ECON4101: Principles of Microeconomics

• Terms Taught: Michaelmas
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: A-Level Maths or Equivalent

Course Description

This module aims to:

• Introduce students to fundamental microeconomic concepts and analytical frameworks.
• Develop students’ understanding of how individuals, households, and firms make economic decisions.
• Equip students with the ability to apply microeconomic theory to analyse real-world economic issues.
• Build foundational knowledge for further study in economics and related disciplines.

Transferable skills:

• Enhance critical thinking and problem-solving abilities through economic analysis.
• Develop quantitative reasoning skills through graphical and mathematical applications.
• Cultivate logical reasoning and structured approaches to decision-making.

Educational Aims

Upon successful completion of this module students will be able to:

1. Apply supply and demand analysis to predict changes in prices and quantities in various market scenarios, and evaluate the impact of government interventions in markets.
2. Analyse consumer behaviour using utility theory and budget constraints to explain consumption choices and derive individual and market demand curves.
3. Calculate and interpret various cost measures, and explain their relevance to firm decision-making in different timeframes.
4. Compare and contrast different market structures and their implications for efficiency and welfare.
5. Analyse factor markets and explain how wages, interest rates, and rents are determined.
6. Evaluate the economic causes and consequences of income and wealth inequality, and critically assess various policy approaches to addressing distributional issues
7. Apply microeconomic principles to analyse patterns of international trade, comparative advantage, and the welfare effects of trade policies such as tariffs and quotas.
8. Identify and evaluate sources of market failure including externalities and public goods, and propose appropriate policy responses.
9. Construct coherent economic arguments using graphical analysis, mathematical reasoning, and clear written communication.
10. Apply microeconomic concepts and frameworks to analyse contemporary real-world economic issues and policy debates.

Outline Syllabus

This module provides a comprehensive introduction to Microeconomics. It is designed for students with A-level Mathematics, but is available to students either with or without A-level Economics. The approach taken is more mathematical than on ECON4102 Introduction to Microeconomics. Topics covered include Demand and Supply, Consumer Choice, Cost and Production, Perfect Competition, Monopoly, Imperfect Competition, Factor Markets, Inequality, International Trade, Externalities, and Public Goods. Throughout the module we emphasise the role of market forces and how governments can intervene to influence market outcomes.

Economics is a subject in which knowledge is cumulative. Early topics introduce the key market mechanisms of demand and supply, then go into greater depth by showing how consumer demand and firm supply are determined.

This module will provide students with a solid foundation in Microeconomics, preparing them for further study in Economics. The module introduces students to economic modelling, but we also highlight real-world examples so that students can develop an appreciation for the applicability of the theories and concepts covered on the module.

Assessment Proportions

The module provides the Microeconomic foundations for further study in the subject. Lectures will present the key ideas and models, along with discussion of real-world applications of these ideas and models. Weekly Seminars along with Seminar Preparation will deepen students’ understanding of these ideas and models. Assigned weekly Reading will reinforce the lecture content. Online Asynchronous Content such as Moodle quizzes, case studies and online videos will give students additional resources to check their understanding, apply their knowledge to new scenarios, and provide alternative approaches to learning.

The module highlights not just the mechanisms of the market economy, but also its limitations. It covers key topics such as income and wealth inequality and distributional issues.

Since the module aims to develop students’ knowledge of key Microeconomics ideas and models, the assessments, taking the form of a test and an exam, are designed to allow students to demonstrate their knowledge of these ideas and models.

The approach to formative assessment and feedback is that when students engage with the Reading, Seminar Preparation and Online Asynchronous Content, they will become aware of their level of understanding of the module content, and can seek clarification in the seminars, office hours, or other support provided by the Department (for example, the EconHub).

ECON4102: Foundations of Microeconomics

• Terms Taught: Michaelmas
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: None

Course Description

This module aims to:

• Provide a thorough introduction to the discipline of microeconomics.
• Develop students’ understanding of the workings of a modern economy at the microeconomic level of firms and individuals.
• Provide a thorough introduction of analytical methods, both theory and model based.
• Enhance the students’ understanding of different theoretical approaches to public policy and business problems.
• Equip students with the ability to apply microeconomic theory to analyse real-world economic issues.
• Build foundational knowledge for further study in economics and related disciplines.

Educational Aims

Upon successful completion of this module students will be able to...

1. Engage in abstract thinking by extracting the essential features of complex systems to facilitate problem solving and decision making.
2. Engage in deductive and inductive reasoning to enhance problem solving and decision-making skills.
3. Bring a range of modelling frameworks to bear upon the analysis of public-, corporate- and commercial-policy problems.
4. Apply the cost-benefit principle and the incentive principle to analyse economic decisions.
5. Discuss and apply the demand and supply model and the concept of elasticity to analyse effects of government policies.
6. Understand and discuss consumer choices and the rational spending rule.
7. Apply the producer theory to analyse how firms make their decisions.
8. Discuss and compare different market structures.
9. Understand market failures.
10. Demonstrate basic understanding of game theory and behavioural economics.

Outline Syllabus

This module provides a comprehensive introduction to Microeconomics. It is designed for students without A-level Mathematics, but is available to students either with or without A-level Economics.

Topics covered include Demand and Supply, Consumer Choice, Cost and Production, Perfect Competition, Monopoly, Imperfect Competition, Game Theory, Factor Markets, Externalities, Public Goods and Behavioural Economics.

The module starts by introducing the fundamental market mechanism of demand and supply, without assuming any prior knowledge of Economics. It then delves deeper into consumers and producers’ theories. The module also introduces new developments in behavioural economics.

Assessment Proportions

Teaching of this module will comprise lectures, weekly seminars and online content. Lectures will present the key ideas and models, along with discussion of real-world applications of these ideas and models. Weekly Seminars along with Seminar Preparation will deepen students’ understanding of these ideas and models. Assigned weekly Reading will reinforce the lecture content. Online Asynchronous Content such as Moodle quizzes, case studies and online videos will give students additional resources to check their understanding, apply their knowledge to new scenarios, and provide alternative approaches to learning.

The module aims to introduce key Microeconomics ideas through contemporary examples. The students are encouraged to analyse and discuss current issues using the theories learnt in class. Novel ideas such as behavioural economics are also presented to inspire students for further learning.

The assessments of this module take the form of a test and an exam. They are designed to allow students to demonstrate their understanding of the knowledge and theories introduced in class.

ECON4201: Principles of Macroeconomics

• Terms Taught: Lent / Summer
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: A-Level Maths or Equivalent

Course Description

This module aims to introduce first-year economics students to the fundamental principles and analytical tools of macroeconomics. Students will develop an understanding of key macroeconomic concepts, models, and policies that explain how national economies function. The module provides essential theoretical foundations and real-world applications that prepare students for more advanced economic analysis in subsequent years. By offering this core module early in the programme, students will acquire the necessary conceptual framework to analyse contemporary macroeconomic issues, evaluate policy debates, and build quantitative skills that are central to the economics discipline and highly valued by employers.

Educational Aims

Upon successful completion of this module, students will be able to:

1. Define and explain fundamental macroeconomic concepts including GDP, inflation, unemployment, and economic growth, demonstrating a sound understanding of their measurement and significance.
2. Analyse the circular flow of income and apply the aggregate demand-aggregate supply model to interpret economic fluctuations and policy impacts.
3. Compare and contrast classical and Keynesian approaches to macroeconomic theory, identifying their key assumptions and policy implications.
4. Evaluate the effectiveness of fiscal and monetary policies in addressing macroeconomic challenges, demonstrating awareness of their potential limitations.
5. Interpret macroeconomic data and trends presented in various formats, developing basic skills in economic analysis and policy evaluation.
6. Communicate economic ideas and arguments using appropriate terminology and graphical representations.

Outline Syllabus

This first-year undergraduate module provides a comprehensive introduction to macroeconomic theory and policy. The module is structured around key themes and questions that form the foundation of macroeconomic analysis.

Economic Measurement and Performance

The module begins by exploring how we measure economic activity and performance. Students will examine the calculation and significance of GDP, understand its limitations as a welfare measure, and analyse other key indicators including inflation, unemployment, and economic growth. This section addresses the question: How do we assess the health of an economy?

Macroeconomic Models and Theory

Students will develop familiarity with fundamental macroeconomic models, starting with the circular flow of income and the aggregate demand-aggregate supply framework. The module introduces both classical and Keynesian perspectives, exploring their different assumptions about markets, prices, and equilibrium. Key questions include: What determines the level of output and employment in an economy? How do economies adjust to shocks?

Money, Banking, and Financial Markets

This component examines the role of money in the economy, the structure of modern banking systems, and central bank functions. Students will analyse money supply and demand, interest rate determination, and the transmission mechanisms of monetary policy. The section addresses: How do financial markets interact with the real economy?

Fiscal and Monetary Policy

Students will evaluate the tools, objectives, and effectiveness of macroeconomic policies. Topics include government spending, taxation, budget deficits, monetary policy instruments, and the policy trade-offs faced by decision-makers. Key questions include: How can governments and central banks influence economic outcomes? What are the limitations of policy interventions?

International Dimensions

The module concludes by introducing open economy macroeconomics, examining exchange rates, balance of payments, and international trade principles. Students will consider: How do global economic interactions affect domestic economies?

Throughout the module, contemporary case studies and policy debates will illustrate theoretical concepts, helping students develop their analytical skills and economic literacy while establishing foundations for more advanced study in subsequent years.

Assessment Proportions

This module establishes essential macroeconomic foundations that provide a robust platform for advanced study in economics. The teaching strategy employs multiple complementary approaches to enhance student understanding and engagement:

Interactive Lectures introduce key theoretical models and concepts, consistently connecting these frameworks to contemporary economic challenges and policy debates. Students engage with foundational macroeconomic principles through real-world applications, developing both theoretical understanding and practical insights.

Weekly seminars, preceded by structured preparation activities, foster deeper comprehension through collaborative problem-solving, economic data interpretation, and critical discussion of macroeconomic phenomena. These sessions allow students to apply theoretical knowledge to practical scenarios in a supportive learning environment.

Targeted reading assignments reinforce lecture content while introducing students to influential economic perspectives and debates in the literature. Resources are carefully selected to be accessible to first-year students while maintaining academic rigor.

