Economics (with a professional placement year) BSc

Economics

Key information

Duration:
4 years full time
Typical A-level offer:
AAB-ABB
UCAS code:
L104
Start date:
September 2018
Climate change economics, labour economics and international trade – you have the opportunity to focus on what interests you most. You’ll learn from experts who directly influence economic policy.
 
You study a quantitative approach to economics including advanced statistics and econometrics. You also develop your mathematical economics skills.
Analysing current real-world issues gives you the practical skills for your future career.
 

You also have the opportunity to apply for a professional placement year. This means you'll gain experience in an economics-related job role before you graduate.

“Modules have allowed me to challenge perceptions and develop deeper understanding of complex global markets.” Yousra AbdelmoneimEconomics (with a professional placement year) BSc

BSc or BA?

Course Overview
Economics (with a professional placement year) BSc

You study a quantitative approach to economics including advanced statistics and applied econometrics. You also gain advanced mathematical economics skills.

Economics (with a professional placement year) BA

You focus on the practice of economics and policy-making. There's a lighter emphasis on mathematics and statistics than on the BSc.

Entry requirements

A-level

Typical offer

AAB-ABB

GCSEs

You will also need GCSE (or equivalent) Mathematics, with at least grade B (or grade 6 in the new grading scale).

You should also have a broad range of GCSEs (A*-C), including good grades in relevant subjects.

Extended Project Qualification

We take the EPQ into account when considering your application and it can be useful in the summer when your results are released if you have narrowly missed the conditions of your offer. We do not routinely include the EPQ in the conditions of your offer but we sometimes offer alternative conditions that include the EPQ. If you wish to discuss this further please contact Admissions at ug.enquiries@sussex.ac.uk

Other UK qualifications

Access to HE Diploma

Typical offer

Pass in the Access to HE Diploma with 45 level 3 credits at Merit or above, including 24 at Distinction.

Subjects

The Access to HE Diploma should be in the social sciences.

GCSEs

You will also need GCSE (or equivalent) Mathematics, with at least grade B (or grade 6 in the new grading scale).

International Baccalaureate

Typical offer

32 points overall from the full IB Diploma.      

Pearson BTEC Level 3 National Extended Diploma (formerly BTEC Level 3 Extended Diploma)

Typical offer

DDD-DDM

Subjects

The BTEC Level 3 National Extended Diploma would normally be in a relevant subject.

GCSEs

You will also need GCSE (or equivalent) Mathematics, with at least grade B.

You should also have a broad range of GCSEs (A*-C), including good grades in relevant subjects.

Scottish Highers

Typical offer

AABBB

GCSEs

You will also need Mathematics at Standard Grade, grade 1 or 2.

Welsh Baccalaureate Advanced

Typical offer

Grade B and AB in two A-levels.

GCSEs

You will also need GCSE (or equivalent) Mathematics, with at least grade B (or grade 6 in the new grading scale).

You should also have a broad range of GCSEs (A*-C), including good grades in relevant subjects.

International baccalaureate

Typical offer

32 points overall from the full IB Diploma.      

European baccalaureate

Typical offer

Overall result of at least 77%

Other international qualifications

Australia

Typical offer

Relevant state (Year 12) High School Certificate, and over 85% in the ATAR or UAI/TER/ENTER. Or a Queensland OP of 5 or below.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Austria

Typical offer

Reifeprüfung or Matura with an overall result of 2.2 or better for first-year entry. A result of 2.5 or better would be considered for Foundation Year entry.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Belgium

Typical offer

Certificat d'Enseignement Secondaire Supérieur (CESS) or Diploma van Hoger Secundair Onderwijs with a good overall average. 

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Bulgaria

Typical offer

Diploma za Sredno Obrazovanie with excellent final-year scores (normally 5.5 overall with 6 in key subjects).

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Canada

Typical offer

High School Graduation Diploma. Specific requirements vary between provinces.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

China

Typical offer

We usually do not accept Senior High School Graduation for direct entry to our undergraduate courses. However, we do consider applicants who have studied 1 or more years of Higher Education in China at a recognised degree awarding institution or who are following a recognised International Foundation Year.

If you are interested in applying for a business related course which requires an academic ability in Mathematics, you will normally also need a grade B in Mathematics from the Huikao or a score of 90 in Mathematics from the Gaokao.

