Economics

This is an exciting time to study Economics: great ideological debates, policy decisions and technological changes are taking place that impact our lives, ranging from the direction of globalisation and international trade and trade restrictions, to trends in economic inequality, the environment and climate change, the gender pay-gap, migration flows, economic integration, financial crises, and the challenges posed by the recent Covid-19 crisis.

Our Economics programme will delve in to an in-depth study of real economic issues like the above, based on a solid foundation of an eclectic economic theory, and an understanding of how economic policy is formulated. This will enable students to gain the analytical and critical evaluation skills needed to recognise how national and global issues affect a society’s welfare.

The course is designed to provide students with the experience, knowledge and skills needed to succeed in the job market, by putting a strong emphasis on analytical, quantitative and research skills highly valued by employers. 

It will also develop a student’s ability to apply the concepts, theories and quantitative methods to business and public policy decisions, in a diverse range of settings. 

As we believe your ability to gain meaningful employment after you graduate is really important, there is also a strong focus on helping you to develop your more general and transferable employability skills. 

In this course, students will study a range of areas, including Quantitative Methods, Econometrics, Intermediate Micro and Macroeconomics, History of Economic Thought, Banking & Finance, and International Economics and Finance.

Course Structure:

Each unit is divided between lectures, seminars and tutorials: in your first year of study there are approximately 6 teaching hours per week, which will decrease to approximately 5 teaching hours in your second and third years. On top of teaching hours, you are also expected to spend a number of hours studying independently.

Curriculum:

• Year One
• Principles of Economics
• The introduction to Economics theme will cover areas on Microeconomics and Macroeconomics, such as supply and demand analysis and extensions, market failures, market structure and performance, factor markets and income inequality, as a well as GDP measurement, unemployment and inflation, economic growth, inflation, exchange rates determination, international trade, fiscal and monetary policy and government expenditure and taxation.
• Quantitative Methods
• With Quantitative Methods the student will be introduced to a basic knowledge of descriptive and inferential Statistics, including an introduction to the use and analysis of data by employing statistical software.
• History of Economics Thought
• The student will be exposed to the evolution of economic thought, focusing on the development of economic theory from Adam Smith’s Wealth of Nations to modern debates that continue to shape the discipline. In so doing, it covers the evolution of theories regarding the working of prices and markets, population and economic growth, on efficient allocation of resources and income distribution, and the alternative economic systems. Significant historical figures contributing to the evolution of economic thought include Adam Smith, David Ricardo, John Stuart Mill, Robert Malthus, Karl Marx, Alfred Marshal, John Maynard Keynes, John Hicks, Paul Samuelson and Milton Friedman.
• Year Two
• Intermediate Economic Theory
• This element will cover intermediate microeconomic and macroeconomics analysis that will focus on marrying formal theory with robust, thoroughly-analysed real-world problems. Economic theory is introduced through a combination of calculus, algebra, and graphs. The course integrates estimated, real-world problems and applications, using a step-by-step approach to demonstrate how microeconomic and macroeconomic theory can be applied to solve practical problems and policy issues.
• Introduction to Econometrics
• In Econometrics, the student will be exposed to an overview of econometric methods and statistical techniques needed to test the validity of research hypotheses and economic relationships.  The theme focuses on econometric tools relevant in applied economics with special emphasis placed on the:
• Basic regression analysis with time series data;
• Panel data models;
• Model misspecification  such as omitted variables or inclusion of irrelevant variables;
• Use of SPSS/STATA and other statistical packages;
• Introduction to maximum likelihood estimation;
• Nonlinear models.
• Contemporary Issues in Global Economics
• In this element the student will study how economic theories can be applied to issues important for contemporary global economy, focusing on current issues facing the global economy with special emphasis placed on the:
• Recent financial crisis causes and consequences
• European Union integration and the economic consequences of Brexit
• Emerging economies
• International trade, trade wars and trade protectionism
• Globalisation and mass migration
• Environmental Economics
• Year Three
• International Economics & Finance
• The theme on International Economics & Finance focuses on understanding the development of international economic theory in a changing world economy by analysing actual problems in international economic policy. It puts forward an analytical framework for shedding light on current international events. The course analyses both the real (trade) and monetary sides of the field and theoretical models are supported by pertinent data and policy questions. Finally, the course analyses the history and role of major international economic institutions, including the IMF, the World Bank and the WTO.
• Banking & Finance
• The student will study the economic theories of banking and finance with special emphasis placed on:
• The role of banking and the financial system in the wider economy;
• The microeconomic basis of financial economics; 
• The principles of monetary policy;
• Regulation and government intervention in the banking and financial sector;
• The impact of the financial crisis on banking and financial system;
• Financial liberalisation