Economics BSc Honours | Middlesex University London
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Economics BSc Honours

Learn about the course below
Code
L101
Start
October 2018
EU/International induction: September 2018
Duration
3 years full-time
4 years full-time with placement
6 years part-time
Attendance
Full-time
Part-time
Fees
£9,250 (UK/EU) *
£12,500 (INT) *
Course leader
Lorenzo Ductor

Economic principles play an important role in the daily choices that we make and is fundamental to how we live our daily lives, impacting on aspects of society from banking and financial services to public policy, education and healthcare. We provide our students with the necessary tools to address economic problems in the real world, ensuring graduates are self-motivated and ambitious learners who are able to confidently navigate their future career path.

Why study BSc Economics at Middlesex University?

The study of Economics is concerned with a wide range of issues such as the production, consumption and pricing of goods and services, the study of incentives, the effect of social interactions on economics outcome, monetary and fiscal policies, and decision-making. Through stimulating theory, quantitative methods and debate students explore the key factors that influence economic forces and learn to apply knowledge to real world problems.

The BSc Economics challenges students to grow and perform at a high level, helping them to acquire the technical knowledge, analytical skills and critical thinking that are in demand across many industry sectors and fields. Our degree can lead to a wide range of careers and roles in sectors such as finance, economics, banking, energy and policy, including business analyst, economic consultant, investment analyst, researcher, pricing strategist and policy analyst.

Highly active in areas at the forefront of economics, from applied microeconomics and networks to banking, trade and applied industrial organisations, our academics use their research to inform both the knowledge they deliver and the innovative teaching methods they use. For example students are taught by some of the world's leading experts in the cutting-edge field of behavioural economics, with our Behavioural Economics Group ranked in the top 10 in the UK overall in Experimental Economics (RePEC, 2014).

Course highlights

  • Our teaching staff are active researchers and are widely published in areas including: behavioural and experimental economics, microeconomics, and econometrics.
  • Work placements are an invaluable opportunity to gain employability skills so we have introduced two options by which students can integrate this into their time at Middlesex. Students who wish to do a placement can take either a 36 week 3rd year sandwich placement as part of a 4 year degree or two 18 week summer placements allowing students to complete within 3 years
  • In your final year you can choose one of three specialist pathways (Quantitative Economics, Business Economics, Financial Economics) or select from all of our Economics modules for a non-pathway route
  • Our academics provide excellent student support through: the Virtual Learning Platform, high levels of office-hour availability and the production and distribution of quality learning materials and computer experiments
  • You will have access to cutting-edge business resources including Chartered Management Institutes' Management Direct Resource Hub and Datastream.

What will you study on the BSc Economics?

All students will follow the same course in the first and second years, developing your understanding of economics and specific aspects of the discipline. In your third year you can choose modules that develop specific 'pathways' in Quantitative Economics, Business, Finance, Behavioural & Experimental Economics, Development, Industrial economics or Banking.

Alternatively you can select any of the optional modules and follow a solely Economics pathway.

BSc Economics pathway - Year 3 modules

Optional:

  • Advanced Microeconomics
  • Advanced Macroeconomics
  • Advanced Econometrics
  • Social Network and Labour Economics
  • Development Economics
  • Financial Risk Management in Banking
  • Monetary Policy
  • International Finance
  • Industrial Organisation
  • Trade: Theory & Policy

BSc Economics (Banking) pathway - Year 3 modules

Compulsory:

  • Financial Risk Management in Banking
  • Monetary Policy
  • Banking Theory and Practice

Optional:

  • Advanced Microeconomics
  • Advanced Macroeconomics
  • Advanced Econometrics

BSc Economics (Development) pathway - Year 3 modules

Compulsory:

  • Advanced Econometrics
  • Behavioural Economics
  • Development Economics
  • Trade: Theory & Policy

BSc Economics (Industrial) pathway -  Year 3 modules

Compulsory:

  • Social Network and Labour Economics
  • Industrial Organisation
  • Trade: Theory & Policy

Optional:

  • Advanced Microeconomics
  • Advanced Econometrics

BSc Economics (Business) pathway

Compulsory:

  • Industrial Organisation
  • Social Network and Labour Economics

Optional:

  • Development Economics
  • Financial Risk Management in Banking
  • Monetary Policy
  • International Finance
  • Trade: Theory and Policy

BSc Economics (Behavioural and Experimental) pathway

Compulsory:

  • Advanced Econometrics
  • Behavioural Economics
  • Experimental Economics
  • Social Network and Labour Economics

