Economics BSc (Hons)

Key information


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In our Economics BSc, you will be taught the latest economic thinking by highly regarded researchers from around the world. You will develop specialist analytical skills to understand the complexity behind domestic and international economies.

In Liverpool you will have the opportunity to gain experience using real-time trading information, economic and financial news in our Bloomberg Trading Floor.

If you are interested in why individuals, companies and governments behave in certain ways and want to develop high level quantitative and analytical skills to succeed in a variety of roles, an Economics degree might interest you.

The BSc Economics programme develops your analytical skills and provides comprehensive training in, and practical application of, the theoretical and quantitative tools used in the study of economics and finance. You will gain a solid understanding of the current economic and financial issues faced by governments and businesses and the ability to apply econometric models to support these findings in either of our two pathways: Economics or Finance.

Our graduates successfully find careers as analysts, consultants, researchers, traders and other roles in organisations such as Deloitte, GSK, KPMG, NHS, PwC, as well as specialist investment/economic research firms or pursue postgraduate study.

Within our Economics programme there are two pathway options, an Economics and a Finance pathway. The pathways help you to specialise your studies to prepare you for your future studies and/or career.

Interested in finding out more? Junxi Liu shares his experience on the course, below.

 

"You can be inspired by professors and lecturers from all around the world with their unique insights in their modules. The University of Liverpool also gives you a wider option in Modules choices. I chose Creative Sector Economics last semester. And I found it absolutely fascinating to learn."

Junxi Liu, Economics.

As XJTLU students will join Year 2 at The University of Liverpool, this PDF provides relevant module information for the following programme(s):

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Programme Year Two

In your second year of study, you will build upon your studies at XJTLU and be introduced to the study of econometrics, a key area for anybody working in economics or planning to study economics at postgraduate level. Further modules will be based on your pathway.

Year Two Compulsory Modules

  • Econometrics 1 (ECON212)
    Level2
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting0:100
    Aims

    Econometrics is concerned with the testing of economic theory using real world data. This module introduces the subject by focusing on the principles of Ordinary Least Squares regression analysis. The module will provide practical experience via regular laboratory session.   This module also aims to equip students with the necessary foundations in econometrics to successfully study more advanced modules such as ECON213  Econometrics II, ECON311  Methods of Economic Investigation: Time Series Econometrics and ECON312 Methods of Economic Investigation 2: Microeconometrics.

    Learning Outcomes

    (LO1) Reinforce the  understanding of fundamental principles of statistics, probability and mathematics to be used in the context of econometric analysis

    (LO2) Estimate simple regression models with pen and paper using formulae and with the econometric software EViews8

    (LO3) Understand the assumptions underpinning valid estimation and inference in regression models

    (LO4) Formulate and conduct intervals of confidence and tests of hypotheses

    (LO5) Evaluate the impact that changes in the unit of accounts of variables and changes in the functional form of equations may have upon the results of OLS and their interpretation

    (LO6) Assess the goodness of results by means of appropriate tests and indicators

    (LO7) Assess predictions

    (LO8) Extend analysis to the context of multiple linear regression

    (LO9) Use EViews7 to estimate simple linear regression models  and multiple linear regression models

    (S1) Problem solving skills

    (S2) Numeracy

    (S3) IT skills

  • Econometrics 2 (ECON213)
    Level2
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting60:40
    Aims

    The aims of this module are to build on ECON212 by extending the treatment of regression to the multiple regression model and to develop practical research skills which would be expected from a graduate in Economics either as a foundation for postgraduate study or for work as a professional economist recruited at graduate level.

    Learning Outcomes

    (LO1) Students will be able to explain the assumptions required for OLS multiple regression to be Best Linear Unbiased

    (LO2) Students will be able to explain the problem of multicollinearity, how it is detected and how it can be resolved

    (LO3) Students will be able to conduct single and joint hypothesis tests

    (LO4) Students will be able to test restrictions on coefficients

    (LO5) Students will be able to construct and interpret confidence intervals around estimates and forecasts

    (LO6) Students will be able to propose and implement model building strategies and criteria for evaluating model adequacy

    (LO7) Students will be able to explain, use and interpret dummy variables

    (LO8) Students will be able to explain and implement the generalised method of moments using instrumental variables

    (LO9) Students will be able to conduct independent econometric research and present the results in a professional manner

    (LO10) Students will be able to develop a knowledge of the appropriate quantitative tools used inaddressing real world economic issues.