Applicants who have the Senior High School Graduation may be eligible to apply to our International Foundation Year, which if you complete successfully you can progress on to a relevant undergraduate course at Sussex. You can find more information about the qualifications which are accepted by our International Study Centre at  http://isc.sussex.ac.uk/entry-requirements/international-foundation-year .

 

 

 

 

 

 

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Croatia

Typical offer

Maturatna Svjedodžba with an overall score of at least 4-5 depending on your degree choice.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Cyprus

Typical offer

Apolytirion of Lykeion with an overall average of at least 18 or 19/20 will be considered for first-year entry.

A score of 15/20 in the Apolytirion would be suitable for Foundation Year entry. Find out more about Foundation Years.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Czech Republic

Typical offer

Maturita with a good overall average.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Denmark

Typical offer

Højere Forberedelseseksamen (HF) or studentereksamen with an overall average of at least 7 on the new grading scale.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Finland

Typical offer

Finnish Ylioppilastutkinto with an overall average result in the final matriculation examinations of at least 6.0.

France

Typical offer

French Baccalauréat with an overall final result of at least 13/20.

Germany

Typical offer

German Abitur with an overall result of 2.0 or better.

Greece

Typical offer

Apolytirion with an overall average of at least 18 or 19/20 will be considered for first-year entry.

A score of 15/20 in the Apolytirion would be suitable for Foundation Year entry. Find out more about Foundation Years.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Hong Kong

Typical offer

Hong Kong Diploma of Secondary Education (HKDSE) with grades of 5, 4, 4 from three subjects including two electives. 

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Hungary

Typical offer

Erettsegi/Matura with a good average.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

India

Typical offer

Standard XII results from Central and Metro Boards with an overall average of 75-80%. 

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Iran

Typical offer

High School Diploma and Pre-University Certificate.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Ireland

Typical offer

Irish Leaving Certificate (Higher Level) at H1,H2,H2,H3,H3.

Additional requirements

You must also have at least grade O5 in Mathematics.

Israel

Typical offer

Bagrut, with at least 8/10 in at least six subjects, including one five-unit subject.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Italy

Typical offer

Italian Diploma di Maturità or Diploma Pass di Esame di Stato with a Final Diploma mark of at least 81/100.

Japan

Typical offer

Upper Secondary Leaving Certificate is suitable for entry to our Foundation Years. Find out more about Foundation Years.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Latvia

Typical offer

Atestats par Visparejo videjo Izglitibu with very good grades in state exams.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Lithuania

Typical offer

Brandos Atestatas including scores of 80-90% in at least three state examinations (other than English).

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Luxembourg

Typical offer

Diplôme de Fin d'Etudes Secondaires.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Malaysia

Typical offer

Sijil Tinggi Persekolahan Malaysia (STPM). As well as various two or three-year college or polytechnic certificates and diplomas.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Netherlands

Typical offer

Voorereidend Wetenschappelijk Onderwijs (VWO), normally with an average of at least 7.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Nigeria

Typical offer

You are expected to have one of the following:

  • Higher National Diploma
  • One year at a recognised Nigerian University
  • Professional Diploma (Part IV) from the Institute of Medical Laboratory Technology of Nigeria
  • Advanced Diploma

You must also have a score of C6 or above in WAEC/SSC English.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Norway

Typical offer

Norwegian Vitnemal Fra Den Videregaende Skole - Pass with an overall average of at least 4.

Pakistan

Typical offer

Bachelor (Pass) degree in arts, commerce or science.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Poland

Typical offer

Matura with three extended-level written examinations, normally scored within the 7th stanine.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Portugal

Typical offer

Diploma de Ensino Secundario normally with an overall mark of at least 16/20. 

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Romania

Typical offer

Diploma de Bacalaureat with an overall average of 8.5-9.5 depending on your degree choice.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Singapore

Typical offer

A-levels, as well as certain certificates and diplomas.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Slovakia

Typical offer

Maturitna Skuska or Maturita with honours, normally including scores of 1 in at least three subjects.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Slovenia

Typical offer

Secondary School Leaving Diploma or Matura with at least 23 points overall.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

South Africa

Typical offer

National Senior Certificate with very good grades. 

