Department Of Economics.

Degree Programmes And Modules At Level One 2013-14.

Department of Economics The University of Sheffield 9 Mappin Street Sheffield S1 4DT UK Tel: +44 (0)114 222 3457 or +44 (0)114 222 3399 Email: econ@sheffield.ac.uk www.sheffield.ac.uk/economics

Note Every effort has been made to ensure the accuracy of the information given in this publication, but the University can accept no responsibility for any errors or omissions. University courses are continually reviewed and revised and there may be some changes between the date of publication and the time you embark on your course. The University reserves the right to discontinue courses of study and to amend ordinances and regulations governing courses of study whenever it sees fit. Students and others should enquire as to the up-to-date position when they need to know this.

Contents Introduction 1

General Information 1

Semester Dates 2013–14 1

The Structure of Degree Programmes 1

Number of Credits Taken Each Semester 2

Unavailable and Prohibited Modules 2

Adding and Dropping Modules 2

Degree Programme Regulations 2

BA Economics 3

BSc Economics 4

BSc Economics with Finance 5

BSc Economics and Mathematics 6

BA Accounting and Financial Management and Economics 7

BA Business Management and Economics 8

BA Economics and Philosophy 9

BA Economics and Politics 10

BA French and Economics 11

BA German and Economics 11

BA Hispanic Studies and Economics 11

BA Russian and Economics 11

Level 1 Economics Modules 12

Module Leaders’ Contact Details 12

Module Outlines 12

ECN104 Introductory Finance for Economics 13

ECN105 Economic Analysis and Policy 1 14

ECN107 Economics Analysis and Policy 2 15

ECN108 Economic History of Britain and the Modern World 16

ECN118 Mathematical Methods for Economics 1 17

ECN119 Mathematical Methods for Economics 2 18

ECN120 Statistical Methods for Economics 19

1

Introduction This guide to Level 1 study in the Department of Economics is issued to all new single and dual honours students at the start of Intro Week. It is designed to give details of the structure of each degree and help you to plan module choice. You will also receive a copy of the department’s Undergraduate Handbook. It will give information about, among other things, the department, attendance and absence, assessment and examinations, progression from one level of study to the next, and codes of practice concerning personal information, complaints and appeals procedures.

General Information Semester Dates 2013-14

Autumn Semester

Weeks 1–12 Weeks 13–15

[Intro Week 23–28 September 2013] Monday 30 September – Saturday 21 December 2013

[4 weeks Christmas vacation] Monday 20 January – Saturday 8 February 2014 (examinations*)

Spring Semester

Weeks 1–8 Weeks 9–12 Weeks 13–15

Monday 10 February – Saturday 5 April 2014 [3 weeks Easter vacation]

Monday 28 April – Saturday 24 May 2014 Monday 26 May – Saturday 14 June 2014 (examinations*)

Supplementary (Resit) Examination Period*

Monday 4 August – Saturday 23 August 2014

* Examinations take place on Mondays to Saturdays

The Structure of Degree Programmes Each degree programme consists of a series of levels, each level corresponding to a year of full time study. At each level you take six 20 credit modules or an equivalent combination of 10 and 20 credit modules with a total value of 120 credits. Modules are also called units. Upon successful completion of a module (i.e. obtaining a pass in the assessments) you are awarded the credits for that module. Note that the number of credits obtained does not depend on your mark: you either get all of the credits or none. There are three different types of modules in degree programmes: Core modules are those which it is compulsory to take for a particular degree. Approved modules are ones where a choice is available, but that choice is restricted to a specific list. The choice available in such cases in each degree programme is shown in this handbook. Unrestricted modules are those where you may choose any module offered in the University for which you satisfy the prerequisites, and for which the relevant department is willing to accept you. At Level 1 of the BA and BSc Economics programmes there are 40 credits of unrestricted modules. but in most Economics dual degree programmes there are no unrestricted modules at this level. At Levels 2 and 3, depending on your programme, you may be able to take unrestricted modules up to a value of 20 credits per year. Please note you cannot take a Level 1 module as an unrestricted choice in later years.

2

Number of Credits Taken Each Semester In general students normally take 60 credits in each semester but it is common in some degree programmes for students to have, or choose to take, a 50/70 or 70/50 split over the year. Taking an 80/40 split is not usually allowed because of the unbalanced workload and you may only do this with the permission of the Level 1 Coordinator. A 40/80 split will not be approved under any circumstances.

The Level 1 Coordinator is Dr Jonathan Perraton (room 406, email address j.perraton@sheffield.ac.uk).