    (S1) Problem solving skills

    (S2) Numeracy

    (S3) Teamwork

    (S4) Organisational skills

    (S5) Communication skills

    (S6) IT skills

    (S7) Lifelong learning skills

  • Macroeconomics I (ECON223)
    Level2
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting60:40
    Aims

    To extend the study of macroeconomic theory to the intermediate level.
    To analyse the classical and Keynesian macroeconomic models, and their policy implications, in order to provide a context for subsequent developments in modern macroeconomics associated with monetarism, new classical and new Keynesian economics.

    Learning Outcomes

    (LO1) Students will be able to understand how employment, output, interest rate and the price level are determined in the classical model

    (LO2) Students will be able to understand the origin of economic growth in the short runand in the long run

    (LO3) Students will be able to understand the effects of fiscal and monetary policies in the IS-LM model

    (LO4) Students will be able to understand the effects of fiscal and monetary policies under different exchange-rate regimes

    (S1) Problem-solving skills

    (S2) Numeracy

    (S3) Organisational skills

    (S4) Communication skills

    (S5) International awareness

    (S6) Lifelong learning skills

  • Macroeconomics II (ECON224)
    Level2
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting70:30
    Aims

    To further extend the study of macroeconomic theory at the intermediate level by analysing business-cycle fluctuations in closed and open economies using the real business cycle model and also the new Keynesian model that are based on solid microfoundation

    Learning Outcomes

    (LO1) Understand the microfoundation of modern macroeconomic models

    (LO2) Explain the implications of macroeconomic disturbances and fiscalpolicies using the real business cycle model

    (LO3) Contrast the different implications of monetary policies in thereal business cycle model and in the new Keynesian model.

    (LO4) Analyse business cycles in the open economy.

    (S1) Problem solving skills

    (S2) Numeracy

    (S3) Commercial awareness

    (S4) Communication skills

    (S5) IT skills

    (S6) International awareness

    (S7) Lifelong learning skills

    (S8) Ethical awareness

    (S9) Teamwork

    (S10) Organised and able to work under pressure

  • Microeconomics 1 (ECON221)
    Level2
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting0:100
    Aims

    This module, in accordance with Microeconomics 2, aims to provide a solid foundation of intermediate level microeconomic theory. It develops and extends three of the topics introduced in Principles of Microeconomics, namely, Consumer Theory, Producer Theory and General Equilibrium. It prepares the students for the more advanced modules in the second and third year like Microeconomics 2 and Game Theory.

    Learning Outcomes

    (LO1) Students will be able to demonstrate a thorough understanding of the core concepts and models used in consumer theory, producer theory and general equilibrium and an ability to apply these to arange of markets and settings.

    (LO2) Students will be able to think and apply themselves analytically to problems in the above-mentioned topics.

    (LO3) Students will be able to gain problem solving skills using verbal, diagrammatic and mathematical methods to problems in the above topics.

    (LO4) Students will be able to have a critical perspective regarding the assumptions underlying microeconomics models.

    (S1) Adaptability

    (S2) Problem solving skills

    (S3) Numeracy

    (S4) Organisational skills

    (S5) communication skills

    (S6) IT skills

    (S7) Lifelong learning skills

  • Microeconomics 2 (ECON222)
    Level2
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting100:0
    Aims

    This module, following on from with Microeconomics 1, aims to provide a solid foundation of intermediate level microeconomic theory. 
    The module uses the theoretical foundations developed in the first semester and aims to extend the application of the skills acquired to more advanced topics such as welfare economics.
    This module also aims to prepare students for the more advanced modules in the third year by introducing topics such as asymmetric information and game theory.

    Learning Outcomes

    (LO1) Have a thorough understanding of the core concepts and models used in Welfare Economics, Asymmetric Information, and Game Theory.

    (LO2) To prepare students to think and apply themselves to analyse a range of problems in the three areas mentioned above.

    (LO3) To develop problem solving skills using verbal, diagrammatic and mathematical methods to problems in the above topics.

    (LO4) To deepen a critical perspective regarding the assumptions underlying microeconomics models.

