BSc (Hons) Economics with Econometrics

What you'll study

The BSc in Economics with Econometrics allows you to specialise in mathematical economics and economic statistics while exploring the broader social framework of economic theory and application. The modules you will study at each level are:

Year 1 (credit level 4) Module title Credits. Introductory Economics Introductory Economics 30 credits

This module has three distinct sections.

The first part, made up of six weeks of lectures, deals with different schools of economic thought. The focus of this section is to present important schools of thought, their core ideas, and discuss why their viewpoints are so different. It covers Classical, Institutional, Marxist, Historical, and Neoclassical schools of thought.

The next six weeks focus on microeconomic theory, in particular deductive reasoning used in mainstream rational choice and perfect competition theory. This section covers preference theory, demand and supply, income and substitution effects, cost and revenue curves, perfect competition and partial equilibrium theory. This progression will end with a description of general equilibrium and the two welfare theorems.

The last six weeks looks at macroeconomics. In this section the focus is on specific concepts: national accounting, inflation, unemployment and business cycles. These concepts are analysed through the use of contemporary schools of economic thought (New Classical, New Keynesian, Post Keynesian, and Monetarist) and their analytical frameworks, prompting open discussions and debate.

30 credits. Economic Reasoning Economic Reasoning 15 credits

This first-year, first-term module introduces you to economic reasoning and basic issues in economic methodology.

The module introduces key questions in the philosophy of science, which are used to discuss the nature of economics. It considers competing definitions of economics, different levels of analysis, and the methodological issues associated with them. The divide between general principles and and historical contigency, and between economic theory and economic history is investigated. The module also considers rationality and the problem of determinsim and freedom, discussing posssible ways to overcome existing limitations.

15 credits. Perspectives from the Social Sciences Perspectives from the Social Sciences 15 credits

This module complements the Economic Reasoning module, and compares the viewpoint of economics with that of sociology, psychology, management and politics.

The first two weeks are devoted to key themes in the philosophy of the social sciences. The remainder of the module consists of four two-week “workshops”, each devoted to the possible interfaces between reasoning in economics and another social science.

In each workshop, the first session is led by a guest lecturer from the relevant department, and raises questions such as, what is this discipline’s viewpoint? What makes it different from other disciplines? What methodologies does it use? What is its view of the social world?

The second session, led by this module’s convener, relates the first session to economics, also by discussing insights from classic works in the discipline that have direct relevance for economics.

15 credits. Mathematics for Economics and Business Mathematics for Economics and Business 30 credits

This module introduces the mathematical methods used in the analysis of modern economics. This module does not require an A Level in Mathematics (or equivalent) and is suitable for students both with and without an A Level in Mathematics as it teaches the use of mathematics in relation to economic theory and application.

Students will revise and apply basic concepts of mathematics to relevant economic problems. Furthermore, they will learn partial derivatives and second partial derivatives of functions of two or more independent variables, constrained and unconstrained optimisation. These mathematical tools will be taught with special emphasis on how they are used in economic applications and real life examples.

30 credits.

Plus a choice of 30 credits from modules offered in the Institute of Management Studies and other departments. Choices include: Accounting and Finance, Business Enterprise in the Digital Era, Introduction to Economic Policy, Perspectives on Capital: Financial, Physical and Human and Social, The Psychology of the Person, and more.

Optional modules (30 credits) include

Module title Credits. Finance and Accounting Finance and Accounting 15 credits

In this module you will learn the basics of accounting and financial terminology and techniques. By the end of the module you will understand financial reporting and standardised disclosures, the importance of financial strategies, cash flow, and capital budgeting, and be able to appreciate the strengths and weaknesses of different types of financial data.

15 credits. Introduction to Economic Policy Introduction to Economic Policy 15 credits

This module provides an introduction to the main theories, concepts, and topics concerning economic policy.

The principal aim of the module is to examine the ways in which public, economic, and international policies (which are in practice interchangeable) are bound up with political economic understandings of the economy and economic agency. Put differently, the aim of the module is to explore the deep and ineradicable links between political practice and economic ideas.

The module explores these links by progressing through the basic concepts in public policy (such as public goods and monetary/fiscal policies) before an examination of the main issues, questions and developments in modern policy such as gender, financial crises and international organisation.