Digital Learning Resources – including interactive quizzes, multimedia case studies, and curated video content – provide flexible opportunities for self-assessment, knowledge application, and alternative learning pathways that accommodate diverse learning preferences.

The module takes a balanced approach to macroeconomic theory, addressing both market mechanisms and their limitations. Particular attention is given to contemporary challenges such as inequality, wealth distribution, and sustainable growth, encouraging students to think critically about economic systems and policy implications.

Assessment methods are strategically aligned with module learning outcomes. The mid-term test and final examination evaluate students' comprehension of fundamental macroeconomic concepts, their ability to apply theoretical models to practical scenarios, and their capacity to analyse economic data and policy questions.

The formative assessment strategy creates a feedback-rich learning environment. As students engage with readings, seminar preparation activities, and digital resources, they continually assess their understanding of key concepts. Multiple support channels – including seminars, instructor office hours, and departmental resources such as the EconHub – ensure students can address knowledge gaps and deepen their understanding throughout the module.

ECON4202: Foundations of Macroeconomics

• Terms Taught: Lent / Summer
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: None

Course Description

The module aims to introduce students to the core concepts, frameworks, and tools used in macroeconomic analysis. It provides a foundation for understanding how the economy functions at an aggregate level, covering topics such as economic growth, inflation, unemployment, fiscal and monetary policy, and international trade. By equipping students with a basic understanding of how governments, central banks, and global forces shape economic outcomes, the module prepares them for more advanced study in economics and related disciplines.

This module is offered early in the programme to ensure that all students develop a shared understanding of key macroeconomic principles and their relevance to real-world issues. It supports the broader aims of the programme by fostering analytical thinking, quantitative reasoning, and an appreciation of policy debates—skills that are essential for academic progression and for careers in economics, business, and public policy.

Educational Aims

Upon successful completion of this module students will be able to…

1. Understand and explain key macroeconomic concepts such as GDP, inflation, unemployment, and interest rates, and how they are measured and interpreted.
2. Use simple graphical and algebraic models—including the AD-AS framework, the Solow growth model, and basic theories of inflation from Keynesian and Monetarist perspectives—to analyse macroeconomic relationships and policy effects.
3. Evaluate the role of fiscal and monetary policy in stabilising the economy and assess the trade-offs faced by policymakers in response to economic shocks.

Outline Syllabus

This module introduces students to the core questions, themes, and tools of macroeconomic analysis. It explores how the overall economy functions by examining the behaviour of key aggregates such as output, employment, inflation, and interest rates. A central theme is understanding how households, firms, governments, and central banks interact in determining macroeconomic outcomes in both the short-run and the long-run.

The module begins by covering fundamental macroeconomic concepts, such as GDP and national income accounting, inflation, unemployment, and the role of money in the economy. Students will learn how to interpret key economic indicators and assess the state of the economy using real-world data.

Early in the semester, the focus will be on understanding fluctuations in output and employment. Students will study the Aggregate Demand–Aggregate Supply (AD-AS) model to examine the effects of shocks and the role of fiscal and monetary policy in stabilising the economy. Competing views on inflation—particularly Keynesian and Monetarist explanations—will be introduced as the semester advances to understand differing perspectives on policy effectiveness.

At the end of the semester, the module introduces the Solow growth model to explore the drivers of economic growth and living standards. Attention is also given to government debt, the balance of payments, and exchange rate regimes, helping students link domestic macroeconomic policy to the global economic context.

By the end of the module, students will be equipped with a foundational understanding of macroeconomic theory and practice, preparing them for more advanced study and informed engagement with real-world policy debates.

Assessment Proportions

This module adopts a clear and accessible approach to teaching core macroeconomic principles, combining structured lectures with regular opportunities for review and self-assessment. Weekly lectures introduce key macroeconomic topics, including national income, inflation, unemployment, fiscal and monetary policy, and long-run economic growth. Concepts are developed gradually, with an emphasis on building economic intuition and understanding the relevance of macroeconomics to real-world events and policy challenges.

To support learning and track progress, students will complete two in-term tests. These assessments, each worth 15%, are designed to consolidate material covered in lectures and provide students with early feedback on their understanding. They encourage consistent engagement with the module while remaining low-stakes and manageable.

The final assessment is a written examination at the end of the module, accounting for 70% of the final grade. It will assess students’ ability to explain macroeconomic concepts clearly, use analytical frameworks to evaluate economic scenarios, and construct well-reasoned arguments about policy choices.

This teaching and assessment strategy supports the programme’s broader goals by developing students’ analytical and critical thinking skills, introducing them to formal economic reasoning, and preparing them for more advanced study. By combining steady formative assessment with a cumulative final exam, the module ensures that students gain both depth and retention in their understanding of macroeconomic principles.

ECON4251: Economics for Business

• Terms Taught: Lent / Summer
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: None

ECON4252: Foundations of Economics

• Terms Taught: Lent / Summer
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: None

ECON4310: Professional Development for Economics

• Terms Taught: Full Year
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: None

ECON4311: Mathematics and Statistics for Economics

• Terms Taught: Ful Year
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: A- Level Mathematics or Equivalent

ECON4312: Quantitative Methods for Economics

• Terms Taught: Full Year
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: None

ECON5101: Microeconomic Analysis

• Terms Taught: Michaelmas
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: Introductory Level microeconomics with math, or introductory level microeconomics with no math content with permission from the module convenor

Course Description

This module aims to provide an understanding of Microeconomic Theory and its use in the analysis of contemporary policy problems. In the process, we will need to build a solid understanding of the operation of markets. While newspapers provide daily reminders of the movement of many economies toward market rather than government control of allocation, many policymakers continue to press for increasing government intervention. Our goal will be to develop a set of tools, a methodology that will allow reasoned and consistent analysis of markets. In order to reach this level of understanding, we must focus on how markets arrive at equilibrium outcomes. This requires a construction of optimal behaviour by both consumers and producers, as well as the characteristics of the marketplaces in which they interact.

Educational Aims

Upon successful completion of this module, students should have a knowledge and understanding of:

1. Analytical methods, both theory and model based
2. The relevance of different theoretical approaches to public policy and business problems.
3. Engage in abstract thinking by extracting the essential features of complex systems to facilitate problem solving and decision-making.
4. Engage in deductive and inductive reasoning to enhance problem solving and decision-making skills.
5. Apply theoretical, historical and quantitative methods to the analyses of public policy problems.
6. Understand the nature of incentives and opportunity costs in decision-making.
7. Think in marginal terms about the trade-offs involved in public policy and business decision making.

Outline Syllabus

Microeconomic analysis begins with consumer theory, focusing first on the budget constraint, which defines consumer choices based on available income and market prices. Preferences illustrate how consumers rank various combinations of goods and services, reflecting individual tastes and priorities. These preferences are typically represented through utility functions, numerically depicting consumer satisfaction. Clear budget constraints and defined preferences naturally lead consumers to specific choices, forming the basis for demand curves. The relationship between price changes and consumption patterns is further explained by the Slutsky equation, distinguishing between substitution and income effects. Shifting to producers, the theory of the firm explores how production technology shapes economic decisions. Firms seek profit maximization, strategically balancing inputs and outputs for optimal profitability, while simultaneously engaging in cost minimization to efficiently produce goods at minimal expense. These decisions yield cost curves that depict the relationship between production costs and output levels. Markets serve as the interaction points between consumers and firms. Under perfect competition, many firms compete, driving prices towards efficiency. Monopolies, characterized by a single dominant firm, significantly affect pricing and output strategies. Imperfect competition, including oligopolies and monopolistic markets, offers insights into more realistic economic scenarios. Auction theory provides additional depth, analyzing strategic bidding behaviors and resource allocation. Advanced economic topics broaden the analysis to societal interactions. Exchange covers mutual trade benefits, externalities examine third-party impacts requiring policy interventions, and public goods theory addresses non-excludable, non-rival goods challenging traditional market solutions. Lastly, asymmetric information explores market dynamics influenced by unequal information distribution, highlighting complexities essential for effective policymaking.

Assessment Proportions

This module is a core requirement for all economics majors on the more quantitative route. Assessment consists of a mid-term test and a final exam, each contributing 50% to the final grade.

ECON5102: Intermediate Microeconomics

• Terms Taught: Michaelmas 
• US Credits: 5 US Semester credits
• ECTS Credits: 10 ECTS
• Pre-requisites: any Introductory level microeconomics

Course Description

This module introduces key concepts from microeconomic theory and explores how they apply to the decision-making of consumers and firms. Microeconomics is one of the core pillars of economics as a discipline and is therefore essential for students to study. This module provides this training in the subject for students on less mathematically intensive programs such as BA Economics and Business Economics. The module focuses on applying economic reasoning to real-world business situations, including how markets function, how firms interact with one another, and how decisions are influenced by price changes, policy, and competition. By the end of the module, students will have developed a strong foundation in microeconomic theory and be able to apply it to analyse a range of scenarios relevant to business environments.

Educational Aims

Upon successful completion of this module students will be able to…

1. Analyse how different market structures shape the decision-making processes of firms and their impact on economic efficiency and welfare.
2. Interpret and assess how consumers and producers respond to changes in economic conditions, using appropriate theoretical frameworks.
3. Apply microeconomic models to examine how firms allocate resources and make cost-related decisions.
4. Evaluate strategic behaviour in economic contexts using core concepts from game theory.
5. Critically examine the implications of information asymmetries, externalities, and public goods for market outcomes and policy interventions.

Outline Syllabus

This?module?covers key concepts from microeconomic theory and how they are applied to consumer and firms decision making. This module is split into two parts. The first starts with an overview of how a firms make decisions in different market structures with varying levels of competition, as well the welfare implications of this. The module then moves to consider pricing strategies, how firms can increase their profits and the impact this has on consumers. Following this, students will learn about consumer theory, how individuals make decisions and how they respond to changes before finishing up the first half with cost analysis and understanding a firms output decisions. In the latter part of the module, attention moves to strategic behaviour and includes material on a game theoretic approach. The module also covers the importance of hidden information and hidden action. The material also discusses issues related to the modern business organisation. For example, various models of auctions, eBay being arguably the most famous, are discussed. The module concludes by examining externalities, public goods, rent seeking and policy. These issues are of increasing relevance in today's world, coving issues such as how to handle pollution and who should pay for defence or healthcare.