    (S1) Adaptability

    (S2) Problem solving skills

    (S3) Numeracy

    (S4) Organisational skills

    (S5) Communication skills

    (S6) Lifelong learning skills

Year Two Optional Modules

  • Alternative Perspectives in Economics (ECON250)
    Level2
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting0:100
    Aims

    This module aims to provide a historical and methodological basis for understanding modern economic theory.

    Learning Outcomes

    (LO1) Analyse the philosophical basis for methodology

    (LO2) Differentiate between and analyze the approach to subject matter adopted by the different schools of thought

    (LO3) Demonstrate a knowledge of the context within which different strands of economic thought developed

    (LO4) Evaluate different methodological approaches

    (S1) Communication skills

    (S2) Lifelong learning centre

    (S3) Ethical awareness

  • Analysis of Big Data: Programming, Data Management & VIsualisation (ECON215)
    Level2
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting0:100
    Aims

    The module aims to fulfil the needs of two main groups of students:  
    Group 1: Data-intensive careers within economics and related areas increasingly require programming skills. Python is growing in popularity within the economics profession, and is one of the most popular languages within data science. The module should be particularly useful for those students whose future careers focus on relatively sophisticated or large scale data analysis and management in business, finance or economics. An aim of the module is for it to serve as an early introduction to the vast capabilities of Python for data analysis, where students can begin to acquire key skills in the area along with valuable transferable skills in computing.

    Group 2: Research careers in economics or econometrics very often require general programming skills, and, while geared towards data tasks, this module serves as a first introduction to programming.

    Learning Outcomes

    (LO1) Students will become familiar with Python as a tool for data analysis.

    (LO2) Students will become proficient in producing data visualisations using Python.

    (LO3) Students will develop competency with popular Python libraries for data analysis.

    (LO4) Students will become familiar with general programming concepts.

    (S1) IT skills

    (S2) Numeracy

    (S3) Lifelong learning skills

    (S4) Problem solving skills

  • Behavioural Economics (ECON251)
    Level2
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting0:100
    Aims

    This module aims to:

    Introduce students to behavioural economics, its methods and its perspectives;

    Provide an overview of some the main contributions which behavioural economics has made to economics as a social science;

    Highlight areas where fundamental assumptions underlying economic theory have evolved in the light of behavioural economic research;

    Raise awareness of related areas of development in economic theory;

    Prepare students for the study of more technical modules in behavioural or experimental analysis.

    Learning Outcomes

    (LO1) Students will be able to gain an overview of Behavioural Economics and how it relates to traditional economic analysis.

    (LO2) Students will be able to independently study primary research contributions in Behavioural Economics.

    (LO3) Students will be able to engage in further study in related fields such as behavioural finance and experimental economics

    (LO4) Students will be able to critically evaluate the axioms on which mainstream economic approaches are based as well as the suggested alternatives.

    (LO5) Students will be able to gain an understanding of the international policy contexts of the application of behavioural theories.

    (LO6) Students will be able to understand the effect of moral philosophy (ethics) on economic decisions - particularly in the implications of social preferences.

    (S1) Problem solving skills

    (S2) Communication skills

    (S3) Lifelong learning skills

    (S4) Ethical awareness

  • Mathematical Economics 2 (ECON211)
    Level2
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting100:0
    Aims

    The aim of this module is to introduce students to the use of mathematical models in the study of Economics
    To build on the material of Year 1 Mathematics and Economics and deepen students' knowledge of mathematical techniques involved in Microeconomics and game theory
    To develop more advanced mathematical skills
    To develop an ability to use models to solve economic problems

    Learning Outcomes

    (LO1) Students will be able to revise univariate calculus.

    (LO2) Students will be able to introduce matrix algebra.

    (LO3) Students will be able to acquire skills with multivariate calculus.

    (LO4) Students will be able to develop study optimisation.

    (LO5) Students will be able to apply these skills to microeconomic problems

    (LO6) Students will be able to apply these skills to macroeconomic problems

    (S1) Problem-solving skills

    (S2) Numeracy

  • Securities Markets (ECON241)
    Level2
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting60:40
    Aims

    This module seeks to provide an understanding of:
    the role of securities markets in the economy;
    their basic mechanics and technical features;
    the valuation of financial assets;
    the operational and allocative efficiency of the market.

