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Economics |
The Economics principal course provides a thorough and stimulating training in the economic analysis of socially important and policy relevant issues. The programme of study has been designed to provide a self-contained foundation for students with interests in Economics and its applications. The course provides training in the main aspects of modern economic theoretical analysis and empirical applications.
NB. Because of variations in staff availability and research interests from time to time, certain courses may not run in particular semesters. Erasmus, Exchange and Study Abroad students please confirm availability with the School when applying.
| Semester 1 | C/O | TYP | ECTS | CATS | ||
| ECO-10019 | Households, Firms and Government | C | M | 7.5 | 15 | |
| The module provides students with an understanding of how economists analyse decision making by consumers and businesses. The study of product and labour markets highlights their imperfect functioning and this enables students to recognise the role of government in regulating markets. | ||||||
| ECO-10022 | Strategic Thinking | EP | M | 7.5 | 15 | |
| This module introduces students to the tools of modern game theory at a non-technical level, allowing the analysis of many strategic situations. In undertaking this analysis, students will develop intuition to understand the incentives that underlie decision-making in strategic environments. This module is useful if students wish to study game theory further in Economics, Politics, Philosophy or Biology. Furthermore, it also serves to enhance the way students look at many aspects of everyday life, from current affairs to where friends should meet if they lose their mobile phones. | ||||||
| Semester 1-2 | C/O | TYP | ECTS | CATS | ||
| ENL-90003 | Academic English for Business Students (Part 1) | EA | C | 7.5 | 15 | |
| Drawing on themes and materials used within KMS modules these sessions will further develop your ability to read more efficiently and write more effectively. Classes will focus on developing your ability to identify key points and arguments within a text, and to utilise techniques to communicate ideas in both written and spoken formats. | ||||||
| Semester 2 | C/O | TYP | ECTS | CATS | ||
| ECO-10021 | Output, Inflation and Employment | C | M | 7.5 | 15 | |
| Macroeconomics is concerned with and seeks to explain the large-scale movements that we observe in the economy as a whole and the regularities of aggregate behaviour. This module will introduce students to the key concepts of national income accounting and measures of economic activity that macroeconomists utilize when discussing these developments. The module will subsequently examine the role of the real and financial sectors in determining aggregate output, employment and inflation. Much of the content of modern macroeconomics dates from the experience gained from two particularly important historical episodes: the high levels of unemployment of the 1930s and the stagflation of the 1970s. The understanding gained from these episodes remains important today. Governments around the world, struggle with the problem of balancing the needs of the economy in the short term (by attempting to control movements in unemployment and inflation), with the need to maintain long-term growth in the economy. The nature of government commitments to each of these policy areas will be described in the historical context and the notion of trade-off in the policy agenda will be discussed. | ||||||
| ECO-10023 | Quantitative Methods | C | M | 7.5 | 15 | |
| This module is designed especially to cater for the needs of students taking the Principal Economics, Principal Finance or Accounting and Finance Single Honours programme, and is structured to assist them in understanding the technical and quantitative aspects of the subject. No prior knowledge, above basic school maths, is assumed. The module will introduce and develop students&© understanding of a range of statistical and mathematical methods and techniques. These include basic descriptive statistics (measures of central tendency and dispersion), correlation and interdependence, bivariate regression, linear algebra and functions, solving linear simultaneous equations, basic calculus including the notion of the margin and differentiation, maxima and minima. | ||||||
| Semester 1 | C/O | TYP | ECTS | CATS | ||
| ECO-20016 | Economics - Study Abroad I | EP | C | 7.5 | 15 | |
| This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students. | ||||||
| ECO-20017 | Economics - Study Abroad II | EP | C | 7.5 | 15 | |
| This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students. | ||||||
| ECO-20038 | Price Theory | C | M | 7.5 | 15 | |
| The module provides students with a deeper understanding of how economists analyse decision making by consumers and businesses. The study of markets identifies causes of their possibly imperfect functioning thus enabling students to recognise the scope for regulating markets. | ||||||
| ECO-20042 | Introduction to Econometrics | C | M | 7.5 | 15 | |