Assessment Proportions

To foster a deep understanding of economic theories and analytical tools, the module employs a mix of teaching approaches. Lectures introduce key economic models and concepts, with real-world applications to enable students to apply their knowledge to contemporary policy debates. Tutorials build on the lecture material, allowing students to critically assess the content and engage actively in discussions. Tutorials are structured around working through student questions and solutions to weekly worksheets. Students are expected to have attempted the worksheet questions in advance, ensuring that tutorials are interactive sessions where they can discuss their solutions and deepen their understanding through dialogue and feedback. The intermediate test accounts for 40% of the final grade and covers all topics discussed in the first part of the module. The final exam accounts for the remaining two-thirds and covers the full range of topics. The use of an intermediate test encourages students to stay engaged with the material throughout the semester and provides timely feedback on their progress ahead of the final exam.

ECON5111: Principles of Econometrics with Professional Development

• Terms Taught: Michaelmas
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: any Introductory level microeconomics and macroexconomics, any introductory level quantitative methods and A level math and equivalent

Course Description

This module aims to introduce the fundamental econometric theory and practical applications and enhance students' employability through experiential learning. Upon successful completion of this course, students will have developed transferable skills including analytical proficiency in econometrics; critical thinking for effective decision-making, problem-solving, and adaptability; computer literacy with proficiency in statistical software for data analysis; independent thinking; and effective communication skills.

Educational Aims

Upon successful completion of this module, students will be able to:

1. Reflect on, consolidate, and evaluate learning from professional experience.
2. Appraise influences on actions and decision-making within professional contexts.
3. Evidence of professional development and employability skills.
4. Understand and apply econometric and statistical techniques.
5. Analyse real-world data using theoretical and quantitative methods.
6. Construct logical arguments, interpret data, and objectively evaluate perspectives.
7. Effectively use statistical software (e.g., STATA).
8. Work productively both independently and collaboratively.
9. Successfully complete individual and group tasks.
10. Clearly communicate complex arguments in writing.

Outline Syllabus

The module consists of a component of Experiential Learning, delivered by the Careers Team, and a component of Econometrics, delivered by the Department of Economics. The Experiential Learning component consists of one of the following: (1) a virtual internship; (2) a task-based internship; or (3) a student consultancy project. Since this module is a core module, this ensures that all Economics major students will graduate with practical work experience. Running alongside the Experiential Learning component, the Econometrics module provides students with an engaging introduction to fundamental econometric principles and their practical applications. Throughout the course, students will explore essential statistical and diagnostic tests crucial to effective econometric analysis. Developing proficiency in statistical software is a key part of the module, strengthening both theoretical knowledge and practical analytical skills. The module begins with regression analysis, introducing students to essential topics such as simple linear and multiple regression, least squares estimation, and explanatory power. Students will become adept at conducting hypothesis tests using both t-tests and F-tests, crucial skills for interpreting econometric models. In the second phase, students explore classical assumptions underlying Ordinary Least Squares (OLS) regression. Understanding when these assumptions hold, identifying their violations, and learning appropriate adjustments to OLS techniques will equip students to manage a variety of analytical challenges effectively. The third section focuses on crafting econometric equations, guiding students through the careful selection of independent variables, identifying the correct functional forms, and accurately modeling the stochastic error term. Particular attention is paid to diagnosing and correcting common specification errors, such as omitted or irrelevant variables, using diagnostic tools like Ramsey’s RESET test, Akaike Information Criterion, and Schwarz Criterion. In the fourth segment, students encounter the complexities specific to time-series data, where the sequence of observations significantly impacts analysis outcomes. Students will learn to detect, interpret, and address serial correlation using key diagnostic tests, including Durbin-Watson and Lagrange Multiplier tests. Finally, the module addresses simultaneous equation models, guiding students through structural and reduced-form equations, issues of identification, and practical application of two-stage least squares estimation techniques. By the end of the course, students will possess robust analytical skills, enabling confident and informed decision-making in econometric analyses.

Assessment Proportions

The Experiential Learning component will involve students in work-based activities which students will undertake in parallel with the Econometrics component. Our teaching approach combines various methods to cultivate critical thinking, analytical abilities, and a comprehensive grasp of advanced econometric theories. The module employs lectures, computer labs, workshops, and online support sessions to create an effective learning environment. Lectures introduce fundamental econometric concepts, while computer labs offer practical instruction and hands-on experience with statistical software. Workshops further reinforce these concepts, providing opportunities for students to solve exercises and multiple-choice questions (MCQs). Online support sessions enhance this learning experience by offering additional practice and clarification. Assessment strategies align closely with learning objectives and teaching methods, employing both formative and summative evaluations. Summative assessments include coursework, a test, and a final exam. The coursework involves an individual report using statistical software, designed to enhance professional and data analytical skills. The test and final exam assess students' theoretical knowledge and proficiency with econometric techniques. Formative assessments and feedback are integrated throughout the module. Students are encouraged to engage actively with readings and workshop preparations, which allows them to assess their understanding and seek clarification during workshops, computer labs, and online sessions.

ECON5112: Foundations of Econometrics with Professional Development

• Terms Taught: Michaelmas
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: any introductory level microeconomics and macroeconomics, and eny introductory level quantitative methods

Course Description

This module aims to provide a thorough introduction to the core concepts and methods of statistical and econometric analysis and their applications in economics, business and finance, and to develop students' employability skills through experiential learning. The ability to apply statistical and econometric methods and evaluate the results represents an essential part of undergraduate training in economics and is in high demand in the era of big data and business analytics

Upon successful completion of this module, students will have developed transferable skills including analytical proficiency in econometrics, critical thinking for effective problem solving and decision making, computer literacy with proficiency in econometric software for data analysis, independent thinking and effective communication skills.

Educational Aims

Upon successful completion of this module, students will be able to: 1. Gain a solid critical understanding of a range of statistical and econometric techniques, their assumptions, and the consequences of the violations of these assumptions on the results of empirical analysis 2. Demonstrate ability to apply statistical and econometric techniques to analyse economic problems by employing real-world data 3. Effectively use an econometric package (e.g. EViews) to analyse real-world data and estimate appropriate models that capture relationships among economic variables 4. Present and communicate the results of econometric analysis in an effective manner, with clarity and succinctness 5. Demonstrate ability to analyse and interpret the results of econometric analysis to extract key insights and policy implications 6. Reflect on, consolidate, and evaluate learning from professional experience? 7. Appraise influences on actions and decision-making within professional contexts? 8. Evidence professional development and employability skills

Outline Syllabus

This module has two components: the first one, delivered by the Careers Team, focuses on Experiential Learning. The second component is Foundations of Econometric Analysis, delivered by the Economics department. The Experiential Learning component, whose inclusion in the module ensures that students will graduate with practical work experience, consists of one of the following: (1) a virtual internship; (2) a task-based internship; (3) a student consultancy project. Running alongside the Experiential Learning component, the Econometrics component of the module provides a comprehensive and rigorous introduction to fundamental statistical and econometric concepts and techniques. The approach pursued in the course is an intuitive and practical one, where special attention is paid to the application of econometric techniques to real-world data and economic problems, interpretation and evaluation of the results of empirical analysis, and the ways in which they can be used to inform business and policy decisions. Developing econometric software proficiency is an essential part of the module, strengthening both theoretical knowledge and practical analytical skills, and building a bridge between them to make the module more engaging. The module begins with a primer in the statistical foundations of econometrics, which focuses on random variables and the features of their probability distributions. Subsequently, a substantive part of the course is devoted to introducing the main tools of regression analysis, starting with simple regression models and the assumptions that underpin them, least square estimation, predictive ability, confidence intervals and hypothesis testing. The course then proceeds by extending the application of these core concepts and techniques to a multiple regression framework. A thorough examination of the assumptions underlying the classical linear regression model is subsequently conducted. A sound understanding of when these assumptions hold and what leads to their violation when employing real-world data is crucial to implementing a robust econometric analysis. Teaching students how to detect violations of these assumptions by employing formal econometric tests, and to apply remedies deepens their understanding of regression analysis and equips them with the tools to address a variety of empirical challenges in a confident and effective manner. The next section of the module focuses on model specification, which is crucial in applied econometrics, addressing the representation of an econometric model in line with the economic theory that underpins it, the selection of relevant explanatory variables and the identification of the appropriate functional form. In the last segment of the module, students will be introduced to regression analysis with time-series data. The peculiar features of this type of data and the challenges they pose to econometric modelling will be addressed in depth. Particular attention will be paid to serial correlation, stationarity properties and time-series regressions for policy analysis.

Assessment Proportions

The Experiential Learning component of the module will involve students in work-based activities which they will undertake in parallel with the Econometrics component. The approach to teaching on this module integrates various methods to enable a thorough grasp of core statistical and econometric concepts and models and develop ability to employ them to real-world data and economic problems. The module employs lectures, computer labs, seminars, and online support sessions to create an effective learning environment and foster student engagement. Lectures introduce fundamental statistical and econometric concepts and models, while seminars provide applications to reinforce understanding. To bridge the gap between theory and real-world applications, the computer labs offer practical instruction and hands-on experience with econometric software (EViews). During both seminars and computer labs, tight connections with the lectures will be established. Online support sessions enhance the learning experience by offering additional practice and clarification. Assessment strategies align closely with learning objectives and teaching methods, employing both formative and summative evaluations. Summative assessment includes an empirical project, a test, and a final exam. The coursework involves an individual report which employs real-world data and software-based analysis, designed to enhance professional and analytical skills. The test and final exam assess students' theoretical knowledge and proficiency with a range of statistical and econometric techniques. Formative assessments and feedback are integrated throughout the module. Students are encouraged to engage actively with reading, additional practice exercises, and workshop preparations, which enables them to assess their understanding and seek guidance and clarification during seminars, computer labs, and online sessions.

ECON5121: Environmental Economics

• Terms Taught: Michaelmas 
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: any introductory level microeconomics and macroeconomics

Course Description

This course introduces key concepts, tools, and methods in environmental economics, along with their application to several key policy areas. It aims to equip students with the ability to analyse pressing environmental issues and potential solutions in terms of choices, trade-offs, and scarcity.