    Learning Outcomes

    (LO1) Appreciate the central role of securities markets in the economy

    (LO2) Understand and apply appropriate economic theory to market organisation

    (LO3) Display an understanding of the usefulness of portfolio theory and the approaches to the valuation of financial assets

    (LO4) Read the financial press and appreciate issues relating to the study of the securities markets

    (S1) Adaptability

    (S2) Problem solving skills

    (S3) Numeracy

    (S4) Commercial awareness

    (S5) Teamwork

    (S6) Organisational skills

    (S7) Communication skills

    (S8) IT skills

    (S9) International awareness

    (S10) Lifelong Learning Skills

    (S11) Ethical Awareness

Programme Year Three

In your final year you will take more advanced economics modules and have the opportunity to apply what you have studied to contemporary issues. You can also choose from a range of optional modules, strongly supported by the
topical research carried out by our academics, so you can specialise in the areas that are of the greatest interest to you and your future aspirations.

Upon successful completion of your final year, you will have a thorough understanding of a wide range of theoretical tools used in economics and where applicable, in finance. You will also be familiar with the analytical and quantitative tools used in addressing real world economic finance.

Year Three Compulsory Modules

  • Advanced Microeconomics (ECON342)
    Level3
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting100:0
    Aims

    This module aims to provide an understanding of the market failure resulting from asymmetric information. The course covers some of the canonical models of adverse selection and moral hazard focussing on the design of optimal contracts under informational asymmetries.

    Learning Outcomes

    (LO1) Solve simple economic models

    (LO2) Understand underlying assumptions

    (LO3) Understand theorems and key proofs

    (LO4) Predict the choices of economic agents

    (S1) problem solving skills

    (S2) numeracy

    (S3) Communication skills

  • Advanced Macroeconomics (ECON343)
    Level3
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting70:30
    Aims

    To further develop understanding of macroeconomic theory, where appropriate, to integrate the theory with issues of current policy interest.
    To further develop students' analytical and problem solving abilities applied to economic principles

    Learning Outcomes

    (LO1) Acquire advanced knowledge and understanding of contemporary macroeconomic

    (LO2) Be able to critically appraise the relevant theory and evidence

    (LO3) Apply macroeconomic theory to analyse macroeconomic developments and evaluate their implications

    (LO4) Apply macroeconomic theory to analyse policy implications

    (LO5) Further develop their mathematical and analytical skills as applied in modern economics

    (S1) Problem solving skills

    (S2) Numeracy

    (S3) Teamwork

    (S4) Adaptability

    (S5) Lifelong Learning Skills

  • Applied International Macroeconomics (ECON346)
    Level3
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting100:0
    Aims

    This module aims to encourage critical reflection in combination with formal modelling skills applied to macroeconomic models and in the context of international interaction.

    Learning Outcomes

    (LO1) Students will be able to provide advancedinterpretations combining macroeconomic economic theory in aglobal economic context and reflect critically on the models employed.

    (LO2) Students will be able to demonstrate knowledgeand understanding of exchange rate régimes and of how they relate to thebalance of payments and the scope for policy design.

    (LO3) Students will demonstrate a representativeawareness and an advanced understanding ofrecent, current and defining historic currency crises.

    (LO4) Students will be able to relate parityconditions to economic analysis tasks in diverse model contexts.

    (LO5) Students will be able to identify how andwhere to source key data for international comparisons and relate them toformal model representations.

    (S1) Problem solving skills

    (S2) International awareness

    (S3) Lifelong learning skills

Year Three Optional Modules

  • Behavioural Finance (ECON321)
    Level3
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting70:30
    Aims

    Provide students with knowledge and understanding of theoretical and empirical limitations of and challenges to the efficient markets hypothesis;
    Present the psychological foundations of Behavioural Finance and how they impact upon investors’ rationality and arbitrage;
    Provide the opportunity for students to critically evaluate behaviourally induced market puzzles;
    Present key behavioural trading patterns from a theoretical perspective and outline their empirical design.

    Learning Outcomes

    (LO1) Students will be able to understand the key concepts and issues in behavioural finance.

    (LO2) Students will be able to possess a good command of the key theoretical and empirical literature in behavioural finance.

