NATIONAL OPEN UNIVERSITY OF NIGERIA 
        
        
        
        
               MACROECONOMICS THEORY 
                                                              ECO 341 
        
        
            SCHOOL OF ARTS AND SOCIAL SCIENCES 
        
        
        
        
                   COURSE GUIDE 
        
                   Course Developer: 
               BAKARE-AREMU, Tunde Abubakar 
         Economics Department, University of Lagos, Akoka, Yaba, Lagos. 
        
        
        
        
           MACROECONOMIC  THEORY I                                                              ECO 341 
           NATIONAL OPEN UNIVERSITY OF NIGERIA  
           National Open University of Nigeria  
           Headquarters  
           14/16 Ahmadu Bello Way  
           Victoria Island  
           Lagos  
           Abuja Annex  
           245 Samuel Adesujo Ademulegun Street  
           Central Business District  
           Opposite Arewa Suites  
           Abuja  
           e-mail: centralinfo@nou.edu.ng  
           URL: www.nou.edu.ng  
           National Open University of Nigeria 2015  
           First Printed  
           ISBN:  
           All Rights Reserved  
           Printed by ……………..  
           For  
           National Open University of Nigeria Multimedia Technology in Teaching and Learning  
            
            
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
             
                                                                            
           NOUN                                                               2 
         MACROECONOMIC  THEORY I                                                              ECO 341 
          CONTENT 
         Introduction 
         Course Content 
         Course Aims 
         Course Objectives 
         Working through This Course 
         Course Materials 
         Study Units 
         Textbooks and References 
         Assignment File 
         Presentation Schedule 
         Assessment 
         Tutor-Marked Assignment (TMAs) 
         Final Examination and Grading 
         Course Marking Scheme 
         Course Overview 
         How to Get the Most from this Course 
         Tutors and Tutorials 
         Summary 
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
                                                             
         NOUN                                                 3 
        MACROECONOMIC  THEORY I                                                              ECO 341 
           INTRODUCTION 
        The  course,  Macroeconomics  Theory  (ECO301)  is  a  semester  core  course 
        which carries three credit units for third year level economics students in the 
        School of Art and Social Sciences at the National Open University, Nigeria. 
        This  coursework  will  be  useful  in  your  academic  pursuit  and  help 
        undergraduate to gain in-depth insight in Macroeconomic theory. 
        This course guide is built on prerequisite knowledge (i.e some fundamental 
        bedrock that is expected to have been learnt in the previous levels), however, its 
        simplicity will make the student assimilate faster and practice question at the 
        end of each unit will also prepare the student for the examination. It suggests 
        some general guidelines for the amount of time required of you on each unit in 
        order to achieve the course aims and objectives successfully. It also provides 
        you  with  some  guidance  on  your  tutor  marked  assignments  (TMAs)  as 
        contained herein. 
        Course Content 
        The  course  is  made  up  of  twenty-one  units  (seven  modules)  spread  across 
        twenty-one lecture weeks and covering areas such as the concept of saving, 
        consumption and investment, national income models, classical and Keynesian 
        models, theory of money, macroeconomic policy models, theory of prices level, 
        internal and external balance and lastly economic growth theory. 
        Course Aims and Objectives 
        The course aims to give users in-depth understanding of the macroeconomic 
        theoretical  background  and  prepare  the  student  with  policy  mix  with  which 
        macroeconomic disequilibrium could be tackled. Also, the course is prepared in 
        a way in which the users would easily augment their previous knowledge with  
        new ideas. Also, the course aims to help users develop critical thinking skills, 
        learn  how  to  evaluate  economic  arguments;  and  understand  the  roles  of 
        macroeconomic thought in guiding current economic policies and debates. 
        However, the overall aims of the course will be achieved by: 
          i. Explaining what macroeconomics entails. 
          ii. Establishing distinction between macroeconomics and microeconomics 
          iii. Understanding clearly the concept of saving, consumption and investment 
          iv. Discussing national income models with special reference to classical and                                
        Keynesian systems. 
           v. Explaining the theory of economic growth and development  
           vi. Discussing the evolution of money-barter trade and counter trade overview.  
         
         
        Working through the Course 
                                                    
        NOUN                                         4