Economics

This module evaluates the key domestic macro-economic objectives namely, growth, inflation, unemployment and exchange rate stability via modelling, analysis, and applications – with an emphasis on assessing the UK economy within its international context. Topics to be covered could include the circular flow of income, the four-sector Keynesian model, exchange rate and interest rate transmission mechanisms, money supply and money demand, supply-side economics, inflation, unemployment, exchange rate systems, and growth and sustainable development. The module develops the macroeconomic foundations that underpin core modules at Years 2 and 3 such as, Intermediate and Advanced Economic Principles I and II.

Students will explore the development of the economy and economics through parallels between contemporary and historical challenges. The students will be shown how how economic ideas have not progressed linearly to create one set of theories, but rather how a diverse set of schools have developed to address economic and social challenges in many different ways across many diverse historic economic and social contexts. As part of this students will take a global perspective on the diverse drivers of economic and social change.

This module reviews the development of the world economy and economic thought from the mid 20th century onwards, the module will explore the differential drivers of development in the global north and south and the relevance of both formal and norm-based domestic and international institutions. 

This module explores ethical positions adopted in economics and the associated supporting rhetoric. Through the exploration of social dilemmas, students should be more able to question and understand the foundations of economic models in terms of their own experiences and interests and apply them in wider economic debates.

This is an introductory module to critical thinking. In a practical manner, students will explore how to evaluate arguments and hence how to approach their own formation of ideas and arguments when constructing assignments or when they reflect on and prepare for their subsequent careers. Critical thinking is a cognitive process of actively and carefully evaluating the reasoning and evidence behind knowledge and arguments from which we develop our own knowledge. The ability to do this needs careful guidance such that all students irrespective of previous learning, academic formation, protected characteristic or social class can participate fully and effectively within the academic community.

In Mathematical Economics I, we will develop your ability to think about economic problems quantitatively, and through the use and application of mathematical techniques will learn how to solve them. We cover topics including: differentiation and integration, which provide the theory behind the optimisation of our production or consumption levels; and matrix algebra, allowing us to write complex economic systems in a new, compact form.

This module introduces students to key introductory micro-economic concepts and objectives. Consumer demand and firms' supply and business supply models,  the three basic microeconomic models of the market and the implications of market structures on the individual, business and wider society as a whole are examples of topics to be covered. Topic areas could also include environmental economics; income distribution, ethics - inequality and the impact on individual consumers; raising government revenues through individual and corporate taxation. The module develops the foundations for the more advanced topics covered at Intermediate Economic Principles I and II, at Year 2 and Advanced Economic Principles I and II at Year 3.

Starting with a review of probability theory, this module develops students’ knowledge of statistical distributions and inference, before moving on to statistical testing and basic statistical techniques for the analysis of data. As data collection and assessment are essential for economists, the module also draws on PPD elements of data evaluation and presentation of key findings. The latter could take place on individual presentations, tailored to the specific needs of each student.

This module introduces students to the core theory and application of econometrics using both cross sectional and time-series approaches. Topics covered include matrix algebra, linear regression theory, inferential statistics, functional form, diagnostic testing, model building and prediction. Year 2 students will develop the PPD skills introduced in Year 1.

In Mathematical Economics II, we build upon the skills learned in Mathematical Economics I and consider more complex means of optimisation by developing our knowledge of differentiation. Additionally, we continue to work with matrices in order to understand the mathematics behind statistical modelling techniques. Lastly, we consider some of the mathematics underpinning the study of financial valuation, which typically involve the application of time value of money formulae in the evaluation of various financial instruments, including equities, bonds and derivatives.

The module's objective is to build upon the foundations of quantitative skills developed at Year 1 and to prepare students for applying advanced econometric models to different economic scenarios at Year 3. As a result, the module applies and interprets more complex mathematical and statistical skills, which will underpin students' wider applied economic understanding. Topics include marginal rates of substitution, returns to scale, implicit functions, optimisation techniques, matrix algebra and integral calculus, partial differentiation, maximisation techniques, confidence intervals, hypothesis testing and introduction to econometrics with ordinary least square-OLS estimation (multicollinearity, autocorrelation, dummy variables, lags and multiple regression). Year 2 students will develop the PPD skills introduced at Year 1.

This module provides students with the basic tools in statistical analysis. Topics to be covered include: comparison of means, cross-tabulations, ANOVA and basic regression modelling. The focus of the module is on applying statistical techniques to real world issues, rather than a detailed exposure to the underlying theory.

Examples of current topics to be covered include immigration’s contribution to the economic activity, improving schools’ effectiveness, tertiary education challenges, the future of the NHS-health economics, environmental challenges and de-growth economics, the UK’s productivity puzzle and policies to improve productivity in the long-run. The module provides an integrated academic framework for the study of applied economics within an international environment. By drawing on applied economic issues that challenge policy-makers the module will focus on the literature review surrounding these and will require students to employ relevant research methods to derive potentially viable solutions. In this way, the module (together with Applied Quantitative Analysis) provides sound foundations for the Qualitative Dissertation module at Year 3.

This module examines the way individuals, society and institutions (such as firms) make decisions in an environment of finite resources. The analysis is complex and mathematical, in order for more nuanced judgements, on which the most appropriate decisions in given contexts, can be reached. Cost-benefit analysis; market power and pricing decisions; imperfect completion including strategic behaviour. 

This module provides intermediate modelling in macro-economics, which forms the foundations for the advanced applied and theoretical modules of the course in Year 3. Examples of topics to be covered include money supply-money demand; labour market models and applications; institutional economics; adjustments to shocks; the key determinants of consumption and the role of the rate of interest; business cycle analysis and the effectiveness of fiscal and monetary policy. The module draws, in particular, on the challenges facing UK economic institutions.

