Programme Specifications

N/A

Economics

September 2023

This programme caters for a degree scheme which allows the student to take a course in which one-half of the content is in Mathematics and the remainder in another subject.

The educational aims of the programme are:

· To provide students with knowledge and understanding in a range of topics in Mathematics, which may include some topics in Statistics.

· To develop skills in the application of such knowledge and understanding to the solutions of problems in Mathematics.

· To develop the ability to transfer subject-specific skills to a range of topics in Mathematics.

· To allow students to develop subject-specific knowledge and skills in another discipline in parallel with their studies in Mathematics.

· To prepare students for careers in which a combination of the skills developed in Mathematics and another subject is particularly appropriate. 

· To develop analytical reasoning skills, team-working skills, information technology skills and other skills appropriate to a wide range of careers.

The specific aims of this scheme are:

• To stimulate students intellectually through the study of economics and to lead them to appreciate its application to a range of problems and its relevance across a range of contexts, particularly in the areas that are also in the domain of international relations, such as international trade, negotiation on international treaties and agreements, conflict resolution, the role of global institutions.

• To provide a firm foundation of knowledge about the workings of economic systems and to develop the relevant skills for the constructive use of that knowledge to tackle problems of economic policy, including those of policies that tackle global problems such as climate change and international conflicts.

• To provide students with analytical skills and an ability to develop simplifying frameworks for studying the real world. They should be able to appreciate what would be appropriate levels of abstraction in order to study a range of economic issues, including those involving international relations.

• To develop in students an ability to interpret real world economic events and critically assess a range of types of evidence.

• To generate in students an appreciation of the economic dimension of a wide range of social, political and environmental issues.

The learning outcomes of this programme are designed to meet the expectations of the latest QAA benchmarking statement for Economics. The programme provides opportunities for students to develop and demonstrate knowledge and understanding, skills, qualities and other attributes in the following areas.

Knowledge and understanding

A1. Of fundamental concepts and techniques of calculus, algebra, analysis and selected topics in geometry, mathematical modelling, probability and statistics.
A2. Of more advanced concepts in abstract algebra, real and complex analysis and selected topics in numerical mathematics, fluid dynamics, probability and statistics.
A3. Of a selection of specialist topics in Mathematics and Statistics.
A4. Of software for the analysis of numerical data.
A5. Of software supporting presentations and producing reports.

Teaching, learning and assessment methods used to enable outcomes to be achieved and demonstrated:

Formal lectures (A1-A5), tutorials (A1-A4), examples classes (A1-A4), practical classes (A4 - A5), help-desk encounters (A1), student-initiated informal meetings with lecturers (A1-A4), coursework (A1-A4). Project consultations (A1-A4) for students who have chosen the appropriate module.

Assessment – unseen written examinations (A1-A3), open-book practical examinations (A1 - A4), coursework (A1-A4). Project reports/presentations (A1 - A5), if appropriate.

By the end of their programme, all students are expected to be able to demonstrate:

• A1 A thorough understanding of basic economic theories and models covering microeconomic issues of decision and choice, the production and exchange of goods, the pricing and use of inputs, the interdependency of markets, the relationships between principals and agents, and economic welfare; as well as the macroeconomic issues of employment, national income, the balance of payments, the distribution of income, inflation, growth and business cycles, money and finance.

• A2 Understanding of relevant mathematical and statistical techniques.

• A3 Appreciation of the history and development of economic ideas and the differing methods of analysis that have been and are used by economists.

• A3 Ability to apply core economic theory and reasoning to a variety of applied topics. Understanding and awareness of how basic economic theory can be used to design, guide and interpret commercial, economic, social and environmental, policy.

• A4 Ability to discuss, analyse and evaluate government policy and to assess the performance of the UK and other economies and of the global economy

• A5 Understanding of verbal, graphical, mathematical and econometric representation of economic ideas and analysis, including the relationship between them.

• A6 Ability to use appropriate techniques to enable manipulation, treatment and interpretation of the relevant statistical data.

• A7 Knowledge and appreciation of the nature, sources and uses of economic data, both quantitative and qualitative.