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Spain

Typical offer

Spanish Título de Bachillerato (LOGSE) with an overall average result of at least 8.0.

Sri Lanka

Typical offer

Sri Lankan A-levels.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Sweden

Typical offer

Fullstandigt Slutbetyg with good grades.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Switzerland

Typical offer

Federal Maturity Certificate.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

Turkey

Typical offer

Devlet Lise Diplomasi or Lise Bitirme is normally only suitable for Foundation Years, but very strong applicants may be considered for first year entry. Find out more about Foundation Years.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

USA

Typical offer

We look at your full profile taking into account everything you are studying. You must have your high school graduation diploma and we will be interested in your Grade 12 GPA. However, we will also want to see evidence of the external tests you have taken. Each application is looked at individually, but you should normally have one or two of the following:

  • APs (where we would expect at least three subject with 4/5 in each)
  • SAT Reasoning Tests (normally with a combined score of 1300) or ACT grades
  • and/or SAT Subject Tests (where generally we expect you to have scores of 600 or higher). 

We would normally require APs or SAT Subject Tests in areas relevant to your chosen degree course.

Please note

Our entry requirements are guidelines and we assess all applications on a case-by-case basis.

My country is not listed

If your qualifications aren’t listed or you have a question about entry requirements, email ug.enquiries@sussex.ac.uk.

English language requirements

IELTS (Academic)

6.5 overall, including at least 6.0 in each component

IELTS scores are valid for two years from the test date. Your score must be valid when you begin your Sussex course. You cannot combine scores from more than one sitting of the test.

If you are applying for degree-level study we can consider your IELTS test from any test centre, but if you require a Confirmation of Acceptance for Studies (CAS) for an English language or pre-sessional English course (not combined with a degree) the test must be taken at a UK Visas and Immigration (UKVI)-approved IELTS test centre.

Find out more about IELTS.

Other English language requirements

Proficiency tests

Cambridge Advanced Certificate in English (CAE)

For tests taken before January 2015: Grade B or above

For tests taken after January 2015: 176 overall, including at least 169 in each skill

We would normally expect the CAE test to have been taken within two years before the start of your course.

You cannot combine scores from more than one sitting of the test. Find out more about Cambridge English: Advanced.

Cambridge Certificate of Proficiency in English (CPE)

For tests taken before January 2015: grade C or above

For tests taken after January 2015: 176 overall, including at least 169 in each skill

We would normally expect the CPE test to have been taken within two years before the start of your course.

You cannot combine scores from more than one sitting of the test. Find out more about Cambridge English: Proficiency.

Pearson (PTE Academic)

62 overall, including at least 56 in all four skills.

PTE (Academic) scores are valid for two years from the test date. Your score must be valid when you begin your Sussex course. You cannot combine scores from more than one sitting of the test. Find out more about Pearson (PTE Academic).

TOEFL (iBT)

88 overall, including at least 20 in Listening, 19 in Reading, 21 in Speaking, 23 in Writing.

TOEFL (iBT) scores are valid for two years from the test date. Your score must be valid when you begin your Sussex course. You cannot combine scores from more than one sitting of the test. Find out more about TOEFL (iBT).

The TOEFL Institution Code for the University of Sussex is 9166.

English language qualifications

AS/A-level (GCE)

Grade C or above in English Language.

Hong Kong Advanced Level Examination (HKALE)/ AS or A Level: grade C or above in Use of English

French Baccalaureat

A score of 12 or above in English.

GCE O-level

Grade C or above in English.

Brunei/Cambridge GCE O-level in English: grades 1-6.

Singapore/Cambridge GCE O-level in English: grades 1-6.

GCSE or IGCSE

Grade C or above in English as a First Language.

Grade B or above in English as a Second Language

German Abitur

A score of 12 or above in English.

Ghana Senior Secondary School Certificate

If awarded before 1993: grades 1-6 in English language.

If awarded between 1993 and 2005: grades A-D in English language.

Hong Kong Diploma of Secondary Education (HKDSE)

 Level 4, including at least 3 in each component in English Language.

Indian School Certificate (Standard XII)

The Indian School Certificate is accepted at the grades below when awarded by the following examination boards:

Central Board of Secondary Education (CBSE) – English Core only: 70%

Council for Indian School Certificate Examinations (CISCE) - English: 70% 

International Baccalaureate Diploma (IB)

English A or English B at grade 5 or above.