Educational Aims

Upon successful completion of this module students will be able to:

1. Demonstrate a fundamental understanding of key concepts, tools, and methods in environmental economics.
2. Identify common themes across various environmental concerns.
3. Critically assess specific environmental issues and evaluate government policies designed to address the underlying market failures.

Outline Syllabus

This module explores how economic principles and tools can be applied to address environmental challenges and promote sustainable development. It begins by introducing the economic perspective on environmental issues, focusing on the role of property rights, market failures, and externalities in contributing to environmental degradation. Key concepts such as opportunity cost and marginal analysis are applied to environmental contexts. The module also covers dynamic efficiency and sustainable development, exploring intertemporal choices and the ethical dimensions of resource use across generations. In the second part of the module, students will have the opportunity to analyse specific environmental issues and the policies put in place to address those challenges: climate change, air/water pollution, degradation of ecosystem services, management of common-pool resources, with particular emphasis on fisheries. Throughout the course, students engage with theoretical frameworks, empirical evidence, and policy applications, developing a well-rounded understanding of how economics can contribute to environmental sustainability.

Assessment Proportions

There are two summative assessments for this module. Students complete a group presentation during seminars, which counts for 30% of the final mark. This presentation is assessed on both the quality of content (group score) and individual contribution (presentation and Q&A performance), ensuring recognition of both teamwork and individual skills. The final exam, weighted at 70%, assesses students' ability to synthesise and apply core concepts to practical questions.

ECON5201: Macroeconomic Analysis

• Terms Taught: Lent / Summer
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: Introductory level macroeconomics with math, or introductory level macroeconomics with no math content with permission from the course convenor

Course Description

This course is designed to extend the knowledge of the principles of macroeconomics which students acquired in their first year. Although the focus of the course is on macroeconomic theory, this is taught within the context of current events in the national and international macroeconomic environment. Considerable 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. Students are encouraged to use their knowledge of macroeconomic theory to gain a better understanding of current macroeconomic events and issues.

Educational Aims

Upon successful completion of this module, students will be able to:

1. Use appropriate theoretical and analytical tools to facilitate a broad understanding of macroeconomic problems and issues.
2. Engage in abstract thinking by extracting the essential features of complex systems to facilitate problem solving and decision-making
3. Communicate and present complex arguments in oral and written form with clarity and succinctness
4. Analyse complex economic issues by integrating insights from international and UK economics facts
5. Interpret how policymakers design and implement policies, and evaluate how these policies affect the everyday lives of consumers, entrepreneurs, and firms
6. Think in marginal terms about the trade-offs involved in public policy and business decision-making

Outline Syllabus

This module is structured in two main parts. The first part introduces and explores key insights from both Classical and Keynesian economic theories. It focuses on the short-run dynamics of aggregate demand and aggregate supply, examining how core macroeconomic variables—such as consumption, output, inflation, labour hours, and unemployment—interact over the business cycle. A central theme is the role of monetary and fiscal policy in stabilizing the economy and shaping macroeconomic outcomes. These policy interventions will be studied in both closed and open economy contexts. The module also considers the differing perspectives of Classical and Keynesian theories regarding the determinants of unemployment. It will also extend the analysis to explore long-run economic dynamics. The second part of the module shifts to the New Keynesian framework. Here, the focus is on understanding why monetary policy can be effective in influencing output in the short run but not in the long run. This section emphasizes the role of expectations—particularly inflation expectations—and highlights how the way the public forms these expectations can affect macroeconomic stability. It also considers the importance of credible and well-communicated monetary policy in anchoring expectations and maintaining economic stability.

Assessment Proportions

To support a comprehensive understanding of macroeconomic theories and analytical tools, the module adopts a blended teaching approach. Lectures introduce key models and concepts in macroeconomics, with a strong emphasis on applying these frameworks to real-world issues and contemporary policy debates. Tutorials complement the lectures by fostering critical engagement with the material and encouraging active student participation. Tutorials are designed to be highly interactive and are structured around students' attempts at weekly worksheet questions. Students are expected to engage with the worksheets in advance, enabling tutorials to focus on collaborative problem-solving, discussion of solutions, and deeper exploration of key topics. This format supports active learning and reinforces core analytical skills. Students benefit from ongoing informal feedback provided through office hours, tutorials, and lectures. This continuous feedback mechanism is intended to help students consolidate their understanding, address difficulties early on, and prepare effectively for assessments. The emphasis on regular feedback is central to student success and the development of robust, long-term knowledge. Assessment for the module includes one intermediate test and a final examination. The intermediate-semester test, covering content from the first part of the course, accounts for forty percent of the final grade. The final exam, covering the full range of topics, constitutes the remaining sixty percent. This structure encourages consistent engagement with the material and offers students early feedback on their progress. Overall, the module’s design aligns with the broader programme goals of promoting continuous learning, critical thinking, and the practical application of macroeconomic concepts to real-world challenges.

ECON5202: Intermediate Macroeconomics

• Terms Taught: Lent / Summer 
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: Any Introductory level macroeconomics

Course Description

This module aims to provide economics major students with a less quantitative background with a robust understanding of intermediate macroeconomic principles, theories, and policies that shape national economies. By building upon foundational economic concepts, the module aims to develop students' analytical skills in evaluating economic performance, policy implications, and global economic interactions without requiring the mathematical rigor expected of economics specialists. The module is being offered as part of the programme to enhance students' economic literacy beyond introductory levels, enabling them to apply macroeconomic frameworks to real-world scenarios relevant to their primary disciplines. As future professionals in various fields will inevitably interact with economic policies and market conditions, this module bridges the gap between basic economic concepts and practical economic reasoning, preparing students to make informed decisions in their respective careers and as engaged citizens in an increasingly complex economic landscape.

Educational Aims

Upon successful completion of this module students will be able to

1. Critically analyse macroeconomic data and indicators to evaluate the current state and performance of an economy using appropriate theoretical frameworks.
2. Apply intermediate macroeconomic models to interpret economic events, policy decisions, and their potential consequences across different market structures.
3. Evaluate the effectiveness and limitations of fiscal and monetary policies in addressing economic challenges such as inflation, unemployment, and economic growth.
4. Synthesize knowledge of international trade theories and exchange rate mechanisms to explain global economic interdependencies and their implications for domestic economies.
5. Construct coherent, evidence-based arguments about contemporary macroeconomic issues that demonstrate an appreciation for the complexities and trade-offs involved in economic policy decisions.

Outline Syllabus

This module provides a comprehensive exploration of intermediate macroeconomic concepts tailored for students with a less quantitative background. The curriculum bridges theoretical frameworks with real-world applications while maintaining accessibility for non-specialists. The module begins by revisiting and deepening understanding of key macroeconomic indicators and national accounting frameworks, including GDP measurement approaches, limitations, and alternative welfare indicators. Students will examine business cycle theories and their relevance to contemporary economic fluctuations, developing the analytical tools to distinguish between short-term fluctuations and long-term growth trends. Core theoretical components include an accessible treatment of aggregate demand and supply models, examining how these frameworks explain economic phenomena such as inflation, unemployment, and output gaps. The module explores the IS-LM model as a tool for understanding the interaction between goods and money markets, presenting it through intuitive explanations rather than complex mathematical derivations. Policy-focused themes constitute a substantial portion of the curriculum, with critical examination of fiscal policy tools, budget constraints, and debt sustainability issues. Monetary policy discussions cover central bank operations, conventional and unconventional tools, and the transmission mechanisms through which monetary decisions affect the broader economy. The module addresses contemporary debates including policy effectiveness, independence of central banks, and the changing nature of inflation targeting. International dimensions receive significant attention through exploration of exchange rate systems, balance of payments dynamics, and international capital flows. Students will analyse how global economic integration affects domestic policy decisions and economic outcomes. Throughout the module, contemporary case studies and policy debates are integrated to illustrate theoretical concepts. These include analyses of the post-2008 economic recovery, pandemic economic responses, climate change economic challenges, and rising inequality concerns. Special emphasis is placed on developing students' ability to critically evaluate economic news reporting and policy announcements using the conceptual frameworks developed during the course.

Assessment Proportions

This Intermediate Macroeconomics module employs a multi-faceted teaching and assessment strategy designed to engage non-economics majors with macroeconomic concepts in accessible yet intellectually rigorous ways. The teaching approach combines traditional lectures with interactive elements to reinforce conceptual understanding. Weekly two-hour lectures introduce key theoretical frameworks and policy applications, supported by visual aids and real-world examples to illustrate abstract concepts. These are complemented by weekly one-hour seminars structured around guided discussions, case studies, and problem-solving activities that encourage students to apply theoretical knowledge to contemporary economic issues. Regular formative assessment opportunities are embedded through in-class exercises and online quizzes that provide immediate feedback on conceptual understanding. To enhance engagement, the module incorporates data analysis workshops where students learn to interpret macroeconomic indicators and evaluate policy decisions using actual economic data. This builds data literacy skills relevant across disciplines. Additionally, guest lectures from practitioners in policy institutions, business, and NGOs help students connect theoretical concepts with real-world applications relevant to their primary fields of study. Assessment is designed to be rigorous yet accessible for non-specialists, focusing on both knowledge acquisition and analytical application. The module employs:

• Two in-semester tests (25% each) combining multiple-choice questions to assess breadth of knowledge with open-ended questions requiring application of macroeconomic concepts to contemporary issues.
• A final examination (50%) featuring structured questions and case-based scenarios that require students to demonstrate comprehensive understanding of the module's theoretical frameworks and their real-world implications.

ECON5211: Communicating using Economic Data

• Terms Taught: Lent / Summer
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: Introductory Level data analysis

Course Description

This module builds on the foundational skills introduced in ECON4310 (or pre-CTP equivalent), focusing on more advanced topics of communicating with economic data. It aims to provide students with the tools and techniques necessary to independently conduct economic analysis and effectively communicate their findings to a range of audiences. Emphasis is placed on developing data literacy, analytical thinking, and professional communication skills through practical exercises and real-world examples.