Students should also be able to demonstrate mastery of the following key concepts:

• Opportunity cost - a problem solver or decision-maker must routinely ask 'what would have to be given up if...', where the answer does not always involve a simply calculated financial cost. It is often the case that actions are proposed that fail to recognise forgone alternatives. Opportunity cost allows the economist to think about the costs in terms of all resources. There are many examples of economic policies which enhance efficiency yet reduce equity and vice-versa, or where gains in one time period involve costs in other time periods. All of these examples encourage an appreciation of inevitable trade-offs.

• Incentives - economists are trained to recognise and evaluate the incentives implied by particular rules, and how to establish sets of rules that actually lead people to react in ways that give rise to some intended outcome. The ability to think logically about these issues is essential in the effective design of both policy and strategy

• Equilibrium, disequilibrium and stability - these are concepts that economists make heavy use of and the typical graduate will have seen these deployed in economic argument with great regularity. The concept of equilibriumis a state where no participant has any incentive to change behaviour. The ability to recognise disequilibria and appreciate their stability properties, and to think coherently about reactions to this, are essential ingredients of good decision-making

• Strategic thinking - economists learn the importance of strategic thinking, and the roles of opportunities, strategies, outcomes, information and motivation in the analysis of strategic actions, including conflict, bargaining and negotiation

• Expectations and unanticipated events - economists learn that behaviour partly depends on experience and partly on peoples' perceptions of what is expected to happen. Thus behaviour may change when unanticipated events occur. Effective decision-making requires the skill of reacting in a context where people's behaviour is based on expectations that may be confounded by subsequent surprises. Students in economics will have been exposed to these issues and this will enhance their potential effectiveness as decision-makers

• The relevance of marginal considerations - economists are trained to recognise that important decisions often relate to small variations in key variables and parameters. An action is worth undertaking if the additional benefit that accrues is greater than the additional cost incurred. The typical student in economics will be fully aware of the importance of the margin relative to the average

• The possible gains from voluntary exchange - economists study and measure the net gains that people, institutions and countries can obtain from economic interaction in the form of specialisation, employment, exchange and trade. The identification and measurement of gains relative to costs and the barriers to maximising net gains are important in devising appropriate policies to optimise the use of scarce resources with respect to various individual, institutional, political, social and environmental objectives

• Systems and dynamics - many economic decisions or events can start a complex chain of events. Economists gain an understanding of the interrelationships between economic phenomena and how effects can accumulate or die away. The ability to see beyond the direct or short-term effects is a crucial insight that economists can bring to analysing the effects of both deliberate decisions and external shocks.

Teaching, learning and assessment methods used to enable outcomes to be achieved and demonstrated

Lectures, tutorials, seminars, help classes and problem based scenarios, group work, presentations and computer practicals. Dissemination of individual module outlines complete with reading lists, assessment methods and assignment instructions. Contact with module co-ordinators and lecturers. Feedback on assignments. University e-learning facility (blackboard)

Assessment

• Coursework – essay, report planning, preparatory research, writing and feedback.

• Examination - seen, unseen and open book.

• Project work - case studies, presentations and group work

10.2.1.      Intellectual skills

The ability to

B1. Calculate and manipulate data obtained from, or related to, the bodies of knowledge studied.
B2. Apply a range of concepts and principles in well-defined mathematical or statistical contexts, showing judgement in the selection and application of tools and techniques.
B3. Develop and evaluate logical arguments.
B4. Abstract the essential elements of problems, formulate them in a mathematical context and obtain solutions by appropriate methods.

Teaching, learning and assessment methods used to enable outcomes to be achieved and demonstrated

Formal lectures, tutorials, examples classes, practical classes, revision workshops, help-desk encounters, student-initiated informal meetings with lecturers. Project consultations for students who have chosen the appropriate modules. Skills B1-B4 are developed in all these learning situations.

Assessment – unseen written examinations, open-book practical examinations, coursework, presentations. Project reports, if appropriate. Skills B1-B4 are assessed by all these assessment methods.

10.2.2.      Professional practical skills

The ability to

C1. Present arguments and conclusions effectively and accurately.
C2. Use computer software to analyse and interpret the data.
C3. Use computer software to support presentations and produce reports.

Teaching, learning and assessment methods used to enable outcomes to be achieved and demonstrated

Formal lectures, tutorials, examples classes, practical classes, revision workshops, help-desk encounters, student-initiated informal meetings with lecturers. Project consultations for students who have chosen the appropriate modules. Skill C1 is developed in all these learning situations, skills C2-C3 in practical classes. Some, but not all, of the skills C2-C3 are acquired by all students on this programme, since the modules in which they are developed are optional.