The module develops a pedagogic approach towards enhancing students' personal and professional development alongside their training in applied economics. The module analyses topical debates in economics using a predominantly microeconomic framework, aiming to improve students’ understanding of the topics and the options available and by doing so boosting their employability. Topics draw on social policy and public goods provision.

The dissertation module gives the opportunity to engage in independent study focusing on a relevant socioeconomic or social science topic which you wish to question, along with guidance and supervision. The module encourages the development of autonomous learning, requiring a commitment to study, initiative, perseverance, self motivation and organisation in deploying knowledge, concepts and skills acquired throughout the degree. There will be a formal programme of weekly classes which will take place in the first semester. Information and support provided in dissertation classes will give students a clear idea of the process of writing a research proposal and dissertation. Students will be exposed to a range of key themes and topics related to the preparation of the research proposal, such as the clarification of the aim, objectives and research question, undertaking an extended and comprehensive critical literature review, applying the qualitative methods into the topic in practice, carrying out an in-depth analysis and presentation of clear results and conclusions. Students will work closely with supervisors in the development of research skills and meeting the demands of a sustained project including organisation, writing up and editing.

The dissertation module gives the opportunity to engage in independent study focusing on a relevant socioeconomic topic of choice along with guidance and supervision. The module encourages the development of autonomous learning, requiring a commitment to study, initiative, confidence, perseverance, self motivation and organisation in deploying knowledge, concepts and skills acquired throughout the degree. There will be a formal programme of weekly classes which will take place in the first semester. Information and support provided in dissertation classes will give students a clear idea of the process of writing a research proposal and dissertation. Students will be exposed to a range of key themes and topics related to the preparation of the research proposal, such as the clarification of the aim, objectives and research question, undertaking an extended and comprehensive critical literature review, applying the qualitative methods into the topic in practice, carrying out an in-depth analysis and presentation of clear results and conclusions. Students will work closely with supervisors in the development of research skills and meeting the demands of a sustained project, including organisation, writing up and editing.

The module assesses advanced models in macro economics, with emphasis placed on their theoretical foundations and effectiveness against real world challenges. The models’ limitations in addressing economic problems emanating from the Great Recession are addressed. The focus of the module content is the UK economy. As such, the complex nature of the economic dilemmas facing the UK government, the Bank of England and domestic organisations (such as the ONS, OBR, CBI etc.) and private sector firms are reflected. The module will equip students with the tools required to advise policymakers, enhance their strategic decision-making skills and conduct independent research. Potential topic areas include: approaches to money creation, quantitative easing, monetary targeting, deficit financing, debt management, adjustment to economic shocks and exchange rate determination in open economy.

The module assesses advanced models in micro economics, with emphasis placed on their theoretical foundations and effectiveness against real world challenges. The models’ limitations in resolving current economic challenges are addressed. The focus of the module content is the UK economy. As such, topics such as the UK’s productivity puzzle, insurance and uncertainty are covered. Further issues include: decision-making under risk and uncertainty; critiques of and alternatives to expected utility theory; insurance markets; game theory; information economics. The module will equip students with the tools required to advise policymakers, enhance their strategic decision-making skills and conduct independent research.

This module focuses on developing skills in analysing economic questions using cross-sectional and panel data. A focus of the course is to design (micro)-econometric models to be able to answer causal questions, such as: does immigration increase unemployment? Does going to university increase your future salary? What makes people more likely to become entrepreneurs? For final-year students, their PPD will focus on career path choices and developing the personal skills required for careers in economics-related professions such as communication skills, resilience and confidence.

Econometrics II develops the theory presented in Econometrics I and considers time-series analysis. The module determines whether economic events are to be causally related, or merely coincidentally timed. Major topics include co-integration modelling of long-term relationships, Granger Causality, Vector Autoregressions and univariate time-series forecasting. Applications include parameterising and estimating the Keynesian consumption function, considering evidence of the crime/poverty link in the UK economy and the impact of climate change on the local visitor economy.

This module will provide students with an understanding of how economic policymakers are seeking to address ‘real world’ economic challenges – primarily in the UK, but also in other domestic environments and at the international level. It will build upon Economic Policy Institutions by analysing how political institutions and ideologies, and the distribution of power, affect the making of economic policy. Specifically, it will consider the aims, behaviour and performance of policymakers in relation to issues such as financial crisis, public service delivery, international development, trade, the UK’s withdrawal from the EU, industrial strategy, technological change and labour market inequalities.

The module will provide students with an understanding of how economic policies are made in ‘the real world’ – primarily in the UK, but also in other domestic environments and at the international level. This will include an overview of how economic theory and data is used by economic policymakers in practice, but also how political institutions and ideologies, and the distribution of power, affect the making of economic policy, drawing upon a political economy perspective. Specifically, this module will focus on the operation of institutions such as finance departments, central banks, local government, and international organisations. For final year students, their PPD will focus on career path choices and developing the personal skills required for careers in economics-related professions such as, communication skills, resilience and confidence.

The module provides a critical examination of the global economy and the growing complexity of international business activity. It focuses on the nature and pattern of international economic activity, evaluating the suggested drivers of globalisation and of multinational corporations. In addition, international business environments and the various methods of servicing overseas markets will be evaluated. Finally, the growing complexity of international production systems and the new international division of labour will be discussed. Students will be able to interpret international business strategies and trends in the world economy. A good background in current affairs and international business and economic activity would be beneficial.