Educational Aims

By the end of the module, students will be able to:

1. Apply appropriate methods to access, clean, analyse, and visualise economic data
2. Develop clear and compelling narratives based on quantitative evidence
3. Design engaging and accessible presentations that communicate economic insights effectively
4. Critically evaluate the use of data and statistics in public discourse, including the detection of bias and misinformation
5. Demonstrate increased confidence in using data-driven communication in academic and professional contexts

Outline Syllabus

The course will focus on the following topics: Topic 1: Data Basics-refresher This topic introduces the foundational concepts of data that students are expected to understand. It covers what a dataset looks like, including summary measures such as the mean and median, and the differences between binary, categorical, count, and continuous variables. Topic 2: Understanding Probabilities This topic explores the basic concepts of probability. Students will consider examples such as coin tosses to understand why certain outcomes are more likely than others, and how to visualise probabilities effectively. Topic 3: An Introduction to Hypothesis Testing This session introduces the concept of hypothesis testing and the meaning of statistical significance. It provides students with the tools to assess whether observed differences in data are meaningful. Topic 4: Introduction to Statistical Programming Students will be introduced to the statistical software R, widely used in academia and industry. The session will cover the basics, including importing data, performing simple operations, and generating basic plots. Topic 5: Relationships Between Two Variables This topic introduces correlation and how two variables may be related. Students will learn how to use scatter plots to visualise relationships and will explore a range of applied examples. Topic 6: Identification This session addresses the important distinction between correlation and causation. Through intuitive examples and visual tools, students will learn about common pitfalls in interpreting data and why misleading conclusions can arise. Topic 7: Randomised Controlled Trials This topic introduces the use of experiments—especially randomised controlled trials—to evaluate policies. Drawing on examples such as Esther Duflo’s TED talk, students will learn how to present experimental results using bar charts and make informed recommendations. Topic 8: Presenting Data Over Time This session covers data that varies over time, such as GDP trends. Students will learn how to graph time series data clearly and how to compare patterns across different countries. Topic 9: Presenting Data Across Space This topic focuses on spatial variation in data, using examples such as university performance across the UK. Students will explore how to use maps and colour schemes to communicate spatial patterns effectively, and consider examples such as the geographic concentration of crime. Topic 10: Presenting Text Data This topic introduces students to working with text as a form of unstructured data in economic analysis. Students will learn simple techniques to summarise and visualise textual information—such as word frequencies, word clouds, and basic sentiment analysis—and explore how text data from sources like policy documents, news articles, or survey responses can provide insights that complement quantitative data.

Assessment Proportions

The module is delivered through a combination of lectures, workshops, and computer labs, all designed to promote active student engagement. Lectures introduce the core concepts of data analysis, key tools used in economic research, and the principles of effective data visualisation and communication. Workshops provide hands-on opportunities to explore case studies and specific topics related to communicating with economic data. Labs focus on developing practical statistical programming skills, with an emphasis on applying techniques using real-world datasets. The assessment comprises of two separate pieces of assessment and in particular, a written report and a recorded presentation. 40% of the total mark will be from a written report where the students will be given a specific topic (e.g. a special report from the FT or a public policy report) and will be asked to replicate the main graphs but in a different context (e.g. different country). The students will be asked to identify a topic of interest, source and download the data, generate the suitable graphs, and provide a short interpretation of what they observe. 60% from a short recorded presentation where students have to choose a topic, identify what kind of data they need, source and download the data, perform a basic analysis, generate the appropriate graphs and provide a ten-minute presentation.

ECON5221: Games and Strategic Behaviour

• Terms Taught: Lent / Summer
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: Any Introductory level microeconomics

Course Description

This course aims to familiarise students with strategic decision making and develop analytical skills which can be used in different strategic situations.

Educational Aims

By the end of this course, students should have a knowledge and understanding of how to:

1. Model different games
2. Apply game theoretic solution concepts to find appropriate predictions in different strategic situations

By the end of this course, students should be able to:

1. Engage in abstract thinking by extracting the essential features of complex systems to facilitate problem solving and decision-making
2. Engage in deductive and inductive reasoning to enhance problem solving and decision-making skills
3. Apply appropriate mathematical techniques to the analysis of strategic interactions.
4. Demonstrate a logical argument and evaluate alternative perspectives on the basis of objective reasoning

Outline Syllabus

This course contains three main parts: Part 1 provides an overview of game theory and introduces its two core frameworks: simultaneously played games, where players act at the same time without knowledge of others' choices, and sequentially played games, where players move in turns and observe previous actions. It also covers the conversion of sequential games into simultaneous formats to facilitate comparative analysis. Part 2 introduces core solution concepts. Students learn about the dominant strategy equilibrium, where one strategy is best regardless of opponents’ actions, and the Nash equilibrium, where players’ strategies are mutually optimal. The module distinguishes between pure and mixed strategies, the latter involving probabilistic choices. It also explores refinements such as rollback equilibrium (using backward induction in sequential games) and subgame perfect equilibrium, which rules out non-credible threats by requiring equilibrium in every subgame. Part 3 expands into more complex and applied topics. Bayesian games introduce uncertainty about other players' types or payoffs, highlighting strategic behaviour under incomplete information. The section on correlation examines how communication or shared signals can affect equilibrium outcomes. Repeated games explore long-term strategic interaction, capturing the role of reputation, punishment, and cooperation over time. The course concludes with a focus on real-life applications and behavioural game theory, integrating experimental findings and psychological insights to understand how actual human behaviour may diverge from conventional self-interested assumption.

Assessment Proportions

The module Games and Strategic Behaviour is designed to equip students with a solid understanding of game-theoretic models and solution concepts, while also developing their capacity for abstract reasoning, logical argumentation, and the application of mathematical tools to strategic interactions. Teaching and assessment strategies are closely aligned with these aims. The teaching approach combines lectures, classroom experiments, and tutorials, encouraging active student engagement. Lectures introduce core theoretical frameworks and solution concepts. Classroom experiments and tutorials enhance students’ understanding of these theoretical frameworks and solution concepts. Assessment consists of two components: a coursework test (33%) and a final exam (67%). Both involve solving analytical and applied questions in game theory, designed to evaluate the student’s grasp of key concepts and their ability to apply them in specific contexts. This ensures alignment with the module’s learning outcomes, including modelling, problem-solving, and reasoning skills. The coursework allows students to engage with problems in a low-pressure setting, while the final exam tests their ability to synthesise and apply knowledge under timed conditions.

ECON5222: Economic Inequality

• Terms Taught: Lent / Summer
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: any introductory level microeconomics and macroeconomics

Course Description

Since the early work of Jean-Jacques Rousseau (1754), philosophers, scholars, politicians and economists have highlighted its importance and have endeavoured to understand and tackle the issue of inequality. Surprisingly, until recently, there was no role for inequality and distribution in traditional macroeconomic models only the aggregates mattered. However, a considerable amount of research now investigates the economic causes and consequences of inequality/distribution and to understand how inequality/distribution impacts the macroeconomy and macroeconomic policy. The main findings are that inequality dampens economic performance, triggers redistributive policies, amplifies the impact of aggregate shocks, distorts the effects of a policy reform, and more importantly can affect the coherence of the society. Consequently, more and more policymakers have acknowledged the importance of incorporating distributional considerations in their agenda. This course aims to expand the knowledge of the students on the topic of inequality and its connection with the macroeconomy. This not only is a topic highly demanded by students but is also highly relevant in the current economic situation. The course will familiarise the students with both the measurement and data analysis of inequality and the underlying theory and a brief introduction to policy solutions. The course aims to stimulate critical thinking by examining theory and directly applying it to real world examples and data. The target is to use a tractable approach to explain key topics on inequality such as income inequality, wealth inequality and inequality between factors of production.

Educational Aims

The students will develop critical thinking about the ubiquitous problem of inequality and in general about problems that are not yet fully understood. Moreover, they will be introduced to the concepts of fairness and equity in economics. Upon successful completion of this module students will be able to:

1. Apply and critically appraise analytical methods, both theory and model based
2. Apply and interpret basic descriptive statistics and regression techniques relevant to the module topic
3. Analyse and explain recent developments in economic inequality, with particular reference to the UK economy
4. Undertake critical analysis of relevant academic and policy literature
5. Demonstrate effective planning and time management to meet academic deadlines
6. Show initiative and autonomy in conducting individual quantitative analysis
7. Use appropriate statistical software to analyse and interpret economic data
8. Communicate analysis clearly and coherently in analytical papers

Outline Syllabus

The module consists of three parts.

First part: Definition of inequality. Main reason income inequality emerges. Measurement and data analysis of income inequality

Topics to cover:

• Inequality of what? Among whom?
• Why do we care?
• How do we measure inequality?
• Income inequality: explained inequality (education, age)
• Income inequality: discrimination
• Income inequality: unexplained income inequality and income dynamics
• Income and Wealth inequality: data analysis and applications (mainly in the workshops)
• Income and Health inequality

Second Part: How wealth inequality emerges.

Topics to cover:

• Wealth inequality: theory of precautionary savings with a two-three periods model (main factors: income risk and borrowing constraints)
• Wealth inequality: life cycle
• Wealth inequality: initial wealth (exposition with a two-period model)
• Inequality between factors: capital and labour
• Inequality in West Indies post Emancipation

Third Part: Inequality and Social Welfare.

Topics to cover:

• Discussion: Is Inequality Good or Bad?
• Discussion: What can be done?

Assessment Proportions

The module adopts an integrated learning and teaching approach that combines quantitative methods with introductory programming using statistical software. The integration of theory with applied analysis supports students’ understanding of complex material and encourages the development of critical analytical skills. Teaching draws on real-world economic data and contemporary examples, particularly from media and policy debates on inequality, to promote critical evaluation of evidence, including the identification of potentially misleading statistical claims or visualisations. Assessment comprises a compulsory open-book essay (40%) and a summative final examination (60%). The open-book essay assesses students’ ability to use academic sources, data, and quantitative methods to construct a balanced economic argument. This assessment provides structured feedback and functions as a semi-formative activity to support preparation for the final examination. Formative activities throughout the module, including guided data analysis tasks and discussion of example questions, prepare students for assessed work and support progressive skill development.

