course is fully booked, you may wish to add yourself to the waiting list and the Programme Administrator will contact you should a place become available.

Please note, the programme is only open to those over the age of 18.

Online enrolment (single person accommodation and non-residential)

Single accommodation, double room for 1 person and non-residential places should be booked online by clicking on the 'Book now' button at the top of this page.

Online enrolments require payment in full at the time of registering.

Enrolment form (multi-occupancy or accessible accommodation)

Those requiring twin, double or accessible accommodation (including ground/lower floor accommodation) should complete an enrolment form as these rooms cannot be booked or requested online. 

Please send the completed enrolment form to the email address below. Both the PDF and Word option of the form below are editable, so you can complete them online before saving and sending to us as an email attachment. You do not need to print and scan them. (Please use these forms only if you are making a twin or double booking for two people.)

Those who have specific requirements (eg an accessible bedroom) should contact the Programme Administrator directly at oussa@conted.ox.ac.uk or OUSSA, University of Oxford Department for Continuing Education, 1 Wellington Square, OXFORD, OX1 2JA, UK.

Accommodation

Residential options are outlined below.

Please see the 'application' section above for guidance on how to book or request the right accommodation for you.

Residential option

This includes accommodation and all meals (breakfast, lunch and dinner). 

View full details of Rewley House accommodation.

Non-residential option

We also offer places on a non-residential basis whereby participants can take classes and have meals (lunch and dinner) at Rewley House, having arranged their own accommodation elsewhere.

Terms & conditions for applicants and students

Information on financial support