| This module is designed especially to cater for the needs of students taking the Principal Economics, Business Economics Single Honours, Principal Finance or Accounting and Finance Single Honours programme, and is structured to assist them in understanding the technical and quantitative aspects of the subject. The module will introduce and develop students understanding of econometrics and the use of statistical methods to investigate selected economic and financial issues (e.g. consumption functions, household labour supply, CAPM) | ||||||
| Semester 1-2 | C/O | TYP | ECTS | CATS | ||
| ENL-90003 | Academic English for Business Students (Part 1) | EA | C | 7.5 | 15 | |
| Drawing on themes and materials used within KMS modules these sessions will further develop your ability to read more efficiently and write more effectively. Classes will focus on developing your ability to identify key points and arguments within a text, and to utilise techniques to communicate ideas in both written and spoken formats. | ||||||
| ENL-90004 | Academic English for Business Students ( 2) | EA | C | 7.5 | 15 | |
| Drawing on themes and materials used within KMS modules these sessions will provide opportunities for you to increase your ability to read more challenging texts more efficiently and write in a more sophisticated manner. Classes will focus on further development of techniques to enable you to identify key points and arguments within lengthy texts and to utilise your understanding of language and structures to communicate these ideas as well as your own views. | ||||||
| Semester 2 | C/O | TYP | ECTS | CATS | ||
| ECO-20018 | Economics - Study Abroad III | EP | C | 7.5 | 15 | |
| This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students. | ||||||
| ECO-20019 | Economics - Study Abroad IV | EP | C | 7.5 | 15 | |
| This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students. | ||||||
| ECO-20037 | Open Economy Macroeconomics | C | M | 7.5 | 15 | |
| This module examines the role and capability of government demand management policies in an open economy. The module systematically develops an open economy variant of the established closed economy macroeconomic models introduced in year 1 (IS/LM and AS/AD model). It examines the efficacy of monetary, fiscal and exchange rate policy for stabilizing output, employment and inflation. The role of capital mobility and the exchange rate in the transmission mechanism of policy is studied. | ||||||
| ECO-20040 | Contemporary Issues in Economics | EP | M | 7.5 | 15 | |
| The purpose of this model is to enable students to evaluate, using different economic models, complex contemporary economic policy problems faced by governments, such as poverty and inequality, regulation and sustainability of sovereign debt. | ||||||
| Semester 1 | C/O | TYP | ECTS | CATS | ||
| ECO-30033 | Dynamic Macroeconomics | C | M | 7.5 | 15 | |
| This module is designed to provide students with aan understanding of the significance of macroeconomic dynamics and their implications for macroeconomic modelling and policy. Dynamic considerations arise from a variety of sources and in this module students will consider the implications associated in particular with private sector expectations and various sources of endogenous growth. These ideas will be developed in the context of key macroeconomic policy problems such as the effectiveness of stabilization policy, the dynamic inconsistency problem of low inflation monetary policy, notions of the business cycle and economic policy and growth. | ||||||
| ECO-30036 | Market Imperfections and Market Failures | C | M | 7.5 | 15 | |
| The purpose of this module is to enable students to understand - and apply to real world issues - some advanced micreoconomic models of market failures. The module will start with an analysis of the main models of imperfect competition (monopoly- with/without price discrimination, cartels, oligopoly models). Welfare economics models will be used to enable students to assess the impact of imperfect competition on social welfare. Students will then learn to apply game theoretical models to the strategic interaction among firms- both in a static and dynamic framework, to gain a better understanding of firms' strategic decision-making, in terms of price and quantity decisions. Finally, students will be formally introduced to the theory of expected utility and will apply this model to the insurance market. Starting from a perfectly competitive equilibrium with complete information, we proceed to show the consequences on this equilibrium of the presence of asymmetric information and moral hazard. | ||||||
| Semester 1-2 | C/O | TYP | ECTS | CATS | ||
| ENL-90003 | Academic English for Business Students (Part 1) | EA | C | 7.5 | 15 | |
| Drawing on themes and materials used within KMS modules these sessions will further develop your ability to read more efficiently and write more effectively. Classes will focus on developing your ability to identify key points and arguments within a text, and to utilise techniques to communicate ideas in both written and spoken formats. | ||||||
| ENL-90004 | Academic English for Business Students ( 2) | EA | C | 7.5 | 15 | |
| Drawing on themes and materials used within KMS modules these sessions will provide opportunities for you to increase your ability to read more challenging texts more efficiently and write in a more sophisticated manner. Classes will focus on further development of techniques to enable you to identify key points and arguments within lengthy texts and to utilise your understanding of language and structures to communicate these ideas as well as your own views. | ||||||