15 credits. Business Enterprise in the Digital Era Business Enterprise in the Digital Era 15 credits

This module covers emerging online technologies and trends and their influence on the electronic commerce marketplace.

The aim of this module is to produce graduates who are independent, creative and reflective Business Computing practitioners with a detailed understanding of Business Enterprise in the digital era.

15 credits. Information Processing and Cognition* Information Processing and Cognition* 15 credits

This module is designed as a general conceptual overview of cognitive psychology and an introduction to topics that are central to the study of human cognition. Emphasis is placed on the methods and theoretical models used by cognitive psychologists to study human perception and thinking.

Topics include:

• visual perception
• models of attention and short-term memory
• encoding and retrieval of information from long-term memory, classical and operant conditioning
• connectionist models of learning
• higher cognition in animals.
15 credits. Mathematical Modelling for Problem Solving Mathematical Modelling for Problem Solving 30 credits

This module introduces the basic mathematical tools, both discrete and continuous, for supporting computational and algorithmic inquiry. Particular attention is paid to notions of experimentation, reasoning, and generalisation.

30 credits. Year 2 (credit level 5) Module title Credits. Intermediate Microeconomics Intermediate Microeconomics 15 credits

This module builds on the first year Introductory Economics module and the Mathematics and Statistics for Economics and Business module to give a more in depth perspective of microeconomic theory and its technical apparatus.

The first six weeks give an overview of the technical and theoretical analysis that forms the core of the neoclassical theory of consumption, production and market interaction. It introduces the following topics: choice under uncertainty, inter-temporal choice, incomplete and asymmetric information, principal-agent problem, basic game theory, dynamic and static oligopoly, price differentiation, markup pricing and market concentration.

In contrast, the rest of the module focuses on aspects of microeconomic behavior that do not conform to rational choice theory as developed in traditional neoclassical economics. Each week will explore a different alternative approach, icluding: Simon’s Bounded Rationality, Sen’s Capability Approach, Behavioural Economics.

15 credits. Intermediate Macroeconomics Intermediate Macroeconomics 15 credits

The module aims to provide a good understanding of the key areas of macroeconomics, through the analytical tools of different schools of thought.

This module covers the evolution of macroeconomic analysis through a succession of key models, including Keynesian, Monetarist, New Classical, Real Business Cycle, New Keynesian, and Post Keynesian approaches. It studies the analytical details, the underlying economic assumptions, and the historical context in which they emerged. It also provides an introduction to structural theories of business cycles. You study economic growth and economic development, explaining the differences between the two and using historical examples. Classical, Keynesian, and neoclassical theories, as well as structural dynamics are discussed.

The final two weeks are devoted to the political economy of economic policy, from the viewpoint of different schools of thought: controversies on the effectiveness of fiscal and monetary policy, individual rationality applied to policy decisions, economic and political disagreements, models of voting on macro-policy, and recent developments.

15 credits. Quantitative Economics Quantitative Economics 15 credits

This module introduces the quantitative methods used by economists in their empirical work. You will be technically trained in estimation theory, and introduced to broader questions regarding the use of these tools in applied analysis.

You study the basic properties of the normal distribution, and the difference between the normal and other types of probability distributions. You also learn hypothesis testing and the basic theory for linear regressions and the use of ordinary least squares in empirical analysis. Furthermore, you will learn about problems that may arise with this estimation method.

This is followed by two weeks of methodology on statistics for the social sciences, and a philosophical discussion on the appropriate use and limits of these techniques in analysing social phenomena.

15 credits. Applied Quantitative Economics Applied Quantitative Economics 15 credits

This module will focus on the application of quantitative theory using data sets that you were introduced to in the Quantitative Economics module.

With the guidance of the lecturer and associate lecturers, you will find and collect appropriate data (from Eurostat, OECD, UK and other national governments databases, etc.), form a research question and come up with statistical tests in order to test your hypothesis. You will then write a report that explains your findings and the reason you used this specific estimation tool in relation to your data set. An integral part of this is to consider the limitations of your statistical toolbox in analyzing the specific data set, and more broadly, the limitations of statistical analysis in answering policy or theoretical questions.

An important part of this module is to train you in using computer packages to analyse real data. Students will learn to use computer programs to run regressions, do hypothesis testing, correlation analysis and, more generally, analyze the raw data you have collected.