Malaysian Certificate of Education (SPM) 119/GCE O-level

If taken before the end of 2008: grades 1-5 in English Language.

If taken from 2009 onwards: grade C or above in English Language.

The qualification must be jointly awarded by the University of Cambridge Local Examinations Syndicate (UCLES).

West African Senior School Certificate

Grades 1-6 in English language when awarded by the West African Examinations Council (WAEC) or the National Examinations Council (NECO).

Country exceptions

Select to see the list of exempt English-speaking countries

If you are a national of one of the countries below, or if you have recently completed a qualification equivalent to a UK Bachelors degree or higher in one of these countries, you will normally meet our English requirements. Note that qualifications obtained by distance learning or awarded by studying outside these countries cannot be accepted for English language purposes.

You will normally be expected to have completed the qualification within two years before starting your course at Sussex. If the qualification was obtained earlier than this we would expect you to be able to demonstrate that you have maintained a good level of English, for example by living in an English-speaking country or working in an occupation that required you to use English regularly and to a high level.

Please note that this list is determined by the UK’s Home Office, not by the University of Sussex.

List of exempt countries

  • Antigua and Barbuda
  • Australia
  • Bahamas
  • Barbados
  • Belize
  • Canada**
  • Dominica
  • Grenada
  • Guyana
  • Ireland
  • Jamaica
  • New Zealand
  • St Kitts and Nevis
  • St Lucia
  • St Vincent and the Grenadines
  • Trinidad and Tobago
  • United Kingdom
  • USA

** Canada: you must be a national of Canada; other nationals not on this list who have a degree from a Canadian institution will not normally be exempt from needing to provide evidence of English.

Admissions information for applicants

Transfers into Year 2

No

If your qualifications aren’t listed or you have a question about entry requirements, email ug.enquiries@sussex.ac.uk.

Why choose this course?

  • 4th in the UK for graduate prospects in Economics(The Guardian University Guide 2018).
  • Top 50 in the world for Business and Economics (Times Higher Education World University Rankings 2018).
  • 92% of Economics students were in work or further study six months after graduating (HESA EPI, Destinations of Leavers from Higher Education Survey 2016).

Course information

How will I study?

You are introduced to the principles of economics and their application using a range of practical and topical issues. The aim is not to look at economic theory in isolation, but to learn how it is used to analyse real issues.

You also study mathematics and statistics, gaining important quantitative skills.

You are introduced to the basic principles of economics at both the macroeconomic and microeconomic levels.

Modules

These are the modules running in the academic year 2017. Modules running in 2018 may be subject to change.

Core modules


Customise your course

At Sussex, you can choose to customise your course to build the sort of degree that will give you the knowledge, skills and experience that could take you in any direction you choose.

Explore subjects different to your course – electives and pathways allow you to complement your main subject. Find out what opportunities your course offers

How will I study?

You develop your understanding of economics principles through the study of more advanced topics such as public goods, trade, uncertainty and risk.

There are opportunities for small research projects, including a group project.

You progress to studying more advanced issues in areas such as:

  • international trade
  • global imbalances
  • the financial crisis.

Your quantitative training continues with econometrics. This allows you to extend your understanding of applied statistical techniques and their application to economic questions. 

Modules

These are the modules running in the academic year 2017. Modules running in 2018 may be subject to change.

Core modules


Customise your course

At Sussex, you can choose to customise your course to build the sort of degree that will give you the knowledge, skills and experience that could take you in any direction you choose.

Explore subjects different to your course – electives and pathways allow you to complement your main subject. Find out what opportunities your course offers

Gain programming skills and apply them to areas such as digital media, business and interactive design. Find out about our Year in Computing

You can apply to take a paid professional placement in the third year of your degree. Recent students have gone on placements at:

  • First Equity Partners
  • PwC (PricewaterhouseCoopers)
  • Ernst & Young. 

All students receive dedicated support throughout their placement – from finding an employer to preparing for an interview.

For more details, visit Department of Economics: Placements.