| Semester 2 | C/O | TYP | ECTS | CATS | ||
| ECO-30026 | Game Theory | EP | M | 7.5 | 15 | |
| The module introduces students to the methods of game theory, enabling them to gain an understanding of strategic interaction, knowledge of which is fundamental in understanding modern literature in a variety of disciplines, including Economics, Politics and Biology. Although the subject will cover some elements of abstract modelling, topics will be introduced on an examples-led basis, with the emphasis on applicability of the theory to real life. | ||||||
| ECO-30032 | Labour Economics | EP | M | 7.5 | 15 | |
| This module is designed to provide students with an understanding of the significance of the labour market and labour market policy. The module will consider the factors that underlie the demand for labour by firms and the supply of labour by households and individuals; the module will subsequently examine issues like labour discrimination, training, efficiency wages and unemployment. | ||||||
| ECO-30034 | Economics of the European Union | EP | M | 7.5 | 15 | |
| This module is designed to outline and evaluate the economic arguments underpinning the development of the European Union. The module will initially examine the rationale for regional trade agreements like the EU and describe the structure and key stages in its development. The module will subsequently evaluate a variety of major European policy initiatives, notably European Monetary Union, the Common Agricultural Policy and enlargement together with the budgetary consequences of these policy developments. | ||||||
| ECO-30035 | Econometrics | EP | M | 7.5 | 15 | |
| The aim of this moduloe is to introduce students to the econometric techniques which allow the measurement of quantities (elasticities, multipliers, treatment effects, etc.) that are of interest to economists. Students will be asked to complete a small scale project (40% of the final mark) and will be assessed formally by a 2-hour final unseen examination (60% of the final mark). | ||||||
| ECO-30043 | Economic and Business Forecasting - ISP | EP | C | 7.5 | 15 | |
| The ability to analyse quantitative information and produce and evaluatate forecasts is a highly prized skill in business and industry. This module is designed to familiarize you with a variety of methods and techniques used for forecasting economic and business data and their use in economic and business decision-making. The module will consider, in turn, applications and merits of various smoothing methods, time series decomposition, univariate time series and structural modelling forecasting methods. Methods of forecast evaluation will also be examined. The module is hands-on and students will learn how to apply the various forecasting techniques using real data. The module will develop further IT skills associated with the use of Stata and other software packages. Module assessment is based upon completion of a report comprising of three forecasts produced independently. | ||||||
| ENL-90005 | Advanced Business English Communication | EA | C | 7.5 | 15 | |
| In this highly competitive climate you need something to set you apart from others. This module will provide you with the specialist language and professional communication skills you will require if you wish to pursue a career in business. This highly practical module will build upon and complement your existing language skills by working on themes such as, negotiating strategies and presenting visual information. Using case studies you will practise identifying and clarifying information, constructing counter-arguments, and providing evidence verbally and in writing. Revision of essential grammatical structures and functional areas of language as well as building a subject-specific bank of key words will provide you with the confidence to engage fluently and competently in numerous business contexts. On completion of this module you may wish to to attain an additional English language qualification. If so, you have the option of attending our (BEC Higher) Preparation Course which will prepare you to take the highly sought after, and internationally recognised Cambridge BEC ( Higher ) Certificate in Business English Communication Examination . This is offered after the Keele examination period in April when you have completed your principal courses. | ||||||
| Semester 1 | C/O | TYP | ECTS | CATS | ||
| ECO-10019 | Households, Firms and Government | C | M | 7.5 | 15 | |
| The module provides students with an understanding of how economists analyse decision making by consumers and businesses. The study of product and labour markets highlights their imperfect functioning and this enables students to recognise the role of government in regulating markets. | ||||||
| ECO-10022 | Strategic Thinking | EP | M | 7.5 | 15 | |
| This module introduces students to the tools of modern game theory at a non-technical level, allowing the analysis of many strategic situations. In undertaking this analysis, students will develop intuition to understand the incentives that underlie decision-making in strategic environments. This module is useful if students wish to study game theory further in Economics, Politics, Philosophy or Biology. Furthermore, it also serves to enhance the way students look at many aspects of everyday life, from current affairs to where friends should meet if they lose their mobile phones. | ||||||