Unavailable and Prohibited Modules In 2013–14 a number of departments are likely to restrict some or all of their Level 1 modules to students on their own degree programmes. Up to date information and advice will be available from departments at Module Enrolment in the Octagon Centre during Intro Week. ECN101 Business Economics and TRP107 Economics for Spatial Planning are prohibited modules for Economics students. MAS110 cannot be taken with ECN118 or ECN119 and MAS113 cannot be taken with ECN120. Modules with an ACE*** code are run by The Institute for Lifelong Learning (TILL). If you wish to take any TILL module, you must obtain approval for your choice from the Level 1 Coordinator, Dr Jonathan Perraton, as well as from TILL. No student may take more than 20 credits of TILL modules as unrestricted choices.

Adding and Dropping Modules Under the University’s General Regulations you may add and drop modules during the first three weeks of each semester, subject to the permission of the heads of the relevant departments. However, the policy in the Department of Economics is that this permission will normally only be given during the first two weeks of a semester. You will be emailed information about the module add/drop process shortly before the start of each semester.

Degree Programme Regulations This section sets out details of the single honours degree programmes entirely within the Department of Economics and dual honours degree programmes to which the department contributes. Please note:

The figure (10) or (20) after each module denotes the credit value.

The approved modules at Levels 2 and 3 are constantly under review. By the time you reach these levels you may well find some changes.

Dual degree students can find the regulations for the other half of your programme in your partner department’s handbook or at www.sheffield.ac.uk/calendar/regs

3

BA Economics L100/ECNU02

Level 1

Autumn Semester

ECN105 Economic Analysis and Policy 1 (20) Spring Semester

ECN107 Economic Analysis and Policy 2 (20) Academic year (both semesters)

ECN120 Statistical Methods for Economics (20)

One of the following: ECN118 Mathematical Methods for Economics 1 (20)

(non A Level Maths stream) ECN119 Mathematical Methods for Economics 2 (20)

(post A Level Maths stream) Unrestricted modules to the value of 40 credits from:

ECN104 Introductory Finance for Economics (20) (Spring)

ECN108 Economic History of Britain and the Modern World (20) (Academic year)

Modules offered by other departments

Level 2

Academic year

ECN201 Microeconomic Principles (20) ECN202 Macroeconomic Principles (20) Autumn Semester

ECN219 Research Methods and Introductory Econometrics (20) – see note 1

One of the following: ECN217 Applied Microeconomics (20) (Spring) ECN218 Applied Macroeconomics (20) (Autumn) Modules to the value of 40 credits from:

ECN212 Further Mathematical Methods for Economics (20)

ECN217 Applied Microeconomics (20) (if not already selected)

ECN218 Applied Macroeconomics (20) (if not already selected)

ECN220 Money, Banking and Finance (20) ECN221 The Economics of Social Issues (20) Level 2 unrestricted module(s) to the value of 20 credits

Level 3

Academic year

One of the following: ECN301 Topics in Advanced

Microeconomics (20) ECN302 Topics in Advanced

Macroeconomics (20) Modules to the value of 100 credits from:

ECN301 Topics in Advanced Microeconomics (20) (if not already selected)

ECN302 Topics in Advanced Macroeconomics (20) (if not already selected)

ECN303 Economics of Cities (20) ECN304 Education Economics (20) ECN314 Industrial Organisation (20) ECN315 Labour Economics (20) ECN321 International Trade (20) ECN324 Monetary Economics (20) ECN330 Economics Undergraduate

Dissertation (20) ECN340 Further Econometrics (20) ECN342 Mathematical Economics (20) ECN346 Development Economics (20) ECN353 The International Economy (20) ECN354 Health Economics (20) ECN357 Modern Finance (20) ECN358 Economic Analysis of Inequality

and Poverty (20) Level 3 unrestricted module(s) to the value of 20 credits Notes 1. You may substitute ECN219 with

ECN216 Econometrics, subject to the approval of the ECN216 module leader.

2. Choice of option modules and the

semester in which a module runs may change from year to year.

4

BSc Economics L101/ECNU14

Level 1

Autumn Semester

ECN105 Economic Analysis and Policy 1 (20) Spring Semester

ECN107 Economic Analysis and Policy 2 (20) Academic year (both semesters)

ECN119 Mathematical Methods for Economics 2 (20) (post A Level Maths stream)

ECN120 Statistical Methods for Economics (20) Unrestricted modules to the value of 40 credits from:

ECN104 Introductory Finance for Economics (20) (Spring)

ECN108 Economic History of Britain and the Modern World (20) (Academic year)

Modules offered by other departments

Level 2

Academic year

ECN201 Microeconomic Principles (20) ECN202 Macroeconomic Principles (20) ECN212 Further Mathematical Methods for

Economics (20) ECN216 Econometrics (20) One of the following: ECN217 Applied Microeconomics (20) (Spring) ECN218 Applied Macroeconomics (20) (Autumn) A module to the value of 20 credits from:

ECN217 Applied Microeconomics (20) (if not already selected)

ECN218 Applied Macroeconomics (20) (if not already selected)

ECN220 Money, Banking and Finance (20) ECN221 The Economics of Social Issues (20) Level 2 unrestricted module(s) (20)