    (LO3) Students will be able to develop an ability to analyse main implications (theoretical and empirical) of behavioural finance findings.

    (LO4) Students will be able to construct and present critical evaluations of key academic papers in behavioural finance.

    (LO5) Students will be able to have practiced skills of problem-solving and critical thinking in behavioural finance.

    (S1) A Problem Solver

    (S2) Numerate

    (S3) Commercially Aware

    (S4) An Excellent Communicator

    (S5) IT Literate

    (S6) Internationally Aware

  • Creative Sector Economics (ECON362)
    Level3
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting0:100
    Aims

    To provide an historical and methodological basis for understanding the economics of Arts & Cultural industries.
    To explore the application of economic theory in ‘non-standard’ markets, i.e. markets where neoclassical microeconomic assumptions may not hold .
    To microeconomically analyze major creative industries sectors such as fine arts, music, publishing, broadcasting, cinema & arts festivals

    Learning Outcomes

    (LO1) Students will be able to demonstrate a knowledge of and theoretical basis for the economic characteristics of the creative sector.

    (LO2) Students will be able to demonstrate a knowledge of the history and context within which different strands of economic thought developed.

    (LO3) Students will be able to demonstrate a knowledge of the philosophical basis for methodology and evaluate different methodological approaches within the discipline.

    (LO4) Students will be able to demonstrate a knowledge of the size, make-up and economic importance of the creative sector in the UK and internationally.

    (LO5) Students will be able to demonstrate a knowledge of how economic theories are extended beyond their neo-classical assumptions.

    (LO6) Students will be able to develop skills of independent research, thinking and writing through coursework.

    (LO7) Students will be able to demonstrate skills of construction of argument in essay form developed through coursework.

    (S1) Problem solving skills

    (S2) Numeracy

    (S3) Commercial awareness

    (S4) Organisational skills

    (S5) Communication skills

    (S6) IT skills

    (S7) International awareness

    (S8) Lifelong learning skills

  • Contemporary Issues in Economic Policy (ECON330)
    Level3
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting70:30
    Aims

    This module aims to give students a factual and theoretical basis to understand and critically evaluate possible responses to the key contemporary challenges faced by policy makers in the United Kingdom.
    The module seeks to enable students to apply theoretical economic concepts to real problems in the areas of social housing, health, education, transport and environment. The module also covers the present and future challenges presented by Brexit and the recent financial crisis to policy makers.

    Learning Outcomes

    (LO1) Students will be able to identify and explain policy responses to contemporary challenges.

    (LO2) Students will be able to understand the fundamental principles and concepts of economics and their application and relevance in the context of contemporary challenges like the financial crisis, Brexit, environmental and transport policy and in key areas of public provision such as health, education and housing.

    (LO3) Students will be able to explain economic concepts such as quasi-markets and market failures and their application in relevant areas.

    (LO4) Students will be able to conduct independent research using relevant secondary sources including economic data.

    (LO5) Students will be able to critically evaluate the issues covered in the module in a clear international context.

    (LO6) Students will be able to develop a critical awareness of the ethical dilemmas and ethical issues involved in the policy responses to the contemporary challenges covered in the module.

    (S1) Problem solving skills

    (S2) Communication skills

    (S3) IT skills

    (S4) International awareness

  • Economics of Banking (ECON323)
    Level3
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting100:0
    Aims

    The aim of this module is to provide students with an understanding of the economic principles of banking; the nature of the bank, its role in the economy, and the regulatory environment in which it operates.

    Learning Outcomes

    (LO1) Students will develop knowledge of the main economic theories about international bank behaviour, bank regulation, banking crises and the role of banks in the economy (including in the transmission mechanism of monetary policy)

    (LO2) Students will develop critical knowledge of institutional and historical factors related to the banking system

    (LO3) Students will be able to analyse how banks should adapt to shifting circumstances and how they are affected by banking regulations

    (LO4) Students will be able to analyse how monetary policy and bank behaviour interact to affect aggregate demand and the risks affecting banks and the international banking system as a whole

    (LO5) Students will be able to read and interpret financial press and journal articles that make use of the concepts and methods that are introduced in the module.