| Semester 1-2 | C/O | TYP | ECTS | CATS | ||
| ENL-90003 | Academic English for Business Students (Part 1) | EA | C | 7.5 | 15 | |
| Drawing on themes and materials used within KMS modules these sessions will further develop your ability to read more efficiently and write more effectively. Classes will focus on developing your ability to identify key points and arguments within a text, and to utilise techniques to communicate ideas in both written and spoken formats. | ||||||
| Semester 2 | C/O | TYP | ECTS | CATS | ||
| ECO-10021 | Output, Inflation and Employment | C | M | 7.5 | 15 | |
| Macroeconomics is concerned with and seeks to explain the large-scale movements that we observe in the economy as a whole and the regularities of aggregate behaviour. This module will introduce students to the key concepts of national income accounting and measures of economic activity that macroeconomists utilize when discussing these developments. The module will subsequently examine the role of the real and financial sectors in determining aggregate output, employment and inflation. Much of the content of modern macroeconomics dates from the experience gained from two particularly important historical episodes: the high levels of unemployment of the 1930s and the stagflation of the 1970s. The understanding gained from these episodes remains important today. Governments around the world, struggle with the problem of balancing the needs of the economy in the short term (by attempting to control movements in unemployment and inflation), with the need to maintain long-term growth in the economy. The nature of government commitments to each of these policy areas will be described in the historical context and the notion of trade-off in the policy agenda will be discussed. | ||||||
| ECO-10023 | Quantitative Methods | C | M | 7.5 | 15 | |
| This module is designed especially to cater for the needs of students taking the Principal Economics, Principal Finance or Accounting and Finance Single Honours programme, and is structured to assist them in understanding the technical and quantitative aspects of the subject. No prior knowledge, above basic school maths, is assumed. The module will introduce and develop students&© understanding of a range of statistical and mathematical methods and techniques. These include basic descriptive statistics (measures of central tendency and dispersion), correlation and interdependence, bivariate regression, linear algebra and functions, solving linear simultaneous equations, basic calculus including the notion of the margin and differentiation, maxima and minima. | ||||||
| Semester 1 | C/O | TYP | ECTS | CATS | ||
| ECO-20016 | Economics - Study Abroad I | EP | C | 7.5 | 15 | |
| This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students. | ||||||
| ECO-20017 | Economics - Study Abroad II | EP | C | 7.5 | 15 | |
| This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students. | ||||||
| ECO-20038 | Price Theory | C | M | 7.5 | 15 | |
| The module provides students with a deeper understanding of how economists analyse decision making by consumers and businesses. The study of markets identifies causes of their possibly imperfect functioning thus enabling students to recognise the scope for regulating markets. | ||||||
| ECO-20042 | Introduction to Econometrics | C | M | 7.5 | 15 | |
| This module is designed especially to cater for the needs of students taking the Principal Economics, Business Economics Single Honours, Principal Finance or Accounting and Finance Single Honours programme, and is structured to assist them in understanding the technical and quantitative aspects of the subject. The module will introduce and develop students understanding of econometrics and the use of statistical methods to investigate selected economic and financial issues (e.g. consumption functions, household labour supply, CAPM) | ||||||
| Semester 1-2 | C/O | TYP | ECTS | CATS | ||
| ENL-90003 | Academic English for Business Students (Part 1) | EA | C | 7.5 | 15 | |
| Drawing on themes and materials used within KMS modules these sessions will further develop your ability to read more efficiently and write more effectively. Classes will focus on developing your ability to identify key points and arguments within a text, and to utilise techniques to communicate ideas in both written and spoken formats. | ||||||
| ENL-90004 | Academic English for Business Students ( 2) | EA | C | 7.5 | 15 | |
| Drawing on themes and materials used within KMS modules these sessions will provide opportunities for you to increase your ability to read more challenging texts more efficiently and write in a more sophisticated manner. Classes will focus on further development of techniques to enable you to identify key points and arguments within lengthy texts and to utilise your understanding of language and structures to communicate these ideas as well as your own views. | ||||||
| Semester 2 | C/O | TYP | ECTS | CATS | ||
| ECO-20018 | Economics - Study Abroad III | EP | C | 7.5 | 15 | |
| This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students. | ||||||
