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BAEcon Economics and Finance / Course details
Year of entry: 2021
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Course unit details:
|Unit level||Level 1|
|Teaching period(s)||Semester 1|
|Offered by||School of Social Sciences|
|Available as a free choice unit?||Yes|
To provide students with an understanding of the quantitative methods and tools that economists use and how they can be appropriately applied and interpreted. These methods and tools are used in practical and academic settings to test economic theories and measure magnitudes that are relevant for economic policy analysis and other decisions. These methods are a key element of the professional training an economist; they will provide a foundation for subsequent study of applied and quantitative topics and are useful in many careers in economics. The course aims to equip students with a number of core competencies including: (i) an awareness of the main empirical approach to economics, (ii) experience in the analysis and use of data and software packages as tools of quantitative and statistical analysis to answer topical economic questions, (iii) an understanding of the nature of uncertainty and methods of making inference in the presence of uncertainty.
The objectives of this course are that students will be able to:
• understand the main techniques of quantitative economics and econometrics, including their strengths and limitations, at a level appropriate for an economics graduate
• understand how these techniques can be applied to test economic theories and measure economic magnitudes, and have some knowledge of methods and results in selected areas of the applied economics literature
• have some practical experience of the application of econometric methods based on practical exercises
• have acquired the necessary skills and knowledge to be able to critically appraise work in the area of applied economics.
• have a good intuitive and theoretical grasp of the dangers, pitfalls and problems encountered in doing applied modelling.
• have the necessary background material so that they are able to go on to study more advanced and technical material in the area of econometrics.
• use the R software package to obtain basic descriptive statistics using real world data and perform introductory econometric analysis.
This course unit is for BA Econ students only (any student not studying on the BA Econ but who wants to take this course unit must take ECON10221 instead).
NOT available to students who have previously taken ECON10041/42 or ECON10081/82.
The aims of this course are to:
• provide a self-contained introduction to microeconomics;
• introduce a range of microeconomic concepts and analytical tools
- ability to understand and make appropriate use of core microeconomic concepts such as revenue and cost, opportunity cost, elasticities, marginal and average values
- understanding of the role and limits of markets
- understanding of the relationship between modern “neoclassical” economics and “classical” schools of economic thought
- ability to analyse the behaviour of firms
1. The Capitalist Revolution
Capitalism, Growth, Demographic Transition
Core Reading: ‘The Economy’ Chapter 1
1. Economic Models: Technological Change, Population & Growth
Malthus, the Industrial Revolution, Introduction to Economic Models, the Nature of Economics
Core Reading: ‘The Economy’ Chapter 2
1. Classical Economic Thought
Smith, Ricardo, Marx
1. The Marginal Revolution: Scarcity, Work And Choice
Preferences, Opportunity Costs, Decision-making and scarcity
Core Reading: ‘The Economy’ Chapter 3
1. Social Interactions
Conflict, Co-operation, Institutions, Norms and Behaviour
Core Reading: ‘The Economy’ Chapter 4
1. A model of the Firm and its Costs
Production, Costs, Economies of Scale
Core Reading: ‘The Economy’ Chapter 7
1. Demand Elasticity and the Firm as a Price Maker and a Price Taker.
Demand and its Elasticity; Price-Setting, Competition & Market Power
‘The Economy’ Chapter 7
‘The Economy’ Chapter 8 & ‘The Economy’ Chapter 11 [sections 11.1-11.3]
1. Markets, Efficiency & Market failure
Market Failure. Pollution, Public Goods, Open Access resources,ImperfectInformation
Core Reading: ‘The Economy’ Chapter 12
Teaching and learning methods
The material is delivered via the online (Blackboard) provision of material (readings, clips) and Lectures.
The learning process of students is supported by tutorials (exercise questions and discussion based questions) and the provision of further online material (such as discussion boards and practice quizzes).
- Analytical skills
- Problem solving
22.5% online test
22.5% online test
55% Essay (1500 words)
Individual and group work in the tutorials, and feedback thereon.
Online practice tests on Blackboard
Discussion and feedback (from peers and staff) on Blackboard Discussion Boards
Use the 10 minute break following lectures to ask questions of the lecturer
The primary textbook for this course will be:
The CORE project (2017) The Economy. Economics for a Changing World. Oxford University Press.
See the e-book, and additional resources, at: www.core-econ.org
|Scheduled activity hours|
|Independent study hours|
|Daniel Rigby||Unit coordinator|