    (S1) Problem solving skills

    (S2) Numeracy

    (S3) Commercial Awareness

    (S4) Communication Skills

    (S5) IT Skills

    (S6) International Awareness

    (S7) Lifelong Learning Skills

    (S8) Ethical Awareness

    (S9) Organised and able to work under pressure

  • Financial Crises and Defaults (ACFI319)
    Level3
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting100:0
    Aims

    This module aims to provide students with a fundamental understanding of the core theoretical and empirical aspects involved in financial crises and defaults. In particular, the aims are that students will be able to:
    1. Become familiar with a range of mathematical techniques commonly employed in finance with particular emphasis on sovereign debt valuation .
    2. Develop an understanding of the main factors behind financial crises and sovereign defaults.
    3. Become familiar with a range of econometric techniques and models commonly used in order to assess whether asset prices become mispriced (that is, overvalued or undervalued) prior, during and after financial crises.
    4. Become aware that all econometric models, which are dependent on a set of underlying assumptions such as a linear versus a non-linear specification or the conditioning information set (in terms of defining the so-called ‘control’ variables), have limitations in the sense that the answer to a particular problem might change once the underlying assumptions change.

    Learning Outcomes

    (LO1) Students will be able to understand the principles of sovereign debt evaluation.

    (LO2) Students will be able to understand how credit-rating agencies assign credit-rating scores to sovereign bonds.

    (LO3) Students will be able to develop a deep understanding of economic and financial factors that trigger financial crises and sovereign defaults.

    (LO4) Students will be able to develop the ability to analyse and evaluate economic data in order to empirically assess (using econometric software EVIEWS) whether excessive debt levels impact negatively on economic growth.

    (LO5) Students will be able to develop the ability to analyse and evaluate economic and financial data in order to empirically assess (using the econometric software EVIEWS) whether asset prices are mispriced prior, during and after financial crises.

    (S1) Problem Solving Skills

    (S2) Numeracy

    (S3) Commercial Awareness

    (S4) Communication Skills

  • Game Theoretical Approaches to Microeconomics (ECON322)
    Level3
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting100:0
    Aims

    The objective of the module is to provide an introduction to game theory. This is the study of strategic interactions ie situations where outcomes depend not only on our own actions but also how others react to our actions. This module complements those in core macro and microeconomics and offers more insight into strategic decisions and competitive behaviour in general.

    Learning Outcomes

    (LO1) Distinguish between types of games

    (LO2) Explain game theoretical concepts

    (LO3) Conduct advanced microeconomic analysis by formulating a game and its associated solution concepts and deriving solutions to games

    (LO4) Apply games in a range of economic, business and social contexts

    (LO5) Explain the importance of game theoretic approaches in economic analysis

    (S1) Problem Solving Skills

    (S2) Numeracy

    (S3) Commercial Awareness

    (S4) Teamwork

    (S5) Organisational Skills

    (S6) Communication skills

    (S7) IT skills

    (S8) International awareness

    (S9) Lifelong learning skills

    (S10) Ethical awareness

  • Health Economics (ECON326)
    Level3
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting100:0
    Aims

    The aim of this module is to introduce third year economics students to the basic principles and tools of health economics. The module aims to show how the health care system differs from the economic textbook model of perfectly competitive markets. It will offer an overview of the issues of demand and supply for health care, supplier-induced demand, equity and inequality, health care financing and health insurance. It will emphasize the use of economic evaluation for assessing health care interventions as a way of making informed decisions in terms of costs and benefits.

    Learning Outcomes

    (LO1) Students will be able to recognize the main characteristics and important questions addressed in the health care market

    (LO2) Students will be able to understand the main characteristics and differences of the type of studies used in economic evaluation

    (LO3) Students will be able to examine economic evaluation papers and be able to identify and assess the main strengths and weaknesses of published studies

    (LO4) Students will be able to understand the theoretical foundations of health economics

    (LO5) Students will be able to understand the role of health economics in Health Technology Assessment

    (LO6) Students will be able to assess the value of health economics in informing resource allocation decisions in both advanced and resource poor settings

    (S1) Adaptability

    (S2) Problem-solving skills

    (S3) Commercial awareness

    (S4) Teamwork

    (S5) IT skills

    (S6) International awareness

    (S7) Lifelong learning skills

    (S8) Ethical awareness

  • Industrial Organisation (ECON333)
    Level3
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting0:100
    Aims

    To apply the tools of microeconomics to the analysis of firms, markets and industries in order to understand the nature and consequences of the process of competition. These tools will also be applied to the evaluation of relevant government policy.  This will extend knowledge and skills of microeconomic analysis by covering recent advances in theory as well as empirical analysis of relevant microeconomic topics.

