Economics

Year 2

Compulsory modules

• Microeconomics II

  This intermediate module enriches the understanding of microeconomic theory built in previous modules. It covers individual consumer preferences, market demand analysis, production costs, pricing behaviour of firms, and asymmetric information. You'll apply economic theory to real-world scenarios, including issues of price and income subsidies, taxation, insurance, and asset markets. The module utilises a graphical approach to help you develop a basic understanding of general equilibrium theory. You'll learn to distinguish between issues of equity and efficiency in product markets, gaining a deeper understanding of economic policies' societal impact.

  Through this module, you'll also develop self-management, learning, communication, and problem-solving skills essential to success in academic and professional settings. By the end of this module, you will have the ability to comprehend key functional relationships, analyse economic issues, and think critically about economic policies.
   

• Macroeconomics II

  In this module, you will delve deeper into macroeconomic theory and policy by examining national economies and international linkages. You will analyse long and short-run macroeconomic models, fiscal and monetary policies, exchange rate policies, government debt, and currency unions. Through theoretical analysis and examination of recent economic events, you will develop a critical understanding of macroeconomic hypotheses and competing approaches. You will also enhance your problem-solving, critical thinking, and data analysis skills to apply theoretical understanding and empirical knowledge to macroeconomic policy debates.

  By completing this module, you will gain critical self-awareness by assessing the impact of macroeconomic shocks and economic policies in determining key economic variables. The carefully curated learning framework will enhance problem-solving and critical thinking skills, as well as the ability to work independently and as part of a team.
   

• Exploring and Enhancing Employability

  This module will help you develop the knowledge, skills and attitudes you’ll need for making your career decisions and managing your future career development. You’ll also cover

  • transitions into graduate employment
  • self-employment 
  • further study 
  • professional training courses 

  in the UK or overseas. 

  You’ll be supported to take an informed and critical view of the world of work and think about your future role and responsibilities, not only to yourself but also to others. You’ll also learn about the University Careers Service and OBBS WAVES team. You’ll have the opportunity to go into placements, internships, volunteering and other extracurricular activities offered by the University.
   

• Applied Econometrics*

  This module provides an introduction to the interpretation and analysis of economic data through the application of appropriate statistical and econometric methodologies. You will gain practice in applying theory and develop your skills of statistical and econometric analysis through the completion of problem sets. Practising quantitative techniques in seminars is essential in helping you to identify your learning needs and to encourage you to become critically self-aware of your relative strengths and weaknesses in relation to the acquisition of quantitative skills, a fundamental attribute of graduates in economics and finance.

  On completion of the module you will have an understanding of hypothesis testing and statistical inference; the ability to conduct essential statistical analyses of data; and an understanding of regression analyses.

  You have the option to take this compulsory module or the compulsory module History of Economic Thought*

• History of Economic Thought*

  This module provides an introduction to the historical development of economic ideas. In so doing it is designed to illuminate both the influence of such ideas within a variety of social and political contexts and against the background of debates in economic policy. It aims to demonstrate the variety of approaches which can be taken to the study of economic phenomena and the traditions to which they give rise.

  Upon successful completion of this module, you will be able to appreciate the relationship between developments in economic thought and within general society, critically evaluate the ideas of economic thinkers and appreciate the diversity of paradigms which have influenced the development of economic doctrine over time.

  You have the option to take this compulsory module or the compulsory module Applied Econometrics*
   

• Economics of Enterprise and Innovation

  Discover the link between innovation and economic growth, as innovation is the key driver for economic growth in both developed and developing economies.

  You will learn about innovation's economic policy role, in particular, intellectual property rights (e.g. patents and trademarks). That ensures that innovators receive a fair share of their economic efforts which spur further investments towards this direction. Also you’ll discuss the value of customers’ data, data Intellectual Property, and the role of governments to regulate policies and standards so that new technologies can reach into the market, improving efficiency and allowing a fair competition.
   

• International Trade

  You’ll be introduced to international trade and economic integration. And you’ll use partial equilibrium tools of economic analyses to analyse trade policy options and assess the welfare implications of these policies. Throughout this module, you’ll also explore the institutional arrangements of various trading blocks through reviewing multilateral and global institutions. 

  Upon successful completion of this module, you’ll be able to understand the economic rationale of international trade, and the stages of economic integration, including their relevance to international negotiations. You’ll also gain problem-solving and IT skills.

• Placement Search and Preparation (only compulsory for who will take the optional Year 3 work placement)

  This module is designed to provide practical guidance and support in undertaking a placement search, preparing for the placement experience, and succeeding in the modern workplace. Throughout the module, you will develop critical self-awareness and personal literacy skills, enabling you to self-reflect on your own strengths and weaknesses and target your placement search effectively. Additionally, you will also explore methods of effective and targeted placement search, increasing your chances of securing a placement.
   
  In summary, this module is an essential component of your employability journey. By integrating with co-curricular activities, the module provides a holistic approach to employability, ensuring that students have a broad range of skills and experiences to draw upon in their future careers.
   

Optional modules

Year 3 (optional placement year)

Optional modules

Year 4 (or year 3 if no placement)

Compulsory modules

• Perspectives on Global Challenges

  This module is your advanced introduction to pluralism and competing paradigms in economics, finance and international business. You will investigate contemporary topics by using theoretical and empirical tools in economics and finance where you’ll employ orthodox and non orthodox approaches. 

  Through the module you’ll develop a deep understanding of key global trends and outcomes that are relevant to the world of international business. Also you will progress your analytical investigation skills in the sphere of global economics.
   

• Contemporary Issues in Economics

  This module adopts a political economy approach and focuses on selected controversial economic issues such as economic growth, inequality, pricing mechanism and resource allocation, unemployment, economics of information, and mechanism designs, and so on. It examines each issue by comparing and contrasting the philosophy and methods of the neo-classical approach with alternative approaches.
   

• Open Data and Distributed Finance

  Develop a sound understanding of the concepts, tools and practical experience of using new data technologies to disintermediate and promote innovation and competition across financial services. 

  You will learn, through case analysis, about the supporting technologies and how these allow a supporting ‘ecoSystem’ of third parties to compete in providing financial services. Also you’ll examine the challenge posed for incumbents competing against challengers and maintaining and innovating bank’s own systems; and the associated public policy issues concerning financial, privacy and competition regulation, building your applicable knowledge of open data and distributed finance.

• Economic Policy

  This module focuses on selected important economic policy issues and relevant economic tools of analysis, with a balance between macro- and microeconomics. You will develop key skills and knowledge in the economics of public policy, which are a necessary requirement for a career as an academic economist or as an analyst in a wide range of national and international policy-making institutions.
   

Optional modules