Level 3

Academic year

One of the following: ECN301 Topics in Advanced Microeconomics (20) ECN302 Topics in Advanced Macroeconomics (20) Spring Semester

ECN342 Mathematical Economics (20)

Modules to the value of 80 credits from:

ECN301 Topics in Advanced Microeconomics (20) (if not already selected)

ECN302 Topics in Advanced Macroeconomics (20) (if not already selected)

ECN303 Economics of Cities (20) ECN304 Education Economics (20) ECN314 Industrial Organisation (20) ECN315 Labour Economics (20) ECN321 International Trade (20) ECN324 Monetary Economics (20) ECN330 Economics Undergraduate

Dissertation (20) ECN340 Further Econometrics (20) ECN346 Development Economics (20) ECN353 The International Economy (20) ECN354 Health Economics (20) ECN357 Modern Finance (20) ECN358 Economic Analysis of Inequality

and Poverty (20) Level 3 unrestricted module(s) to the value of 20 credits Note Choice of option modules and the semester in which a module runs may change from year to year.

5

BSc Economics with Finance L1N3/ECNU23

Level 1

Autumn Semester

ECN105 Economic Analysis and Policy 1 (20) Spring Semester

ECN104 Introductory Finance for Economics (20) ECN107 Economic Analysis and Policy 2 (20) Academic year (both semesters)

ECN119 Mathematical Methods for Economics 2 (20) (post A Level Maths stream)

ECN120 Statistical Methods for Economics (20) Unrestricted module(s) to the value of 20 credits from:

ECN108 Economic History of Britain and the Modern World (20) (Academic year)

Modules offered by other departments

Level 2

Academic year

ECN201 Microeconomic Principles (20) ECN202 Macroeconomic Principles (20) ECN212 Further Mathematical Methods for

Economics (20) ECN216 Econometrics (20) Spring Semester

ECN220 Money, Banking and Finance (20) A module to the value of 20 credits from:

ECN217 Applied Microeconomics (20) ECN218 Applied Macroeconomics (20) ECN221 The Economics of Social Issues (20) Level 2 unrestricted module(s) (20)

Level 3

Academic year

One of the following: ECN301 Topics in Advanced Microeconomics (20) ECN302 Topics in Advanced Macroeconomics (20) Autumn Semester

ECN324 Monetary Economics (20) Spring Semester

ECN357 Modern Finance (20)

One of the following: ECN340 Further Econometrics (20) ECN342 Mathematical Economics (20)

Modules to the value of 40 credits from:

ECN301 Topics in Advanced Microeconomics (20) (if not already selected)

ECN302 Topics in Advanced Macroeconomics (20) (if not already selected)

ECN303 Economics of Cities (20) ECN304 Education Economics (20) ECN314 Industrial Organisation (20) ECN315 Labour Economics (20) ECN321 International Trade (20) ECN330 Economics Undergraduate

Dissertation (20) ECN340 Further Econometrics (20)

(if not already selected) ECN342 Mathematical Economics (20)

(if not already selected) ECN346 Development Economics (20) ECN353 The International Economy (20) ECN354 Health Economics (20) ECN358 Economic Analysis of Inequality

and Poverty (20) Level 3 unrestricted module(s) to the value of 20 credits Note Choice of option modules and the semester in which a module runs may change from year to year.

6

BSc Economics and Mathematics LG11/ECNU16

Level 1

Autumn Semester

ECN105 Economic Analysis and Policy 1 (20) MAS110 Mathematics Core I (20) Spring Semester

ECN107 Economic Analysis and Policy 2 (20) MAS111 Mathematics Core II (20) Academic year (both semesters)

MAS113 Introduction to Probability and Statistics (20) MAS114 Numbers and Groups (20)

Level 2

Academic year

ECN201 Microeconomic Principles (20) ECN202 Macroeconomic Principles (20) A module to the value of 20 credits from:

ECN216 Econometrics (20) ECN217 Applied Microeconomics (20) ECN218 Applied Macroeconomics (20) ECN220 Money, Banking and Finance (20) ECN221 The Economics of Social Issues (20) Level 2 unrestricted module(s) (20) Six core/approved modules in Mathematics and Statistics worth 60 credits

Level 3

Spring Semester

ECN342 Mathematical Economics (20) Approved modules in Mathematics and Statistics worth 40 credits Modules to the value of 60 credits from:

ECN301 Topics in Advanced Microeconomics (20) ECN302 Topics in Advanced Macroeconomics (20) ECN303 Economics of Cities (20) ECN304 Education Economics (20) ECN314 Industrial Organisation (20) ECN315 Labour Economics (20) ECN321 International Trade (20) ECN324 Monetary Economics (20) ECN340 Further Econometrics (20) ECN346 Development Economics (20)

ECN353 The International Economy (20) ECN354 Health Economics (20) ECN357 Modern Finance (20) ECN358 Economic Analysis of Inequality

and Poverty (20) Level 3 unrestricted module(s) to the value of 20 credits – if an unrestricted module was not selected at Level 2 Note 1. At Level 3 the unrestricted module

may be taken in Mathematics and Statistics.