| ECO-20019 | Economics - Study Abroad IV | EP | C | 7.5 | 15 | |
| This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students. | ||||||
| ECO-20037 | Open Economy Macroeconomics | C | M | 7.5 | 15 | |
| This module examines the role and capability of government demand management policies in an open economy. The module systematically develops an open economy variant of the established closed economy macroeconomic models introduced in year 1 (IS/LM and AS/AD model). It examines the efficacy of monetary, fiscal and exchange rate policy for stabilizing output, employment and inflation. The role of capital mobility and the exchange rate in the transmission mechanism of policy is studied. | ||||||
| ECO-20040 | Contemporary Issues in Economics | EP | M | 7.5 | 15 | |
| The purpose of this model is to enable students to evaluate, using different economic models, complex contemporary economic policy problems faced by governments, such as poverty and inequality, regulation and sustainability of sovereign debt. | ||||||
| Semester 1 | C/O | TYP | ECTS | CATS | ||
| ECO-30033 | Dynamic Macroeconomics | EP | M | 7.5 | 15 | |
| This module is designed to provide students with aan understanding of the significance of macroeconomic dynamics and their implications for macroeconomic modelling and policy. Dynamic considerations arise from a variety of sources and in this module students will consider the implications associated in particular with private sector expectations and various sources of endogenous growth. These ideas will be developed in the context of key macroeconomic policy problems such as the effectiveness of stabilization policy, the dynamic inconsistency problem of low inflation monetary policy, notions of the business cycle and economic policy and growth. | ||||||
| ECO-30036 | Market Imperfections and Market Failures | EP | M | 7.5 | 15 | |
| The purpose of this module is to enable students to understand - and apply to real world issues - some advanced micreoconomic models of market failures. The module will start with an analysis of the main models of imperfect competition (monopoly- with/without price discrimination, cartels, oligopoly models). Welfare economics models will be used to enable students to assess the impact of imperfect competition on social welfare. Students will then learn to apply game theoretical models to the strategic interaction among firms- both in a static and dynamic framework, to gain a better understanding of firms' strategic decision-making, in terms of price and quantity decisions. Finally, students will be formally introduced to the theory of expected utility and will apply this model to the insurance market. Starting from a perfectly competitive equilibrium with complete information, we proceed to show the consequences on this equilibrium of the presence of asymmetric information and moral hazard. | ||||||
| Semester 1-2 | C/O | TYP | ECTS | CATS | ||
| ENL-90003 | Academic English for Business Students (Part 1) | EA | C | 7.5 | 15 | |
| Drawing on themes and materials used within KMS modules these sessions will further develop your ability to read more efficiently and write more effectively. Classes will focus on developing your ability to identify key points and arguments within a text, and to utilise techniques to communicate ideas in both written and spoken formats. | ||||||
| ENL-90004 | Academic English for Business Students ( 2) | EA | C | 7.5 | 15 | |
| Drawing on themes and materials used within KMS modules these sessions will provide opportunities for you to increase your ability to read more challenging texts more efficiently and write in a more sophisticated manner. Classes will focus on further development of techniques to enable you to identify key points and arguments within lengthy texts and to utilise your understanding of language and structures to communicate these ideas as well as your own views. | ||||||
| Semester 2 | C/O | TYP | ECTS | CATS | ||
| ENL-90005 | Advanced Business English Communication | EA | C | 7.5 | 15 | |
| In this highly competitive climate you need something to set you apart from others. This module will provide you with the specialist language and professional communication skills you will require if you wish to pursue a career in business. This highly practical module will build upon and complement your existing language skills by working on themes such as, negotiating strategies and presenting visual information. Using case studies you will practise identifying and clarifying information, constructing counter-arguments, and providing evidence verbally and in writing. Revision of essential grammatical structures and functional areas of language as well as building a subject-specific bank of key words will provide you with the confidence to engage fluently and competently in numerous business contexts. On completion of this module you may wish to to attain an additional English language qualification. If so, you have the option of attending our (BEC Higher) Preparation Course which will prepare you to take the highly sought after, and internationally recognised Cambridge BEC ( Higher ) Certificate in Business English Communication Examination . This is offered after the Keele examination period in April when you have completed your principal courses. | ||||||