Employers, BMEc staff and students discuss the benefits of placements

“On my placement I developed real insights into my client’s markets, and studied towards a leading business and finance qualification.” Yousra AbdelmoneimEconomics BSc
Banking and Capital Markets Assurance Associate, PwC

Please note

If you’re receiving – or applying for – USA federal Direct Loan funds, you can’t undertake your placement in the USA. Find out more about American Student Loans and Federal Student Aid

How will I study?

You choose from a range of specialist options in areas such as:

  • labour economics
  • education economics
  • public economics
  • financial economics
  • development economics.

These modules are taught by experts in their field and go into greater depth, giving you a high level of expertise in your chosen areas of study. You can also do an extended piece of research on a chosen topic and/or take advanced quantitative modules – useful if you want to do a Masters.

Modules

These are the modules running in the academic year 2017. Modules running in 2018 may be subject to change.

Core modules

Options

Find out what it's like to study Economics at the University of Sussex

My analysis of a school reform in Norway shows that longer compulsory schooling leads to higher labour mobility and better labour market outcomes.”Dr Panu Pelkonen
Lecturer in Economics 

Fees

UK/EU students:
Fees are not yet set for entry in the academic year 2018. The University intends to set fees at the maximum permitted by the UK Government (subject to continued satisfaction of the Teaching Excellence Framework). For the academic year 2017, fees were £9,250 per year.

The UK Government has confirmed that if you’re an EU student applying for entry in September 2018, you’ll pay the same fee rate as UK students for the duration of your course, even if the UK leaves the EU before the end of your course. You’ll also continue to have access to student loans and grants. Find out more on the UK Government website

Channel Islands and Isle of Man students:
The University aligns fees for Channel Islands and Isle of Man students with fees for UK/EU students. These fees are not yet set for entry in the academic year 2018. We intend to set fees at the maximum permitted by the UK Government (subject to continued satisfaction of the Teaching Excellence Framework). For the academic year 2017, fees were £9,250 per year.
International students:
£15,500 per year
Placement:
Find out about tuition fees for placements

Note that your fees may be subject to an increase on an annual basis.

Find out about typical living costs for studying at Sussex

Scholarships

Our focus is personal development and social mobility. To help you meet your ambitions to study at Sussex, we deliver one of the most generous scholarship programmes of any UK university.

Careers

Graduate destinations

Recent graduates have found jobs as:

  • assistant economist, Government Department for Business, Innovation and Skills
  • associate consultant, PricewaterhouseCoopers (PwC)
  • business analyst, Santander.

(Destinations of Leavers from Higher Education Survey 2015)

Your future career

With an Economics BSc, you’ll develop communication, analytical, software and numeracy skills. These skills mean you could go into graduate jobs at organisations such as the Civil Service, banks, consultancies, and insurance and accounting firms.

You also benefit from specialist economics career events and workshops where you can:

  • meet and hear from graduate employers and former Sussex students
  • find out more about graduate schemes
  • get help with preparing for selection tests and assessment centres.

Working while you study

Our Careers and Employability Centre can help you find part-time work while you study. Find out more about career development and part-time work

The analytical and problem-solving skills I developed are of great importance in my role in a multinational insurance company.”Paul Fuller
Senior Underwriting Assistant, RSA Insurance

Contemporary Economic Issues

  • 15 credits
  • Autumn Teaching, Year 1

This module complements Introduction to Economics by providing a series of lectures on current economic issues, which illustrate how basic economic principles may be applied to real problems. (If you are not taking Introduction to Economics you can still take this module but should have some background knowledge of economics, eg A-level). You are required to write two essays based on the lecture topics, to be marked by and discussed with your personal tutor, who will thereby monitor early progress at the university.

Introduction to Economics

  • 15 credits
  • Autumn Teaching, Year 1

This module provides an introduction to the fundamental principles of economics. The first half of the module deals with micro-economic issues, including the behaviour of individuals and firms, their interaction in markets and the role of government. The second half of the module is devoted to macroeconomics and examines the determinants of aggregate economic variables, such as national income, inflation, and the balance of payments, and the relationships between them.

Introduction to Mathematics for Finance and Economics

  • 15 credits
  • Autumn Teaching, Year 1

This module introduces you to the basic mathematical methods and techniques used in economic analysis, and will enable you to use these skills independently and with confident. These skills also have a transferable content and are useful in other disciplines and applications.