2. Choice of option modules and the

semester in which a module runs may change from year to year.

7

BA Accounting and Financial Management and Economics NL41/MGTU16

Level 1

Autumn Semester

ECN105 Economic Analysis and Policy 1 (20) Spring Semester

ECN107 Economic Analysis and Policy 2 (20) Academic year (both semesters)

One of the following: ECN118 Mathematical Methods for Economics 1 (20)

(non A Level Maths stream) ECN119 Mathematical Methods for Economics 2 (20)

(post A Level Maths stream) Three core modules in Accounting and Financial Management worth 60 credits

Level 2

Academic year

ECN120 Statistical Methods for Economics (20) ECN201 Microeconomic Principles (20) ECN202 Macroeconomic Principles (20) Three core modules in Accounting and Financial Management worth 60 credits

Level 3

Modules to the value of 40 credits from:

ECN301 Topics in Advanced Microeconomics (20) ECN302 Topics in Advanced Macroeconomics (20) ECN303 Economics of Cities (20) ECN304 Education Economics (20) ECN314 Industrial Organisation (20) ECN315 Labour Economics (20) ECN321 International Trade (200 ECN324 Monetary Economics (20) ECN346 Development Economics (20) ECN353 The International Economy (20) ECN354 Health Economics (20) ECN357 Modern Finance (20) ECN358 Economic Analysis of Inequality and

Poverty (20) Two core modules in Accounting and Financial Management worth 40 credits

Modules to the value of 40 credits from:

Approved module(s) in Accounting and Financial Management Further approved module(s) in Economics - see list above Unrestricted module(s) to the value of 20 credits Note Choice of option modules and the semester in which a module runs may change from year to year.

8

BA Business Management and Economics NL21/MGTU15

Level 1

Autumn Semester

ECN105 Economic Analysis and Policy 1 (20) Spring Semester

ECN107 Economic Analysis and Policy 2 (20) Academic year (both semesters)

One of the following: ECN118 Mathematical Methods for Economics 1 (20)

(non A Level Maths stream) ECN119 Mathematical Methods for Economics 2 (20)

(post A Level Maths stream) Three core modules in Business Management worth 50 credits Unrestricted module to the value of 10 credits from:

MGT140 Business Challenges (10) (Autumn) Modules offered by other departments

Level 2

Academic year

ECN120 Statistical Methods for Economics (20) ECN201 Microeconomic Principles (20) ECN202 Macroeconomic Principles (20) Three core modules in Business Management worth 60 credits

Level 3

One core module and one approved module in Business Management worth 40 credits Modules to the value of 40 credits from:

ECN301 Topics in Advanced Microeconomics (20) ECN302 Topics in Advanced Macroeconomics (20) ECN303 Economics of Cities (20) ECN304 Education Economics (20) ECN314 Industrial Organisation (20) ECN315 Labour Economics (20) ECN321 International Trade (20) ECN324 Monetary Economics (20) ECN346 Development Economics (20) ECN353 The International Economy (20) ECN354 Health Economics (20) ECN357 Modern Finance (20) ECN358 Economic Analysis of Inequality and

Poverty (20)

Modules to the value of 40 credits from:

Further approved module(s) in Business Management Further approved module(s) in Economics - see list above Unrestricted module(s) to the value of 20 credits Note Choice of option modules and the semester in which a module runs may change from year to year.

9

BA Economics and Philosophy LV15/ECNU07

Level 1

Autumn Semester

ECN105 Economic Analysis and Policy 1 (20) Spring Semester

ECN107 Economic Analysis and Policy 2 (20) Academic year (both semesters)

ECN120 Statistical Methods for Economics (20)

One of the following: ECN118 Mathematical Methods for Economics 1 (20)

(non A Level Maths stream) ECN119 Mathematical Methods for Economics 2 (20)

(post A Level Maths stream) Approved modules in Philosophy worth 40 credits

Level 2

Academic year

ECN201 Microeconomic Principles (20) ECN202 Macroeconomic Principles (20) Approved modules in Philosophy worth 40 credits Modules to the value of 40 credits from:

ECN212 Further Mathematical Methods for Economics (20)

ECN216 Econometrics (20) ECN217 Applied Microeconomics (20) ECN218 Applied Macroeconomics (20) ECN219 Research Methods and Introductory

Econometrics (20) ECN220 Money, Banking and Finance (20) ECN221 The Economics of Social Issues (20) Further approved module(s) in Philosophy Level 2 unrestricted module(s) to the value of 20 credits

Level 3

Modules to the value of 40 credits from:

ECN301 Topics in Advanced Microeconomics (20) ECN302 Topics in Advanced Macroeconomics (20) ECN303 Economics of Cities (20) ECN304 Education Economics (20) ECN314 Industrial Organisation (20) ECN315 Labour Economics (20) ECN321 International Trade (20) ECN324 Monetary Economics (20)

ECN340 Further Econometrics (20) ECN342 Mathematical Economics (20) ECN346 Development Economics (20) ECN353 The International Economy (20) ECN354 Health Economics (20) ECN357 Modern Finance (20) ECN358 Economic Analysis of Inequality

and Poverty (20) Two approved modules in Philosophy worth 40 credits Modules to the value of 40 credits from:

Further approved module(s) in Economics – see list above Further approved module(s) in Philosophy Level 3 unrestricted module(s) to the value of 20 credits Notes 1. Over Levels 2 and 3 you must take at

least 60 credits of approved modules in Economics (not less than 40 credits at Level 3) and at least 100 credits of approved modules in Philosophy.

2. ECN216 cannot be taken in

combination with ECN219. 3. Choice of option modules and the

semester in which a module runs may change from year to year.

10

BA Economics and Politics LL12/ECNU08

Level 1

Autumn Semester

ECN105 Economic Analysis and Policy 1 (20) Spring Semester

ECN107 Economic Analysis and Policy 2 (20) Academic year (both semesters)

One of the following:

ECN118 Mathematical Methods for Economics 1 (20) (non A Level Maths stream)

ECN119 Mathematical Methods for Economics 2 (20) (post A Level Maths stream)

Two core modules and one approved module in Politics worth 60 credits

Level 2

Academic year

ECN120 Statistical Methods for Economics (20) ECN201 Microeconomic Principles (20) ECN202 Macroeconomic Principles (20) One core module and two approved modules in Politics worth 60 credits

Level 3

Modules to the value of 60 credits from:

ECN301 Topics in Advanced Microeconomics (20) ECN302 Topics in Advanced Macroeconomics (20) ECN303 Economics of Cities (20) ECN304 Education Economics (20) ECN314 Industrial Organisation (20) ECN315 Labour Economics (20) ECN321 International Trade (20) ECN324 Monetary Economics (20) ECN346 Development Economics (20) ECN353 The International Economy (20) ECN354 Health Economics (20) ECN357 Modern Finance (20) ECN358 Economic Analysis of Inequality and

Poverty (20) One core module in Politics worth 20 credits

One of the following worth 40 credits: One Politics module with the associated project module A dissertation in Politics

Note Choice of option modules and the semester in which a module runs may change from year to year.

11

BA French and Economics RL11/FREU03 BA German and Economics RL21/GERU03 BA Hispanic Studies and Economics

RL41/HSSU06 BA Russian and Economics RL71/RUSU02

Level 1

Autumn Semester ECN105 Economic Analysis and Policy 1 (20) Spring Semester ECN107 Economic Analysis and Policy 2 (20) Academic year (both semesters)

One of the following: ECN118 Mathematical Methods for Economics 1 (20)

(non A Level Maths stream) ECN119 Mathematical Methods for Economics 2 (20)

(post A Level Maths stream) Core modules in the relevant language worth 40 credits Duals with French, German and Hispanic Studies

One of the following: ECN120 Statistical Methods for Economics (20)

(Academic year) – see note 1 Unrestricted module(s) to the value of 20 credits Russian and Economics

One of the following: ECN120 Statistical Methods for Economics (20)

(post A Level Russian stream) or A further core module in Russian worth 20 credits

(non A Level Russian stream)

Level 2

Academic year ECN201 Microeconomic Principles (20) ECN202 Macroeconomic Principles (20) One of the following: ECN120 Statistical Methods for Economics (20)

(compulsory if not taken at Level 1) ECN212 Further Mathematical Methods for

Economics (20) ECN216 Econometrics (20) ECN217 Applied Microeconomics (20) ECN218 Applied Macroeconomics (20) ECN219 Research Methods and Introductory

Econometrics (20) ECN220 Money, Banking and Finance (20) ECN221 The Economics of Social Issues (20) Core and approved modules in the relevant language worth 60 credits

Level 3

Modules to the value of 60 credits from:

ECN301 Topics in Advanced Microeconomics (20)

ECN302 Topics in Advanced Macroeconomics (20)

ECN303 Economics of Cities (20) ECN304 Education Economics (20) ECN314 Industrial Organisation (20) ECN315 Labour Economics (20) ECN321 International Trade (20) ECN324 Monetary Economics (20) ECN340 Further Econometrics (20) ECN342 Mathematical Economics (20) ECN346 Development Economics (20) ECN353 The International Economy (20) ECN354 Health Economics (20) ECN357 Modern Finance (20) ECN358 Economic Analysis of Inequality

and Poverty (20) Core and approved modules in the relevant language worth 60 credits Notes 1. ECN120 Statistical Methods for

Economics must be taken at Level 1 rather than Level 2 if timetabling allows.

