Term 1 : October to December
All students take four core modules:
This module introduces you to the fundamental theoretical tools required to study microeconomics. Topics covered include: consumer choice; theory of demand; production and cost functions and analysis of competitive markets enabling you to understand the operation of firms and households.
The main focus of this module is on macroeconomic theory, taught within the context of current events in the international macroeconomic environment. This module will give you an excellent understanding of current macroeconomic events and issues. Topics include: classical and Keynesian views; the role of money; real balance and wealth effects; the government budget constraint; monetary policy in the UK; models of exchange rate determination.
Economic problems are often addressed using mathematical models, which are to be specified, analysed and then tested using real world data. This module integrates mathematical models and economic theory to give you the knowledge, understanding and skills required to set up and solve models as a means of analysing economic problems. On completion of this module you will have a knowledge and understanding of both analytical methods and their use in the decision making process.
By the end of this module, students will enhance their knowledge of how to specify economic problems in the confines of a game theoretic model and to solve those problems using appropriate mathematical techniques. The course aims at enhancing their ability for logical and structured problem analysis.
Term 2 : January to April
You take the three core modules below, plus one option module:
This module is the natural successor to Microeconomic Principles A, taken in the previous term. It continues the development of intermediate microeconomic analysis. Topics covered include: analysis of monopoly behaviour and regulation; price and quantity setting in duopoly markets; introduction to game theory and strategic behaviour by firms; auctions (including a study of eBay) and general equilibrium; and welfare economics. This module will give you insight into the operation of contemporary business organisations.
This module emphasises the application of macroeconomic theory to current policy issues. Emphasis is placed on the use of analytical tools for gaining a better understanding of the workings of the macro-economy and the ways in which policy makers respond to macroeconomic problems. Topics covered include: unemployment and inflation; adaptive and rational expectations; policy effectiveness under rational expectations; the economics of independent central bank; and growth theory. All of these give you the tools to understand the operation of contemporary economic policy.
This module provides an introduction to the fundamental theoretical concepts and applications of econometrics. This will give you the ability to work with real data and to test hypotheses derived from economic theory.
This module increases your understanding of the ways in which macroeconomic theory and quantitative methods can be applied to the analysis of international economics and the economic history of the UK. This module enables you to use intermediate macroeconomic theory, statistical methods and interpretation of data and empirical results to analyse applied macroeconomic issues of importance to economists, businesses and policy makers. Topics covered include: exchange rate regimes; international parity conditions; economic business cycles; and monetary unions.
This module aims to increase your understanding of firm behaviour, industry structure and competition using both theoretical (including game theory) and empirical models. It also covers facets of firm behaviour such as pricing, R&D and mergers.
This module develops your understanding of advanced material in the field of microeconomic analysis, with particular reference to the way in which such material can inform policy-making. After completing this module you will have a contemporary knowledge of modern microeconomics.
This module focuses on demand and supply in the labour market and gives special attention to instances where the market fails to clear. Emphasis is given to modern theories of unemployment that provide the microeconomic rationale for wage induration; these include insider- outsider, efficiency wage and monopsony models. Macroeconomic concepts such as the natural rate of unemployment and hysteresis are studied in detail. Institutional labour market features covered include: union-firm bargaining; the role of welfare benefits and internal labour markets. The module will give you a thorough knowledge of the operation of labour markets and relevant policy measures.
This module familiarises you with some of the important mathematical concepts that are used in theoretical and empirical economics. It offers you the chance to develop the standard mathematical skills that you were introduced to in the core part of your course.
This module develops your understanding of advanced material in the field of economic growth, with particular reference to the application of theoretical material to the development experience and policy-making in developing and emerging economies. At the end of this module you will be able to understand the importance of the economic development problems that we face today.