ECON5251: International Business Environment

• Terms Taught: Lent / Summer
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: Introductory level economics and business economics

Course Description

This module aims to:

• Provide a good grounding in the critical economic dimensions of the international business environment using appropriate conceptual, theoretical and analytical tools.
• Provide a realistic analytical perspective by incorporating the differing theoretical and philosophical approaches to international pollical economy.
• Provide a good level of understanding of the key elements shaping the international business environment to aid practical business knowledge and applications; notably globalisation, the global trade and monetary systems, FDI, emerging economies, global value chains, technology/knowledge, regionalism and climate change.
• Provide a critical perspective on interaction and co-operation between nation states.
• Provide appropriate analytical tools for independent understanding and action in the future.

Transferable skills:

• Enhanced knowledge and analytical skills of key economic variables and factors that affect the international business environment.
• Prepare students for professional careers requiring conversancy and analytical skills in interpreting development in international economic events and the implications for business .

Educational Aims

Upon successful completion of this module students will be able to:

1. Understand the critical role of political economy in the organisation and structure of international institutions and the global economic and financial regulatory framework.
2. Critically evaluate key theories of international economics and apply them to analyse real-world national economy and business scenario.
3. Identify, interpret and analyse current and future developments in the global business environment and devise appropriate strategic implications and national/firm policy responses to guide managers and governments.
4. Communicate and present relevant economic arguments with clarity and succinctness.

Outline Syllabus

The economy is international in nature. This module provides a broad-based introduction to key elements of international economics, introducing and utilising relevant concepts and theories, supported by empirical evidence, to generate deeper understanding and policy outcomes. The module examines the principal philosophical approaches to international political economy so as to provide a foundation for the realistic analysis of the behaviour and interaction of nation states in the global economy. It then examines the role of the key drivers of globalisation and the implications for economic growth and international interaction as well as key debates relating to within and between country inequality. It then examines core theories of international trade – mercantilism, absolute and comparative advantage and intra-industry trade. These are then analysed in the context of global trade policy, trade liberalisation, the WTO and protectionism. The international monetary system is covered, incorporating the determination of exchange rates and a critical discussion of fixed versus flexible exchange rate policies. The role of FDI and MNEs in the global economy is then addressed in the context of the growth of international production, the international division of labour and the development of the Global Factory based upon global value chains (GVCs). The course then tackles several topics of contemporary relevance relating to the economic development and the growth of emerging economies, R&D and the global knowledge economy, regionalism and progress of limiting the effects of climate change. By providing students with a sound broader understanding of international economics and business, the module will make a notable contribution to the Lancaster University Graduate Attribute of Global Citizenship.

Assessment Proportions

Lectures will present the key ideas and models, along with discussion of real-world applications of these ideas and models. Weekly Seminars along with Seminar Preparation will deepen students’ understanding of these ideas and models. Assigned weekly Reading will reinforce the lecture content, and broaden students’ understanding of the subject. The Coursework assessment takes the form of an individual essay, which will build on and further develop students’ professional skills. There will also be a Final Exam designed to allow students to demonstrate their knowledge of the ideas and models developed in the module.

ECON6101: Frontiers of Economics

• Terms Taught: Michaelmas
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: Intermediate level microeconomics and macroeconomics with math

Course Description

This module aims to provide students with a solid grounding in both microeconomic and macroeconomic theory, developing their ability to think analytically about individual decision-making, market outcomes, and the broader economy. The microeconomics component equips students with tools to analyse behaviour and interaction at the individual and firm level. The macroeconomics component builds on some of these foundations by using microfounded models to understand aggregate business cycle dynamics and the role of policy in responding to economic shocks and uncertainty. The module is offered as part of the programme to ensure students gain a coherent and integrated understanding of economic analysis, which is essential for advanced study and policy-oriented work in economics.

Educational Aims

Upon successful completion of this module students will be able to…

1. Apply core microeconomic models to analyse individual behaviour and market outcomes.
2. Apply core macroeconomic models to analyse individual behaviour, market outcomes, and aggregate economic performance.
3. Evaluate the role of government and central bank policy in managing economic fluctuations, using models grounded in microeconomic foundations.
4. Use formal economic reasoning to interpret real-world economic issues and justify policy conclusions with clarity and rigour.

Outline Syllabus

This module explores key topics in advanced microeconomics and macroeconomics, providing students with a coherent set of analytical tools to understand individual behaviour, strategic interaction, and aggregate economic dynamics. The microeconomics component covers decision theory, including choice under uncertainty and over time, and introduces techniques such as comparative statics to analyse how behaviour responds to changes in economic conditions. It also examines strategic interaction through game theory, covering static and dynamic games with complete and incomplete information. Further topics may include adverse selection, moral hazard, principal-agent problems, and models of imperfect competition such as oligopoly, product differentiation, and monopolistic competition The macroeconomics component focuses on a single, widely used framework: the neoclassical Real Business Cycle (RBC) model. Students will study how this model—built on microeconomic foundations and rational expectations—can be used to understand business cycle dynamics and the sources of aggregate economic fluctuations. The RBC framework is applied to a range of macroeconomic questions, including fiscal policy, government debt, and financial frictions. Emphasis is placed not only on the theoretical structure of the model and the analytical and computational techniques used to solve it, but also on developing intuition for how the model works and how it can be used to interpret real-world economic events. Together, the micro and macro components provide students with a rigorous foundation in modern economic theory and its applications, preparing them to analyse complex economic problems and evaluate policy using formal economic reasoning.

Assessment Proportions

Approach to Teaching: This module uses a combination of lectures, seminars, and problem-solving sessions to foster a deep understanding of both microeconomics and macroeconomics. Lectures will introduce core concepts and models, while seminars provide opportunities for students to engage in discussions, apply models to real-world scenarios, and develop critical thinking. Problem-solving sessions will help students apply theoretical models using analytical and computational techniques, enhancing their technical skills and real-world intuition. Assessment Strategy: There are two pieces of assessment. There is a take-home assignment (worth 35%) that requires students to apply their computational skills to address either a macroeconomic or microeconomic question. This approach is well-suited to the module’s focus on advanced theory and the application of quantitative methods. To ensure a comprehensive evaluation of students’ understanding, there will be a final exam at the end of the module, worth 65% of the final mark. The combination of coursework and exam ensures a balanced assessment of both practical and theoretical knowledge, providing a well-rounded measure of student performance. Alignment with Programme Learning, Teaching, and Assessment Strategies: This module aligns with the programme’s goal of developing analytical, problem-solving, and communication skills. The teaching strategy encourages active learning and critical thinking, while the assessments ensure that students can apply theoretical knowledge to real-world issues. The balance between theory and application prepares students for advanced study and policy analysis, supporting the programme’s focus on equipping students with the tools to address complex economic challenges.

ECON6121: Current Issues in Economics

• Terms Taught: Michaelmas
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: any intermediate level microeconomics and macroeconomics or international business or international economics

Course Description

This module aims to consolidate students’ knowledge of economics by applying all the knowledge gained at Level 4 and Level 5 to a wide range of contemporary economic problems faced by policymakers, be it in the public or private sectors. The module is offered as the expectation is that graduate economists will be able to apply their skills, both quantitative and qualitative, to the current topical economic issues. Although these will change over time, they cover areas such as health, education, labour, environment, public policy, social policy, monetary policy, Brexit and Covid.

Educational Aims

Upon successful completion of this module students will be able to…

1. Identify key current policy issues.
2. Source and interpret relevant data to analyse these issues.
3. Frame the problems in relevant economics literature.
4. Be able to write in a clear, critical way, such that recommendations are accessible to policymakers.
5. Deliver a recorded presentation which provides a clear analysis of one of the contemporary economic problems covered in the module along with recommendations as to how policymakers may alleviate/eliminate the problem.

Outline Syllabus

This course is designed around topical issues in economic policy. Although the exact content will depend on the issues that are current at the time of the module, there are several exemplar topics, many of which represent longstanding policy problems. One obvious area deserving of recognition is the never-ending debate about how much money should be devoted to the NHS and how could governments get it to work better. Allied to this is the fragmentation of health and social care leading to the phenomenon of ‘bed blocking’. For all major economies, trade is a key focus of attention. Recently, for the UK, the focus has been on Brexit but now, with a new US President, the debate around tariffs is at the forefront of most policymakers’ concerns. In the labour sphere, the aftermath of Covid still lingers and the government is currently looking to address the problem of economic inactivity, especially amongst young people. Also related to Covid, albeit at the macro level, the UK has a very high level of government debt. Does this matter? The cost of living is something everyone thinks about in terms of Economics. In part, this is influenced by mortgage repayments. Should the Monetary Policy Committee embark on interest rate cutting? Finally, a matter pertinent to most students: is it worth paying for a University education?

Assessment Proportions

In this module, lectures will present the key policy issues that students will be studying. These will be complemented by weekly workshops that will extend students’ knowledge. For example, taking the example of social care which, in the UK, lies out with the remit of central government and is funded by local authorities and individuals, these workshops would look at countries which adopt a very different funding system. Two notable examples are Japan and Germany, both of which have social insurance systems. In the field of university education, even England and Scotland differ with the latter’s government effectively covering student tuition fees whereas, in England, most students fund their fees through the student loan facility. To supplement formal delivery, students will be directed to asynchronous material. This could be videos recorded by existing staff or it could be notable political events such as the King’s speech which details the government’s objectives for the coming year. There are two different types of assessment for this module. Students will produce two written reports on contemporary economic problems along with one verbal recorded report on one of these topics.

ECON6123: Public Policy Analysis

• Terms Taught: Michaelmas
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: any intermediate level microeconomics

Course Description

The aim of the course is to familiarise students with the field of Behavioural and Experimental Economics. The traditional economic theory is based on the assumption of perfectly rational economic agents. Students will obtain an overview of how experimentation can be used to challenge the idea of rationality and test various theories, will be introduced to theoretical models that use insights from other social sciences (e.g. psychology, sociology) to extend the standard economic models and account for behavioural biases, and will get introduced on how to design experiments, analyse and interpret experimental data.