2. Choice of option modules and the

semester in which a module runs may change from year to year.

12

Level 1 Economics Modules

Module Leaders’ Contact Details

Module Module Leader Room Email Telephone

ECN104 To be announced

ECN105 ECN118 ECN119

Dr Pamela Lenton 407 p.lenton@sheffield.ac.uk 0114 222 3418

ECN107 ECN120

Mr Simon Tebbutt 434 s.tebbutt@sheffield.ac.uk 0114 222 3400

ECN108 Professor Paul Mosley 419 p.mosley@sheffield.ac.uk 0114 222 3397

Module Outlines The following pages describe modules at Level 1 offered by the Department of Economics. Where there are restrictions on eligibility for these modules, this is clearly shown. More detailed reading for all modules will be given at the start of the semester in which the module occurs. There may be some changes before a module begins and occasionally the eventual recommended book for the module may not appear in the basic reading shown here. If you need general advice about module choice you should talk to your personal tutor. For more information about specific modules please contact the module leader.

13

Introductory Finance for Economics ECN104

Co-requisite Module Leader Semester Credits

ECN118/119 Mathematical Methods for Economics 1 or 2

To be announced Spring 20

This is a core module for BSc Economics with Finance students and an optional module for BA and BSc Economics students. Nature of the Subject

To introduce the foundations of mathematical finance. Aims of the Module

This unit aims to provide a solid grounding in the basic concepts of finance for economists, focusing in particular on theoretical analysis and problem solving. Learning Objectives

By the end of this module students will be expected to demonstrate:

an understanding of the different types of financial markets and their role;

an understanding of the most appropriate mathematical techniques used to evaluate financial assets and investment projects;

a formal awareness of the debate on the efficiency of financial markets;

the ability to compare the different methods of external financing and assess their appropriateness in comparison to internal sources of finance.

Syllabus

The syllabus will aim to include the following topics: use of summations, natural logarithms and exponentials; simple and compound interest; discounting and present values; valuation of bonds, stocks, annuities and perpetuities; investment analysis and appraisal; risk; market efficiency; corporate and equity financing; payout and debt policies; the financial crisis. Note that the schedule of topics may be altered. Teaching Method

Ten two-hour lectures and nine one-hour workshops spread over the semester. Assessment

The final examination will account for 100% of the overall module mark. Basic Reading

The following textbooks can be used as background reading:

Brealey, R.A., Myers, S.C and Allen, F. (2013) Principles of Corporate Finance, 11th edition, McGraw-Hill, ISBN: 9780077151560 (for the finance topics)

Renshaw, G. (2011) Maths for Economics, 3rd edition, Oxford University Press, ISBN: 9780199602124 (for the mathematical topics)

14

Economic Analysis and Policy 1 ECN105

Prerequisites Module Leader Semester Credits

Grade B in GCSE Mathematics or equivalent. Cannot be taken with ECN101

Dr Pamela Lenton Autumn 20

This is a core economics module for all single and dual honours Economics students. Nature of the Subject

To introduce the foundations of economic analysis. Aims of the Module

The aim of this module is to provide students with the basic knowledge of both microeconomics and macroeconomics. Microeconomics is concerned with the choices of economic agents, such as individuals, households and firms , and how these agents interact in the market to determine prices and the allocation of resources in an economy. Macroeconomics is concerned with the aggregate level of output, employment and prices, the interaction between these variables, and the role of public policy in controlling unemployment and inflation. Learning Objectives

By the end of this module students will be expected to demonstrate:

knowledge of and an ability to apply relevant tools of economic analysis to economic problems;

an understanding of the basic elements of microeconomic theories of choice, particularly as applied to individuals and households;

a basic understanding of some of the tools used in macroeconomic analysis, including the Keynesian income-expenditure model and the IS/LM model.

Syllabus

Microeconomics: Thinking like an economist; the basis for exchange (comparative advantage); demand, supply and market equilibrium; indifference curve analysis (1) - rational consumer choice and the individual’s demand curve; the concept of elasticity; government intervention in the market; indifference curve analysis (2) – the individual as a supplier. Macroeconomics: National income accounting; consumption function and the income-expenditure model; investment and the rate of interest; the demand for money and the supply of money; the IS-LM model; fiscal and monetary policies. Teaching Method

Twenty lectures, (two per week - usually one microeconomics and one macroeconomics) plus eight tutorials (four micro and four macro). In addition there will be 10 hours of ‘workshops’, spread over the semester. Assessment

The final examination will account for 75% of the overall module mark and the remainder will come from within-course assessment. Basic Reading