Introduction to Statistics

  • 15 credits
  • Spring Teaching, Year 1

You study the statistical techniques used in economics, and computer-based applications.

You study topics including:

  • summarising and plotting data
  • basic probability theory
  • hypothesis testing
  • correlation analysis
  • bivariate and multiple regression analysis.

You learn how to use EXCEL,which you will use for your assessed module work.

Macroeconomics 1

  • 15 credits
  • Spring Teaching, Year 1

This module introduces core short-run and medium-run macroeconomics.

First you will consider what determines demand for goods and services in the short run. You will be introduced to financial markets, and outline the links between financial markets and demand for goods. The Keynesian ISLM model encapsulates these linkages. Second, you will turn to medium-term supply. You will bring together the market for labour and the price-setting decisions of firms in order to build an understanding of how inflation and unemployment are determined. Finally, you will look at supply and the ISLM together to produce a full medium-term macroeconomic model.

Microeconomics 1

  • 15 credits
  • Spring Teaching, Year 1

This module develops consumer and producer theory, examining such topics as consumer surplus, labour supply, production and costs of the firm, alternative market structures and factor markets. It explores the application of these concepts to public policy, making use of real-world examples to illustrate the usefulness of the theory.

Applied Mathematics for Economists

  • 15 credits
  • Autumn Teaching, Year 2

The primary aim of this module is to deepen your understanding of the most important mathematical techniques used in economic analysis through the use of applications, and to enable you to use these skills confidently and independently. The secondary aim is to enable you to understand more easily both the economic principles you are (or will be) applying in other modules on the Economics course and the mathematical principles that underlie the statistical and econometric methods encountered in other modules later in the BSc course.

Introduction to Econometrics (level 5)

  • 15 credits
  • Autumn Teaching, Year 2

You study the application of statistical methods to economic data and focus on regression analysis based on the ordinary least squares (OLS) principle. 

You look at model specification and the analysis of regression disturbance problems, such as autocorrelation and heteroscedasticity.

Macroeconomics 2

  • 15 credits
  • Autumn Teaching, Year 2

The module is concerned with two main topics:

The Long Run is an introduction to how economies grow, gradually raising the standard of living, decade by decade. Once we have the basic analysis in place, we can begin to explain why there are such huge disparities in living standards around the world.

Expectations is a deepening of the behavioural background to modelling saving and investment decisions, emphasising the intrinsically forward-looking nature of saving and investment decisions and analysing the financial markets which coordinate these decisions.

Microeconomics 2

  • 15 credits
  • Autumn Teaching, Year 2

This module develops the economics principles learned in the first year (Microeconomics 1).

Alternative market structures, such as oligopoly and monopolistic competition are studied and comparisons drawn with perfect competition and monopoly.

Decision-making under uncertainty and over multiple time periods is introduced, relaxing some of the restrictive assumptions made in the first year module.

The knowledge gained is applied to such issues as investment in human capital (e.g. education), saving and investment decisions, insurance and criminal deterrence.

Advanced Macroeconomics

  • 15 credits
  • Spring Teaching, Year 2

The module completes the macroeconomics sequence, starting with a consideration of the policy implications of rational expectations. The macroeconomy is then opened up to international trade and capital movements: the operation of monetary and fiscal policies and the international transmission of disturbances under fixed and flexible exchange rates are contrasted, and the issues bearing on the choice of exchange-rate regime are explored. The major macroeconomic problems of hyperinflation, persistent unemployment and exchange-rate crises are examined. The module concludes by drawing together the implications of the analysis for the design and operation of macroeconomic policy.

 

Advanced Microeconomics

  • 15 credits
  • Spring Teaching, Year 2

This module covers the topics of general equilibrium and welfare economics, including the important issue of market failure. General equilibrium is illustrated using Sen's entitlement approach to famines and also international trade. Welfare economics covers concepts of efficiency and their relationship to the market mechanism. Market failure includes issues such as adverse selection and moral hazard, and applications are drawn from health insurance, environmental economics and the second-hand car market.

 

Applied Economics Topics

  • 15 credits
  • Spring Teaching, Year 2

This module introduces you to a range of applied topics that illustrate the use of economics principles learned at level two. The topics covered may vary from year to year and are based upon faculty interests and research. A typical topic might be the use of taxes or quotas to limit pollution, as in the US acid rain programme, limiting emissions of SO2. Alongside each lecture topic will be a class
devoted to that topic, involving discussion of the issues or some other kind of exercise.