15 credits. History of Economic Ideas History of Economic Ideas 15 credits

This module builds on the first year module, Introductory Economics, by discussing key theoretical insights in depth, from alternative schools of economic thought. It traces the evolution of the ideas emanating from, or strongly related to key texts, through time.

The five main texts analysed are: Adam Smith’s Wealth of Nations, David Ricardo’s Principles of Political Economy and Taxation, Alfred Marshall’s Principles of Economics, Wicksell’s Interest and Prices and John Maynard Keynes’ The General Theory of Employment, Interest and Money. Each text is used as a starting point for a discussion on the evolution of the following economic concepts: specialization and gains from trade, distribution theory, theory of the firm, theory of money, and the theory of aggregate macroeconomic relationships.

Finally, the course discusses the link between past and contemporary economic thought, contextualizing it within a broader perspective that includes points of view such as those of feminist economics and from geographically diverse traditions, and the use of these theoretical structures in analysing contemporary economic problems.

15 credits. Economic History Economic History 15 credits

This module’s central purpose is to investigate the methods of historical enquiry useful for an economist and give a survey of the economic and social conditions from the industrial revolution until the fall of the Berlin Wall.

The first week covers historiography with special emphasis on the techniques economists and economic historians use. This week will focus on the various methods economic historians use, from statistical and data analysis, to economic theory applications and narrative histories, analysing the strength and weakness of each approach for different types of enquiry.

The rest of the module provides an overview of key economic and social changes in Europe for the period from the start of the industrial revolution until the fall of the Berlin Wall. You will learn about the economic, social and technological changes that occurred during these 250 years. You will learn about changes in wealth, aggregate income and income distribution, consumer habits, wages, trade and monetary aggregates. You will also learn about institutional changes (Labor and Poor Laws, Welfare State) and social changes (family structure, workers unions, literacy) and the interplay between institutional/social and economic structures. Finally, you will discuss the changing technological conditions of society during this period and its ramifications for the social and economic organisation of society.

This module not only gives you general knowledge of the economic and social evolution of Europe, but also provides context and gives you an understanding of why economic theory developed the way it did.

15 credits. Further Mathematics for Economics Further Mathematics for Economics 15 credits

This module builds on Mathematics for Economics and Business and introduces students to more complex mathematics operations that are necessary for the 3rd year compulsory courses in mathematical economics and econometrics for the BSc Economics with Econometrics.

Topics include: first and higher order derivatives, partial derivatives, constrained and unconstrained optimisation, exponential and logarithmic functions, basic statistical concepts (summation operation, measures of central tendency and measures of dispersion) and matrix algebra.

These topics will be presented in relation to their economic applications, so that students will learn about marginal utility, profit maximisation and cost minimisation, short run and long run profits in different market structures, and utility maximisation given a budget constraint.

15 credits.

Plus a choice of 15 credits from a module offered in the Institute of Management Studies and other departments. Choices include: Political Economy, Consumer Behaviour, Organisational Behaviour, Social Psychology, Creative and Social Enterprises: Business Models, Value and Planning, and more.

Year 3 (credit level 6)

Students take the following compulsory modules:

Module title Credits. International Economics International Economics 15 credits

This module gives you an understanding of the international economy that integrates the real and monetary sides, and the economic and the political spheres. Different traditions of economic analysis will be used to shed lights on three main issues: the European Union and the Eurozone, China’s trade policy, and the international monetary system since Bretton Woods.

The first five weeks concentrate on trade. They cover the standard tools (comparative advantage, neoclassical trade theory, and new economic geography) as well as analytical and historical perspectives on international competition. It focuses on different insights concerning economic analysis and policy, as well as the integration with the political dimension.

The last five weeks focus on the international monetary system. By combining the standard tools of international macroeconomics with historical and analytical perspectives, the aim is to understand the evolution of the international monetary system since Bretton Woods, and its effects on national economies. Special attention is given to currency areas, especially the Eurozone, and to the connection between monetary arrangements and real and political aspects.

15 credits. Public Economics Public Economics 15 credits

This module extends your knowledge on key microeconomic topics and gives you an interdisciplinary perspective. It focuses on social questions and introduces, in a critical manner, the types of answers economic theory provides. The four core questions investigated are:

• What goods should the government provide, and how should this provision be funded?
• How do we account and care for future generations?
• How do we deal with environmental issues?
• How does the government decide what action to take in a