The key text for this module, to which frequent reference will be made, is: Sloman, J. Wride, A. and Garratt, D. (2012) Economics, 8th edition, Pearson, ISBN: 9780273763246 – IF BOUGHT INDIVIDUALLY. SEE DETAILS OF SPECIAL BOOK DEAL AT:

www.sheffield.ac.uk/economics/undergraduate/intro

For further reading: Begg, D., Vernasca, G., Fischer, S. and Dornbusch, R. (2011) Economics, 10th edition, McGraw-Hill, ISBN: 9780077129521

15

Economic Analysis and Policy 2 ECN107

Prerequisites Module Leader Semester Credits

ECN105 Economic Analysis and Policy 1 Cannot be taken with ECN101

Mr Simon Tebbutt Spring 20

This is a core economics module for single and dual honours Economics students. Nature of the Subject

This module builds on ECN105 in order to provide the fundamental skills in economics required to provide a sound basis for more advanced study of economics at Levels 2 and 3. Aims of the Module

The aim is to enable students to develop a good understanding of the methods of analysis used in micro and macroeconomics, and the ability to apply these methods of analysis to contemporary economic problems. Learning Objectives

By the end of this module students will be expected to demonstrate:

understanding of and an ability to apply relevant methods of economic analysis to micro and macroeconomic problems;

development of analytical and essay writing skills;

an understanding of the basic elements of microeconomic theories of choice, particularly as applied to firms;

an understanding of basic macroeconomic models and their applications;

a basic background knowledge of recent economic policy issues. Syllabus

Microeconomics: Production and cost (including isoquant/isocost analysis); market structure; the labour market and other factor markets; risk, information and insurance; welfare economics and government intervention.

Macroeconomics: The labour market and aggregate supply; the aggregate demand and aggregate supply model; short run and long run, inflation and unemployment; the Phillips curve; open economies and currency areas, case studies – recent events in the UK and other significant economies. Teaching Method

Two lectures per week (usually one micro and one macroeconomics) plus eight tutorials (four micro and four macro). In addition there will be 10 hours of ‘workshops’, spread over the semester. Assessment

The final examination will account for 75% of the overall module mark and the remainder will come from in-course assessment. Basic Reading

Sloman, J. Wride, A. and Garratt, D. (2012) Economics, 8th edition, Pearson, ISBN: 9780273763246 – IF BOUGHT INDIVIDUALLY. SEE DETAILS OF SPECIAL BOOK DEAL AT:

www.sheffield.ac.uk/economics/undergraduate/intro

16

Economic History of Britain and the Modern World ECN108

Prerequisites Module Leader Semester Credits

None Professor Paul Mosley Academic year 20

This is an optional module for Level 1 students. Nature of the Subject Provides an introduction to the economic history of Britain (in semester 1) and to the evolution of the global economy (in semester 2) in the context of modern theories of economic theories of growth and development and present-day debates about poverty, inequality and North-South relations. Aims of the Module To introduce some major themes of British and global history in a way which enables us to understand the debate about causes of wealth, poverty and inequality, and policies to achieve economic growth. Learning Objectives By the end of this module students will be expected to demonstrate an understanding of the main themes in post-1750 economic history of the UK and the modern world. Syllabus Semester 1 1. Modern economic growth and the causes of wealth and poverty. 2. Capital and enterprise – sources of the Industrial Revolution. 3. Technical innovation and its origins. 4. Labour, standards of living and poverty. 5. Education, health and economic development. 6. National economic policy. 7. Britain and the world economy. Semester 2 1. Patterns in development: overview. 2. Debates about development and development policy: do the rich countries exploit the poor countries?

What can we learn about development from the material on Britain presented in Semester 2? 3. The nineteenth century: trade, investment and globalisation 4. The nineteenth century: industrialisation and policy in newly industrialising countries. 5. 1918-1939: Protectionism and the inter-war catastrophe. 6. 1945-1979: The New International Economic Order. Convergence, divergence and the evolution of

poverty trends. 7. The rise of the multinational corporation and technical diffusion. 8. Liberalisation, the Washington Consensus and the ‘End of History’. 9. Prospects for the International Economy and Patterns of Development. Teaching Method Lectures and workshops. Assessment One 2500-word essay at the end of semester 1 (50%); one 2-hour exam at the end of semester 2 (50%). Basic Reading Semester 1 – Britain Marr, A. (2008) A History of Modern Britain, London: BBC, ISBN: 9780330439831 Floud, R. and Johnson, P. (2004) The Cambridge Economic History of Modern Britain: Volume 1,

Industrialisation, 1700-1760, Cambridge University Press, ISBN: 9780521527361; Volume 2, Economic Maturity, 1860-1939, Cambridge University Press, ISBN: 9780521527378; Volume 3, Structural Change and Growth, 1939-2000, Cambridge University Press, ISBN: 9780521527361

Maddison, A. (2001) The World Economy: A Millennial Perspective, Paris: OECD, ISBN: 9789264186088 Semester 2 – global economy Foreman-Peck, J. (1994) A History of the World Economy: International Economic Relations Since 1850,

2nd edition, FT Prentice Hall, ISBN: 9780745009353 Chang, Ha-Joon (2007) Bad Samaritans, London: Random House Business Sachs, J. (2005) The End of Poverty: How We Can Make It Happen in Our Lifetime, London: Penguin,

ISBN: 9780141018669

17

Mathematical Methods for Economics 1 ECN118

Prerequisites Module Leader Semester Credits

Restricted to students on a degree course for which this is a core unit, or with the module leader’s approval.