Educational Aims

Upon successful completion of this module students will be able to

1. critically approach and assess the assumptions of standard economic theory and perfect rationality
2. understand the usefulness and the limits of the standard economic theory
3. consider alternative explanations when deviations from the optimal predicted behaviour are observed
4. identify behavioural biases in decision making
5. design a suitable economic experiment to test a research hypothesis

Outline Syllabus

The course will focus on the following topics of Behavioural and Experimental Economics:

• Topic 1: Introduction to behavioural and experimental economics and laboratory proxies
• Topic 2: Peer Effects in the Lab
• Topic 3: Behavioural Finance
• Topic 4: Auctions and Behaviour
• Topic 5: Nudging
• Topic 6: Rational Emotions
• Topic 7: Preferences over Risk and Uncertainty
• Topic 8: Intertemporal Choice
• Topic 9: Fairness and Social Preferences
• Topic 10: Behavioural Game Theory

Assessment Proportions

The teaching approach is a blend of lectures, workshops and class experiments that all encourage active student engagement. Scope of the lectures is to introduce students to the core notions of Behavioural and Experimental Economics and to present the various biases and behavioural theories. Class experiments allow students to understand how the various biases affect their decision making in artificial economic environments and they also serve as a gentle introduction to the principles of experimentation. Finally, the workshops are split in two categories, those that provide a supplementary number of practical examples and questions relevant to the theoretical framework presented in the class, and methodological ones that aim to introduce students to the principles of experimentation, as well to the elicitation of preferences mechanism along with some analysis of behavioural data. The assessment comprises of two separate pieces of assessment: a group presentation and a final closed book exam. Presentation (33%) – Students in each tutorial session will be organised into teams, with each team consisting of multiple individuals. Each team will prepare a 15-minute presentation for a research proposal containing a short introduction, a research question, (at least) one hypothesis, and an innovative experimental design. The presentation component will account for 80% of the coursework mark, while the remaining 20% will be assessed based on students' attendance rate (10%) and their active participation in asking relevant and creative questions, or providing insightful comments to other teams’ presentations (10%). The tutor will assign a collective mark to each team, unless obvious free-riding behaviour is observed. Final Exam (67%) – The final exam takes place in the Exam Period, with schedule to be announced.

ECON6124: Global Macroeconomics and Policy

• Terms Taught: Michaelmas
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: any intermediate level macroeconomics

Course Description

This module aims to equip students with the analytical tools and empirical skills needed to assess and interpret macroeconomic policy in a globalized environment. It builds on foundations in monetary and fiscal theory, encouraging students to critically engage with real-world data and current policy debates in an international context.

Educational Aims

Upon successful completion of this module students will be able to:

1. Apply theoretical macroeconomic models to analyse short- and long-run economic fluctuations in both closed and open economy contexts.
2. Interpret and evaluate macroeconomic data to assess policy-relevant variables such as output, inflation, employment, interest rates, exchange rates, and trade balances.
3. Critically assess the design and effectiveness of monetary and fiscal policy, with particular attention to policy coordination, international spillovers, and the role of institutions.
4. Engage with current policy debates by using economic theory and empirical evidence to formulate well-reasoned arguments about global macroeconomic issues.

Outline Syllabus

This module is divided into two main parts. The first focuses on macroeconomic data interpretation and the empirical analysis of fluctuations in key economic indicators such as GDP, inflation, employment, and trade balances. Students will engage with real-world datasets and apply quantitative methods to understand business cycles and macroeconomic trends. The second part of the module explores the design, implementation, and coordination of fiscal and monetary policy in an interconnected global economy. Topics include international policy spillovers, the implications of various exchange rate regimes, the dynamics of capital flows, and the influence of international institutions such as the IMF, ECB, and Bank of England. The course places strong emphasis on real-world policy applications and contemporary debates, including challenges such as global financial instability, crisis responses, and inflation shocks.

Assessment Proportions

This module combines lectures, seminars, and guided independent study to support students in developing a deep understanding of global macroeconomic policy. Lectures introduce core theoretical models and empirical techniques, while seminars offer hands-on data analysis and case-based discussions. The module accommodates both students from mathematical and non-mathematical pathways, using intuitive approaches and accessible tools such as Excel or entry-level econometrics packages. The assessment strategy is designed to evaluate students' theoretical understanding, empirical skills, and ability to apply economic reasoning to real-world issues. The group presentation encourages collaborative learning and enhances students’ communication skills, while allowing them to explore contemporary macroeconomic topics in depth. It fosters critical engagement with data and policy debates, especially relevant for global economic contexts. The final examination assesses individual understanding of theoretical frameworks and their application to both closed and open economy models, ensuring students can independently analyse complex macroeconomic dynamics. This balanced assessment approach supports the development of core analytical and evaluative skills expected at Level 6, aligning with the programme’s emphasis on policy-relevant economic reasoning. Presentation Details: Students will deliver a group presentation on a major global macroeconomic issue, selected from a list of current policy challenges. Each group’s mark will be split: 50% on group content (slides and structure) and 50% on individual delivery and engagement. Exam Details: The final exam will assess students’ understanding of macroeconomic theory (in both open and closed economies) and their ability to interpret policy responses using empirical and theoretical frameworks.

ECON6126: Growth and Development

• Terms Taught: Michaelmas
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: any intermediate level microeconomics and macroeconomics

Course Description

This module aims to:

• Develop understanding of basic economic theories of growth and development and their application to real world cases.
• Critically evaluate the main factors causing under-development and major debates on how best to foster economic development
• Engage with the reality of policymaking in low- and middle-income contexts, including evaluation of policies and political contexts

Transferable skills:

• Enhanced analytical skills through discussion and presentation of key academic papers and issues in international development.
• Prepare students for professional careers in related business and policy-making spheres, including international trade, international development, civil service and related fields.

Educational Aims

Upon successful completion of this module students will be able to…

1. Critically evaluate the principal theories of economic growth and development and apply them to real world cases.
2. Assess the impact of macroeconomic policy choices on domestic incentives relating to industrialisation, migration, sectoral structure and competitiveness.
3. Analyse the importance of good governance and institutional structures in promoting growth and development via well-informed policy formulation.
4. Evaluate the effectiveness of different growth policies in the context of diverse cultural, institutional and policy imperatives across countries.
5. Critically evaluate and apply economic principles to contemporary policy discussions in low-and middle-income countries.
6. Understand the constraints that governments and households operate under when making economic decisions in low-and middle-income economies.

Outline Syllabus

The course provides an introduction to the theories and the challenges of economic growth and development faced by Low- and Middle-Income Countries (LMICs), where the majority of the world’s population live. The course covers a wide range of critical conceptual issues, theoretical approaches and applied analyses of policy issues relating to economic development from both macro- and microeconomic perspectives. These include: growth versus development; key development indicators; evidence from emerging economies; alternative philosophies and growth models; agriculture, industrialisation and migration; trade policies and growth; governance, institutions; poverty, inequality and social development; credit and risk; human capital- health and education; public policies and the role of international donors

Assessment Proportions

The course integrates theoretical and empirical approaches to deepen student engagement and strengthen their ability to critically interpret statistical and economic analyses. Teaching methods include interactive lectures, guided readings and data-driven seminars that incorporate relevant technologies and datasets, including tools powered by Generative AI, to support critical engagement with evolving subject knowledge. Assessment is constructively aligned to the learning outcomes through a combination of essays and problem-based exercises and/or discussion topics during seminars, with formative feedback opportunities embedded throughout to support student development.

ECON6211: Econometrics and Data Science in Economics

• Terms Taught: Lent / Summer
• US Credits: 5 US Semester credits
• ECTS Credits: 10 ECTS
• Pre-requisites: any intermediate level Econometrics

Course Description

This course aims to equip students with knowledge and understanding of statistical techniques for economic problem solving, including their practical application to economic data using statistical software packages. Students should learn how to conduct individual assignments, communicate, and present complex arguments.

The course is divided in two parts. The aim of the first part of this course is to provide an up-to-date treatment of core Econometric Theory and Practice. The second part of this course aims to equip students with knowledge and understanding for the quantitative analysis of economic data based on data science methods, including data interpretation, visualisation.

The course emphasises motivation, understanding, and implementation; hence it is a good start for people who wish to take the subject further. The course is designed as an intermediate-level specialist module in Econometrics and Data Science for those who have previously taken an introductory-level general module such as second year econometrics.

Educational Aims

Upon successful completion of this module students will be able to:

1. demonstrate a solid understanding of quantitative methods and apply them to the analysis of economic problems;
2. analyse data using statistical software packages;
3. present results by textual, graphical and mathematical means and interpret them with clarity and succinctness;
4. plan and manage their time effectively in relation to deadlines whilst displaying individual initiative and enterprise.

Outline Syllabus

The module is structured into two interconnected parts, providing a thorough understanding of quantitative methods and their applications in contemporary economic analysis. The first part establishes foundational econometric principles relevant to both macroeconomic and microeconomic contexts. It begins with a review of the linear regression model, focusing on key concepts in estimation and inference as covered in introductory econometrics (students in this course have previously taken a second-year econometrics module). The module then explores prevalent econometric frameworks used in economic analysis. In time series econometrics, it emphasises models that address temporal dependence in economic and financial data, including both stationary and nonstationary scenarios, along with predictive time-series modelling. In the realm of panel data econometrics, the module investigates fixed effects and random effects models, which are crucial for managing unobserved heterogeneity in cross-sectional and longitudinal datasets. The second part of the module shifts focus to non-standard econometric challenges requiring data science methodologies. This section introduces innovative statistical tasks, such as classification and non-standard inference, with a strong emphasis on resampling techniques like bootstrapping. It also examines complex modelling environments characterised by non-linearity and high-dimensionality, where traditional econometric methods are not adequate. Data visualisation and computational methods are particularly relevant here. Throughout the module, the econometric implications of these methodologies, such as variance/bias trade-offs, are discussed ensuring students develop a solid understanding. By integrating theoretical rigour with hands-on computational skills, the module prepares students to tackle a diverse array of empirical challenges in economics and finance.

Assessment Proportions

The assessment for this module will consist of coursework in which the students will have to demonstrate an understanding of the theoretical concepts and the application of quantitative methods to economic data. The assessment of this course is 100% by coursework, which comprises two equally weighted take-home assignments where students have to deal with hands-on practical implementation of the methodologies learned in class.