    Learning Outcomes

    (LO1) Students will be able to use economic principles, concepts and techniques to discuss and analyse government policy and economic performance with reference to standard frameworks in Industrial Organisation.

    (LO2) Students will be able to apply standard frameworks, including verbal, graphical, mathematical and statistical representations of economic concepts and models, to explain and evaluate the effects of a range of competitive behaviours by firms and how they are influenced by economic incentives and the ethical issues enveloped within this.

    (LO3) Students will be able to analyse current issues and problems in business and industry from domestic, international and cross-border perspectives.

    (LO4) Students will be able to compare, contrast and critically evaluate alternative schools of thought in Industrial Organisation with reference to empirical evidence.

    (LO5) Students will be able to conduct competent applied economic research by locating, selecting and analysing information relevant to the study of Industrial Organisation from domestic and global perspectives.

    (LO6) Students will be able to communicate effectively in writing and in accordance with a report specification

    (S1) Problem solving skills

    (S2) Numeracy

    (S3) Commercial awareness

    (S4) Communication skills

    (S5) IT skills

    (S6) Ethical awareness

  • International Trade (ECON335)
    Level3
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting60:40
    Aims

    To develop an appreciation and understanding of basic principles determining the observed patterns of trade in the increasingly globalised world economy.

    Learning Outcomes

    (LO1) Students will be able to understand the role of both absolute and comparative advantage in explaining observed patterns of trade in the global economy

    (LO2) Students will be able to recognise both the strengths and limitations of the basic Ricardian approach and the Hecksher-Ohlin Theory of trade.

    (LO3) Students will be able to critically evaluate the roles, achievements and failures of various international institutions in the context of international economic performance.

    (LO4) Students will be able to critically understand and approach trade based on increasing returns to scale

    (LO5) Students will be able to recognise the implications of different types of trade barriers and why countries protect.

    (LO6) Students will develop a critical understanding of the importance and implications of different levels of economic integration in the context of NAFTA and the EU.

    (LO7) Students will be able to critically evaluate trade-oriented growth strategies for less developed economies.

    (S1) Problem solving skills

    (S2) Teamwork

    (S3) Organisational skills

    (S4) Communication skills

    (S5) IT skills

    (S6) International awareness

  • Issues in Development Finance (ACFI317)
    Level3
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting0:100
    Aims

    This module will provide an advanced, albeit non-technical, critical understanding for students with a variety of academic backgrounds of the issues and developments in the area of finance for development. This will include, for example, the impact of overseas development assistance (foreign aid) and foreign direct investment upon development, the role played by the IMF and World Bank and recent developments in the areas of microfinance and Islamic Finance.

    Learning Outcomes

    (LO1) Students will be able to understand the fundamental principles and concepts of finance and their application and relevance in the context of development and development finance.

    (LO2) Students will be able to develop a deeper understanding of the financial problems and constraints faced by individuals, households, firms and financial institutions in the context of developing countries.

    (LO3) Students will be able to critically evaluate the impact of different sources of finance such as foreign aid, FDI and microfinance.

    (LO4) Students will be able to critically evaluate financial issues in a clear international context.

    (LO5) Students will be able to develop a critical awareness of the ethical issues involved in financial decisions and topics covered in the module

    (S1) Communication skills

    (S2) IT skills

    (S3) International Awareness

    (S4) Ethical Awareness

  • Law and Economics (ECON360)
    Level3
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting70:30
    Aims

    This course does not require prior knowledge of the law, nor is its objective to teach students about the law. The main objective is to show students how they can apply the tools of economic analysis to understand the basic structure and function of the law. The course focuses on the core common law areas of torts, contracts, and property, along with a discussion of the litigation process, the economics of crime, and antitrust law.