Assessment – unseen written examinations (C1), open-book practical examinations (C2), coursework (C1 - C2), project report/presentations (C1-C3), if appropriate.

10.2.1 Intellectual Skills

By the end of their programme, all students are expected to be able to demonstrate:

• B1 Cognitive skills of critical thinking, analysis and synthesis. This includes the capability to identify assumptions, evaluate statements in terms of evidence, to detect false logic or reasoning, to define terms adequately and to generalise appropriately.

• B2 Effective problem solving and decision making.

• B3 Using appropriate qualitative and quantitative skills, including data analysis, interpretation and extrapolation and use of models/frameworks of business problems and phenomena.

• B4 Identifying, formulating and solving business problems, demonstrating the ability to create, evaluate and assess a range of options together with the capacity to apply ideas and knowledge to a range of situations.

Learning and Teaching

Lectures, tutorials, seminars and problem-based scenarios, group work, presentations and computer practicals. Dissemination of individual module outlines complete with reading lists, assessment methods and assignment instructions. Contact with module co-ordinators and lecturers. Feedback on assignments. University e-learning facility (Blackboard).

Assessment Strategies and Methods

• Coursework - planning, preparatory research, writing and feedback.

• Examination - seen, unseen.

• Project work - case studies, presentations and group work

10.2.2 Professional practical skills / Discipline Specific Skills

By the end of their programme, all students are expected to be able to demonstrate:

• C1 Knowledge and understanding of the workings of economic systems

• C2 An ability to develop simplifying frameworks for studying the real world, and identify appropriate levels of abstraction in order to study a range of economic issues.

• C3 An ability to interpret real world economic events and critically assess a range of types of evidence.

• C4 An appreciation of the economic dimension of business decisions and wider social, political and environmental issues.

Learning and Teaching

Lectures, tutorials, seminars and problem based scenarios, group work, presentations and computer practicals. Dissemination of individual module outlines complete with reading lists, assessment methods and assignment instructions. Contact with module co-ordinators and lecturers. Feedback on assignments. University e-learning facility (Blackboard).

Assessment Strategies and Methods

• Coursework - planning, preparatory research, writing and feedback.

• Examination - unseen.

• Project work - case studies, presentations and group work

The ability to

D1. Apply general mathematical skills to the interpretation of numerical data.
D2. Work as a member of a team.
D3. Use information technology effectively to manage information.
D4. Manage time and resources effectively.
D5. Develop effective learning skills.
D6. Be aware of the need to plan for employment and of need to develop various skills for such employment.
D7. Work independently.

Teaching, learning and assessment methods used to enable outcomes to be achieved and demonstrated

Skill D1 is developed in all learning environments in the Department of Mathematics and assessed by all assessment methods. Skill D2 is developed during practical classes. Skill D3 is developed primarily in practical classes and assessed by open-book examinations and coursework. Project consultations for students who have chosen the appropriate modules. Skill D3 is also developed through the use of e-mail, which is a normal means of communication between staff and students. Skills D4 and D5 are developed in an induction course on study skills, in preparing set coursework and submitting it by given deadlines.  Skills D4 and D5 are not explicitly assessed. Skill D6 is developed at meetings with Personal Tutors, at occasional recruitment meetings arranged for final-year students in the Department of Mathematics and in interactions with the Careers Advisory Service. Skills D4, D5 and D7 are developed by independent study for an optional project.

By the end of their programme, all students are expected to be able to demonstrate:

• D1 Problem solving skills

• D2 Research skills

• D3 Communication skills D4 Improving own learning and performance

• D5 Team work skills

• D6 Information technology skills

• D7 Quantitative skills

• D8 Personal development and career planning

Learning and Teaching

Lectures, tutorials, seminars and problem based scenarios, group work, presentations and computer practicals. Dissemination of individual module outlines complete with reading lists, assessment methods and assignment instructions. Contact with module co-ordinators and lecturers. Feedback on assignments. University e-learning facility (Blackboard).

Assessment Strategies and Methods

Coursework - planning, preparatory research, writing and feedback.

Examination - unseen.

Project work - case studies, presentations and group work