ECON6221: Behavioural Economics

• Terms Taught: Lent / Summer
• US Credits: 5 US Semester credits
• ECTS Credits: 10 ECTS
• Pre-requisites: any intermediate level microeconomics and game theory

Course Description

This module aims to offer students the knowledge and skills necessary to understand the public sector's role in the economy and to effectively contribute to public decision-making processes. By exploring government policies, cost-benefit analysis, and political economy, students will develop a practical understanding of how economic principles can be applied to real-world challenges. This module is offered to enhance students' ability to critically assess and advise on public policies, preparing them for careers in government, policy-making, and also to understand their relationship with governments and regulations while working in the private sector.

Educational Aims

Upon successful completion of this module students will be able to…

1. Grasp the role of the public sector in economic decision-making.
2. Analyse policies related to public goods, taxation, and social systems.
3. Assess public choices by valuing non-monetary benefits and applying time discounting.
4. Examine electoral systems, political roles, and decentralization impacts.
5. Use theoretical models and case studies to address real-world economic issues.
6. Critically evaluate and apply economic principles to contemporary policy discussions.

Outline Syllabus

The objective of this module is to study the role of the public sector in the economy, with a particular focus on the role of economists in helping with public decisions. The first part of the module focuses on the study of government policy. This includes topics such as the provision of public goods, the design of taxation, tax competition, and healthcare and pension systems. The second part focuses on cost-benefit analysis: rigorously assessing and advising public choices. This includes putting a monetary value on non-monetary payoffs and time discounting. The third part focuses on the study of the government itself. This includes topics such as the properties of different electoral systems, the role of politicians, and the impact of decentralization. Lectures combine major theoretical models with case studies. The tutorials are used to critically assess the module's content and learn how to apply it to contemporary policy debates.

Assessment Proportions

The module includes two primary assessments: Exam: Students are required to argue both sides of a public policy debate using economic and public economic tools. This assessment encourages critical thinking, analytical skills, and the ability to present balanced arguments. Cost-Benefit Analysis (CBA) Project: Students choose a real-world issue they wish to address and conduct a comprehensive cost-benefit analysis. This includes measuring economic costs, both monetary and non-monetary, fostering practical application of theoretical knowledge.

ECON6222: Labour and Health Economics

• Terms Taught: Lent / Summer
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: any intermediate microeconomics

Course Description

This module offers Economics students advanced knowledge and critical thinking skills across the interconnected fields of Labour and Health Economics. The course provides a comprehensive set of economic tools to critically appraise fundamental issues related to labour and health both in a UK and international setting. The emphasis is on the use and interpretation of microeconomic models and the most current empirical evidence through engagement with recent scholarly contributions and seminal research papers. On successful completion of this module, students will have gained further experience of how to apply microeconomic principles to contemporary economic issues. They will be able to discuss potential policy responses to these economic issues, and assess the existing empirical evidence on these policies.

Educational Aims

Upon successful completion of this module students will be able to:

1. Understand the fundamental theories in health and labour economics and apply these to contemporary economic issues.
2. Analyse complex economic issues by integrating insights from labour and health economics.
3. Critically evaluate research papers and assess their contribution to the academic and policy debate.
4. Develop oral communication and teamworking skills in the delivery of coursework.
5. Formulate evidence-based policy recommendations and communicate these recommendations to both expert and non-expert audiences.

Outline Syllabus

The initial part of the module focuses on labour economics, exploring how economic theory informs the analysis of human resource practices and labour markets. It begins with a review of how to derive labour supply and demand curves, along with their equilibrium, using a basic neoclassical model. Following this, the focus shifts to human capital investment decisions, including topics such as education economics, on-the-job training, worker mobility and migration. After that, the module addresses the ongoing debate regarding the impact of minimum wages on employment and earnings. It also introduces key concepts in personnel economics, such as principal-agent problems, and discusses how firms can mitigate moral hazard through performance-related pay schemes such as piece-rate contracts. This part of the module concludes by exploring issues related to wage structure, including income inequality and labour market discrimination. The second part of the module focuses on health economics and is split into two subparts. Beginning with economics of the healthcare workforce, students will learn how healthcare systems are set up and financed and discuss the pros and cons of different systems across the world. They will delve into optimal provision of care, and the issues that arise in markets for care such as physician-induced demand. Current challenges such as aging populations, the rise of mental health issues and labour shortages of care providers will be covered. The final part of the module discusses the interrelationship between work and health. Building on the Grossman model as a theoretical basis, students will discuss recent evidence on the impact of health on employment and vice versa. There will be particular focus on how to use and interpret the results of various analytical methods to estimate these relationships.

Assessment Proportions

This module combines lectures and tutorials to help students understand how economics can be applied to the analysis of labour and health-related issues. It emphasizes the role of incentives and opportunity costs in decision-making and encourages students to think in marginal terms when evaluating trade-offs in public policy and business contexts. By integrating both theoretical and empirical approaches, the course aims to enhance student engagement and foster the ability to interpret statistical and economic analyses effectively. To ensure an inclusive and well-rounded learning experience, the module covers a broad range of topics and viewpoints. These include decisions related to human capital investment—such as education, on-the-job training, worker mobility, migration, and health—as well as current debates on pressing issues like minimum wage policies, income inequality, labour market discrimination, optimal provision of care for an aging population with labour shortages of care providers and the increasing burden of mental health issues. The module includes two primary assessments:? Exam: Students are required to answer two essay-style questions—one focused on labour economics and the other on health economics—drawing on both theoretical concepts and empirical evidence. This assessment is designed to promote critical thinking, strengthen analytical skills, and develop the ability to construct well-reasoned and balanced arguments. Group Recorded Presentation: This assessment promotes students’ skills in communicating and presenting complex ideas clearly, both in written and oral formats, and work efficiently both independently and as part of a team. Formative assessment and feedback opportunities are integrated throughout the module. Students will receive regular feedback during tutorials and office hours, helping them to refine their arguments and analyses before the summative assessments. This approach ensures that students are well-prepared and supported, addressing common barriers to learning and promoting continuous improvement.? Overall, the module's learning, teaching, and assessment strategy is designed to equip students with the knowledge, insight, and skills needed to effectively engage in public decision-making, contribute to policy discussions, and support informed business decisions.

ECON6223: Industrial Organisation

• Terms Taught: Lent / Summer 
• US Credits: 5 US Semester credits
• ECTS Credits: 10 ECTS
• Pre-requisites: any intermediate level microeconomics

Course Description

This module in Industrial Organisation aims to equip students with a strong understanding of how strategic thinking shapes firm behaviour and market outcomes, with a particular focus on competition and regulation including digital markets. The module applies core microeconomic and game-theoretic tools to analyse decision-making by firms and regulators, and to explain how market structure, concentration, and market power emerge in modern market environments. Students will also develop the ability to evaluate the rationale for market regulation, model regulatory interventions, and predict their likely effects on firms, competition, and consumer welfare.

Educational Aims

Students who pass this module should be able to...

Outline Syllabus

This module in Industrial Organisation aims to equip students with a strong understanding of how strategic thinking shapes firm behaviour and market outcomes, with a particular focus on competition and regulation including digital markets. The module applies core microeconomic and game-theoretic tools to analyse decision-making by firms and regulators, and to explain how market structure, concentration, and market power emerge in modern market environments. Students will also develop the ability to evaluate the rationale for market regulation, model regulatory interventions, and predict their likely effects on firms, competition, and consumer welfare.

ECON6224: International Trade and Business

• Terms Taught: Lent / Summer
• US Credits: 5 US Semester Credits
• ECTS Credits: 10 ECTS
• Pre-requisites: any intermediate level mircoeconomics and macroeconomics

Course Description

This module aims to:

• Develop a comprehensive understanding of international trade theories and their practical applications in the global business environment.
• Critically analyse contemporary issues in international trade, including trade policies, barriers and agreements.
• Evaluate the strategic decisions multinational enterprises make when operating across different markets.
• Examine the economic, political and cultural factors that influence international business operations.
• Analyse the nature of interactions between the determinants of trade and foreign direct investment in the organisation and structure of international production and global value chains (GVCs).
• Analyse the impacts of foreign direct investment on home and host countries.

Transferable skills:

• Enhanced analytical skills through case studies of international business ventures
• Prepare students for professional careers in international trade, global business development and related fields

Educational Aims

Upon successful completion of this module students will be able to:

1. Critically evaluate major theories of international trade and international business and their application to the analysis of real-world scenarios.
2. Assess the impact of trade policies, tariffs and non-tariff barriers on firm strategies, foreign direct investment and market entry decisions.
3. Analyse the complex relationships between multinational enterprises, governments and international institutions in shaping international production and global trade patterns.
4. Evaluate the effectiveness of different international business strategies across diverse cultural, institutional and economic contexts
5. Interpret international trade data and economic indicators to inform decision-making by businesses and policymakers
6. Formulate evidence-based arguments about contemporary international trade issues, supported by relevant theories and data.
7. Evaluate the impacts of foreign direct investment, supported by relevant concepts, theories and empirical evidence.

Outline Syllabus

The economy is international in nature. Many goods and services are traded across countries; it is difficult to conceive of a world in which firms and consumers in different countries do not interact with each other. As a result, economic policies and product innovations in one country can rapidly affect economic agents worldwide. This module provides a comprehensive exploration of international trade and global business dynamics, bridging theoretical models and practical policy implications. The module will examine core trade theories including the Ricardian, Heckscher-Ohlin, and heterogeneous firm models, alongside in-depth analyses of international factor mobility, trade policies, and globalisation trends. On the International Business side, the module covers key topics such as global value chains, multinational firm strategies, international competitive advantage and the economic impacts of outsourcing and foreign direct investment (offshoring). By emphasising real-world applications, the module explores how theoretical frameworks inform understanding of contemporary economic phenomena, including labour productivity, attitudes towards trade, the effects of immigration and the evolving landscape of global economic interactions between firms and nations. By providing students with a good understanding of international trade and business, this module will contribute especially to the Lancaster University Graduate Attribute of Global Citizenship.

Assessment Proportions

Lectures will present the key ideas and models, along with discussion of real-world applications of these ideas and models. Weekly Seminars along with Seminar Preparation will deepen students’ understanding of these ideas and models. Assigned weekly Reading will reinforce the lecture content, and broaden students’ understanding of the subject. The Coursework assessment takes the form of an individual essay, which will build on and further develop students’ professional skills. There will also be a Final Exam designed to allow students to demonstrate their knowledge of the ideas and models developed in the module.