Applied Statistics for Finance and Economics

  • 15 credits
  • Spring Teaching, Year 2

This module will introduce you to the empirical use of a variety of statistical methods used in the social sciences.  A key objective of the module is to teach best statistical practice through the use, exploration and analysis of empirical data.  Topics covered include: measuring skewness and kurtosis in empirical data and undertaking tests for normality, goodness-­of-­fit and non­-parametric testing principles; ANOVA and experimental design; OLS and maximum likelihood estimation in the bivariate regression model; the linear probability and the logistic models; detrending, deseasonalising and forecasting using time series data; basic concepts in sample survey methods.

Further Statistics

  • 15 credits
  • Autumn Teaching, Year 4

This is a theory module that examines sampling distributions, inference, joint distributions, maximum likelihood estimation, and the classical testing principles relating to the likelihood ratio tests, wald and LM (or score) tests.

Applied Econometrics

  • 15 credits
  • Spring Teaching, Year 4

This module examines in greater depth topics covered in the Introduction to Econometrics module. The module explores the analysis of time series data with particular reference to unit root testing, cointegration and dynamic modelling, and also examines the use of models with limited dependent variables (eg the probit model).

Economics of European Integration

  • 15 credits
  • Autumn Teaching, Year 4

The aim of this module is to cover economic and institutional aspects of the European integration process, focusing on the economic and also legal aspects of the European Union, internally and in its relations with partners, including prospective members. Customs union theory, the theory of monetary union, fiscal federalism and regional economics will be covered. You will be expected to understand the basic economics of integration, and also the interrelationship between economics, law and politics, as well as knowing how to track down up to date policy materials on the web.

Environmental Economics

  • 15 credits
  • Autumn Teaching, Year 4

The module Environmental Economics gives an introduction to the economics of the environment and environmental policy.The module discusses externalities, optimality, sustainability, cost-benefit analysis and their ethical foundations; methods for valuing environmental goods and services; policy instruments for pollution control; environment and development; environment and trade; and environmental accounting for countries and corporations. In the seminars the concepts of the lectures will be applied to environmental problems such as air pollution, climate change, acidification and eutrophication.

Labour Economics

  • 15 credits
  • Autumn Teaching, Year 4

The module explores how labour economics informs the discussion of many social issues such as the causes of unemployment; how technological change is shifting the distribution of jobs and wages; the impact of immigration on wages and employment; the impact of social security on the incentive to work; and the causes of gender and racial wage and employment gaps.

Monetary Theory and Policy

  • 15 credits
  • Autumn Teaching, Year 4

The module begins with Keynes's reformulation of monetary theory and the application of Keynes's ideas to economic depressions.

The bulk of the module deals with monetary policy in practice, and considers:

  • the role of medium-term macroeconomic targets in policymaking
  • how policy should respond to new information in the short-term
  • money demand
  • the money supply process; and
  • how financial market imperfections should affect policymaking.

The last part of the module deals with banks, financial crises and financial regulation.

Public Economics

  • 15 credits
  • Autumn Teaching, Year 4

This module provides you with a broad understanding of the scope of public economics – the role played by the government in the economy. The focus is on the rationale for government intervention and the existence of the public sector. The module will address questions such as when should health or education be provided by the state or privately, should the government intervene in individuals pension and savings decisions.

The module will combine theoretical and empirical approaches. The first part of the module will begin by introducing the welfare-theoretic foundations of government intervention, the theory of externalities, sources of market failure, public goods, information failure and incomplete markets.

The module will then develop the theory of public choice and political economy, the theory of taxation and social insurance. The final part of the module will examine specific examples of government interventions, eg healthcare, education, pensions, savings etc. In each field the module will also consider new behavioural considerations in understanding individual responses.

Understanding Global Markets

  • 15 credits
  • Autumn Teaching, Year 4

The aim of this module is to give you an understanding of key features of the newly emerging globalised world economy. The module therefore comprises four components. The first of these analyses the conceptual background to understanding global markets, as well as examining the underlying changes in technology, which has transformed economic relations between regions and nation states. The subsequent components then use that background in order to focus on the key characteristics and changes in trade, goods and services, capital flow, and movement of people.