    Learning Outcomes

    (LO1) Students will be able to understand the use of economics to analyse the law

    (LO2) Students will be able to understand the importance of the law in economics

    (LO3) Students will be able to understand the use of model in law and economics

    (LO4) Students will be able to develop the ability to do a positive analysis of liability rules

    (S1) Problem solving skills

    (S2) Numeracy

    (S3) Communication skills

    (S4) Lifelong learning skills

  • Methods of Economic Investigation 2: Microeconometrics (ECON312)
    Level3
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting100:0
    Aims

    The module is designed to give students an introduction to the key advanced techniques in microeconometrics, building on second year work in econometrics. The module will develop applied research skills, including the ability to collect and analyse data using appropriate econometric techniques and bespoke software. The module will equip students for study at leading graduate schools of Economics and for work as professional economists/business analysts.

    Learning Outcomes

    (LO1) Explain the nature of and rationale for key techniques in microeconometrics

    (LO2) Select and apply key microeconometrics techniques using appropriate econometric software

    (LO3) Interpret and appraise econometric results arising from the application of key microeconometric techniques

    (LO4) Conduct independent applied economic research

    (S1) Problem Solving Skills

    (S2) Numeracy

    (S3) Organisational skills

    (S4) IT skills

    (S5) lifelong learning skills

  • Methods of Economic Investigation 1: Time Series Econometrics (ECON311)
    Level3
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting100:0
    Aims

    The aim of this module is to give students an understanding of econometric time series methodology. The module will build upon the materials of ECON212 Basic Econometrics. Important extensions include volatility models of financial time series and multivariate (multiple equations) models such as vector error correction and related cointegrating error correction models.

    Learning Outcomes

    (LO1) Specify and demonstratethe distributional characteristics of a range of time series models

    (LO2) Estimate appropriate models for financial andeconomic time series for the purposes of forecasting andinference

    (LO3) Understand a range ofunivariate and multivariate models of financial and economic time series processes.

    (LO4) Applyunivariate and multivariate model selection and evaluation methods

    (LO5) Understand theimplications of conditional heteroskedasticity, unit roots and    cointegration in economic andfinancial time series analysis

    (S1) Problem solving skills

    (S2) Numeracy

  • Quantitative Financial Economics (ECON308)
    Level3
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting100:0
    Aims

    This module provides a thorough overview of financial economics, starting from the decision-making under uncertainty and applying these concepts to optimal portfolio choice by the consumer, optimal investment by the firm, pricing contingent claims, term structure of interest rates and real option analysis.  In addition to standard asset pricing models, the efficient capital markets theory will be extensively  covered.

    Learning Outcomes

    (LO1) Students will be able to understand the role of capital markets

    (LO2) Students will be able to use capital budgeting techniques

    (LO3) Students will be able to understand and measure risk aversion

    (LO4) Students will be able to calculate the optimal portfolio between two risky assets

    (LO5) Students will be able to forecast asset return based on historical data

    (LO6) Students will be able to forecast asset return volatility based on historical data

    (LO7) Students will be able to understand and use futures and forward contracts

    (LO8) Students will be able to understand and be able to use options

    (S1) Problem-solving skills

    (S2) Numeracy

  • Sports Economics (ECON328)
    Level3
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting0:100
    Aims

    The module aims to improve students’ knowledge and understanding of sports as a growing economic sector that is increasingly attracting the attention of many entrepreneurs and researchers. It will also equip students with relevant analytical techniques and provide the opportunities to apply such techniques to sport so that decision-making within the sector can be scrutinised and improved. A final aim of the module is to increase the curiosity and critical assessment of the different research topics with sport.

    Learning Outcomes

    (LO1) Students will be able to apply critically economic theories and principles to the organisation, management and practices within sport in a global context

    (LO2) Students will be able to assess contemporary issues critically relating to spectator and participant sports and their economic relevance

    (LO3) Students will be able to use appropriate and relevant sports data to develop empirical models

    (LO4) Students will be able to interpret the results of empirical models and consider critically how this might improve decision-making

    (LO5) Students will be able to use economic modelling to assess ethical and social dimension within the decision-making process

    (S1) Problem Solver

    (S2) Organised and able to work under pressure

    (S3) IT literate

    (S4) Numerate

    (S5) An Excellent Communicator

    (S6) Digitally Confident

    (S7) Commercially aware

    (S8) Confident