Dr Pamela Lenton Academic year

20

This is the core mathematics module for students who do not have A Level Mathematics. Nature of the Subject To introduce the basic mathematical skills required by economists. Aims of the Module To provide an insight into the importance of mathematical methods in economics and to introduce and apply a range of mathematical techniques to economic problems. Learning Objectives By the end of this module students will be expected to demonstrate:

acquisition of the essential mathematical skills used in economic analysis;

an ability to make use of the mathematical approach in formulating and analysing problems in economics, and recognition of its limitations;

the facility to solve a range of specific problems. Syllabus Topics covered in the course include: revision of algebra; functions; differential calculus; integration; constrained optimisation; matrix algebra. All topics are demonstrated with economic applications. Teaching Method Twenty two lectures over the academic year, which include refresher mathematics in the first two weeks of the course. Topics typically comprise a lecture covering mathematical technique and a lecture covering the economic application of the technique. There are also 20 workshops and 10 problem solving/examples classes, which are tailored to those who need a gradual introduction to basic mathematics. Assessment An unseen end-of-module examination (50%), plus two class tests (25% each). Basic Reading The key text for this module, to which frequent reference will be made, is: Renshaw, G. (2011) Maths for Economics, 3rd edition, Oxford University Press, ISBN: 9780199602124 For further reading: Jacques, I. (2012) Mathematics for Economics and Business, 7th edition, Pearson, ISBN: 9780273763567

18

Mathematical Methods for Economics 2 ECN119

Prerequisites Module Leader Semester Credits

Restricted to students on a degree course for which this is a core unit, or with the module leader’s approval.

Dr Pamela Lenton Academic year

20

This is the core mathematics module for students with A Level Mathematics or equivalent. Nature of the Subject To introduce the basic mathematical skills required by economists. Aims of the Module To provide an insight into the importance of mathematical methods in economics and to introduce and apply a range of mathematical techniques to economic problems. Learning Objectives By the end of this module students will be expected to demonstrate:

acquisition of the essential mathematical skills used in economic analysis;

an ability to make use of the mathematical approach in formulating and analysing problems in economics, and recognition of its limitations;

a capability to solve a range of mathematically-formulated economics problems. Syllabus Topics covered in the course include: revision of algebra; functions; differential calculus; integration; constrained optimisation; matrix algebra. All topics are demonstrated with economic applications. Teaching Method Twenty two lectures over the academic year, which include refresher mathematics in the first two weeks of the course. Topics typically comprise a lecture covering mathematical technique and a lecture covering the economic application of the technique. There are also 10 workshops and 10 problem solving/examples classes, which are tailored to those who already have a good knowledge of mathematics. Assessment An unseen end-of-module examination (50%) plus two class tests (25% each). Basic Reading The key text for this module, to which frequent reference will be made, is: Renshaw, G. (2011) Maths for Economics, 3rd edition, Oxford University Press, ISBN: 9780199602124 For further reading: Jacques, I. (2012) Mathematics for Economics and Business, 7th edition, Pearson, ISBN: 9780273763567

19

Statistical Methods for Economics ECN120

Prerequisites Module Leader Semester Credits

Restricted to students on a degree course for which this is a core unit.

Mr Simon Tebbutt Academic year

20

This is the core statistics module for single honours and BA dual honours Economics students. Nature of the Subject Statistics comprises the rules and procedures for collecting, describing, analysing and interpreting quantitative and qualitative data. These skills find a wide range of uses in economics. Aims of the Module 1. To introduce statistical methods and provide an insight into their uses in economics. 2. To demonstrate application of a range of statistical techniques to economic problems. Learning Objectives By the end of this module students will be expected to demonstrate: 1. skills in describing, analysing and interpreting statistical data. 2. understanding of the principles and assumptions on which these procedures are based. 3. the ability to relate statistical methodology to economic enquiry. Syllabus Topics include collection and presentation of data, descriptive statistics, probability and applications, statistical inference, correlation and regression. Teaching Method Lectures, workshops and tutorials. Assessment An unseen examination (50%) plus two class tests (50%). Basic Reading Barrow, M. (2013) Statistics for Economics, Accounting and Business Studies, 6th edition, Pearson, ISBN: 9780273788508 – IF BOUGHT INDIVIDUALLY. SEE DETAILS OF SPECIAL BOOK DEAL AT:

www.sheffield.ac.uk/economics/undergraduate/intro