The module structure is as follows:

  1. The context
    1. The emergence/development of global markets and understanding what can be meant by globalisation.
    2. The impact of technological change on global markets (information technology, transport costs, etc).

  2. Goods and services
    1. Why do countries trade and why do countries integrate into regional blocs?
    2. The evolution of patterns of trade:
      • Trade volumes
      • Geographical patterns of trade (North-North, North-South, South-South, regional groupings etc)
      • Vertical spcialisation and value chains, outsourcing, offshoring, supply chaining
    3. The role of services in the global economy ad the evolution of services trade.

  3. International Capital flows: multinationals and foreign direct investment – theory and data.
    1. Short run capital flows: global capital markets and origins of financial and exchange rate crises.

  4. Labour Migration
    1. Why workers migrate: individual and family motives.
    2. The impact of migration on the home market and on the host market.

Applied Economics Dissertation

  • 30 credits
  • Autumn & Spring Teaching, Year 4

On this module you will undertake a piece of applied research in economics, drawing on appropriate economic theory and empirical techniques to investigate a topic of interest. You can choose from a list of topics and will be provided with supervision by a member of faculty. In addition to supervision there are introductory lectures covering the process of research and writing up. You are expected to collect your own data and to use statistical software to analyse it, based on a suitable theoretical economic framework.

Behavioural Economics

  • 15 credits
  • Spring Teaching, Year 4

During this module you will examine the psychological underpinnings of economic behaviour and examine recent theories and empirical results in behavioural economics. This forms the starting point in core economics modules and the dominant model of choice in economics, in which agents maximize expected utility given the information they possess and the choice set they have.

A growing body of empirical evidence has sought to challenge the assumption of individuals as rational economic agents; you will analyse this recent empirical evidence across a range of fields of economics and examine the new theories of economic behaviour.

Climate Change Economics

  • 15 credits
  • Spring Teaching, Year 4

This module will deal with the economics of anthropogenic climate change, which apart from being the international policy issue of the present time will be a vehicle for the illustration of a wide range of ideas and techniques from economic analysis.

Economics of Education

  • 15 credits
  • Spring Teaching, Year 4

Financial Economics

  • 15 credits
  • Spring Teaching, Year 4

You are given an advanced perspective on the microeconomic principles underlying financial markets and financial decision-making.

You learn key concepts including:

  • risk and return
  • asset pricing
  • asset allocation
  • portfolio optimisation
  • financial market equilibrium
  • efficient market hypothesis. 

You also look at arbitrage pricing and pricing of options and futures, and how these can be used to understand investment decisions, and trends in financial markets. 

You must have knowledge of microeconomics, basic calculus, and statistics - and be familiar with using spreadsheet packages such as Microsoft Excel. This is for solving problem sets and developing your analytical techniques in valuation and portfolio optimisation.

Global Economic History

  • 15 credits
  • Spring Teaching, Year 4

In this module, you address the big questions in history.

The fundamental question most famously addressed by Adam Smith, is central to this module - why are some countries rich while others are poor?

You examine this central question via sub-questions like:

  • what caused the British Industrial Revolution? 
  • when and why did China fall behind?
  • what is the role of India and what challenges arise from being a late developer?
  • has Africa always been poor and will it stay so?

In this module, you discuss and assess some of the most important economic growth models.

You examine the fundamental causes that drove the differences in economic performance: geography, trade, institutions, and culture.

Or has chance played a pivotal role in the divergence?

International Trade

  • 15 credits
  • Spring Teaching, Year 4

This module develops the theory of international trade and explores contemporary developments in the international trading system; in particular, it examines the underlying causes and welfare effects of trade on countries and their residents, and the implications of these results for international trade policy and institutions.

The Economics of Development

  • 15 credits
  • Spring Teaching, Year 4

This module addresses some of the major problems of economic development in low- and middle-income economies: the relationship between poverty, inequality and economic growth; long-run growth and structural change; microeconomic issues in agricultural development, including theories of peasant resource allocation and farm size and efficiency; market performance in the rural and informal sectors of less developed countries (LDCs); industrialisation and trade policy; the roles of monetary policy and foreign aid in resource mobilisation; stabilisation and structural adjustment; and investment in human capital.

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