BSc Economics (Finance) pathway

Compulsory:

  • Advanced Econometrics
  • International Finance
  • Finance
  • Investment Analysis

BSc Economics (Quantitative) pathway

Compulsory:

  • Research in topics in Economics

Optional:

  • Advanced Microeconomics
  • Advanced Macroeconomics
  • Advanced Econometrics
  • Experimental Economics

Modules

  • Year 1

    • Principles of Microeconomics (30 credits) - Compulsory

      This module aims to provide you with an appreciation of basic microeconomic analysis as a basis for understanding the operation of a market economy, an awareness of the microeconomic effects of economic policy, and a good background in microeconomics to prepare the student for further microeconomic study.

    • Principles of Macroeconomics (30 credits) - Compulsory

      This module aims to provide an appreciation of basic macroeconomic analysis as a basis for understanding the operation of a market economy, an awareness of the policy options and dilemmas facing the government as well as the macroeconomic effects of economic policy, and a good background in macroeconomics to prepare the student for further macroeconomic study.

    • Statistics and Inference (30 credits) - Compulsory

      This module aims to introduce the analysis and interpretation of quantitative data. Topics include summary statistics, probability, random variables and probability distributions, statistical inference, point estimation and confidence intervals.

    • Quantitative Techniques 1 (30 credits) - Compulsory

      This module aims to introduce the basic mathematical concepts used in economic analysis. These include the basic properties of functions, univariate and multivariate calculus and matrix operations. The course serves as a basis for second year economics courses.

  • Year 1 - optional placement

    • Placement (60 or 120 Credits) - Optional

      A 12 month placement is offered at the end of Year 1 and is worth 120 credits. The placement forms the basis for an assessed report based on the organisation in which you are attached. At the start of the placement you are allocated an individual supervisor from the university who provides individual support and advice for the duration of the placement and the project. All projects are double marked. Placements allow you to gain work experience and also to test out a function or area in which you think your career will progress after graduation. On many occasions the placement will help with your academic studies. They also provide good opportunities for networking, as a source for references and can even secure future employment after graduation with the employer. Alternatively, you may opt to take one or two shorter placements, each worth 60 credits, between Year 1 and 2 and/or between Year 2 and 3. These shorter placements allow you to gain work experience but to still graduate after three years.

  • Year 2

    • Microeconomics (30 credits) - Compulsory

      This module aims to develop your knowledge of microeconomics theories that can be used to explain and predict consumers' and firms' behaviour. The aims of this module are to provide you with analytical tools to evaluate theories of consumer and investor behaviour, and to analyse and compare firms' production and pricing policies under different firms' objectives. In addition, this module will also introduce the individual behaviour with respect to choices with uncertainty and basic concepts of public economics.

    • Macroeconomics (30 credits) - Compulsory

      This module aims to provide you with an understanding of the macroeconomic environment through a study of the models and techniques of macroeconomics and an appreciation of current controversies with respect to the formulation, implementation and impact of macroeconomic policies.

    • Econometrics (30 credits) - Compulsory

      This module aims to expose you to basic econometrics theory and provide you with a deep knowledge of the techniques involved in modern applied econometrics. The module is problem and data driven, giving you the skills to estimate and interpret econometric models, while having a strong grasp of the underlying theoretical concepts. The module will introduce the range of econometric techniques, which will enable you to undertake applied econometric work successfully via hands-on training using econometrics computer software including R, Stata and Gretl.

    • Quantitative Techniques 2 (30 credits) - Compulsory

      This module aims to introduce the fundamental mathematical concepts used in economic analysis. These include calculus, unconstrained and constrained optimisation for univariate and multivariate functions, integral calculus, differential equations and dynamic optimisation. The course serves as a basis for advanced economics and finance courses.

  • Year 2 - optional placement

    • Placement (60 or 120 Credits) - Optional

      A 12 month placement is offered at the end of Level 5 and is worth 120 credits. The placement forms the basis for an assessed report based on the organisation in which you are attached. At the start of the placement, you are allocated an individual supervisor from the university who provides individual support and advice for the duration of the placement and the project. All projects are double marked. Placements allow you to gain work experience and also to test out a function or area in which you think your career will progress after graduation. On many occasions the placement will help with your academic studies. They also provide good opportunities for networking, as a source for references and can even secure future employment after graduation with the employer. Alternatively, you may opt to take one or two shorter placements, each worth 60 credits, between Year 1 and 2 and/or between Year 2 and 3. These shorter placements allow you to gain work experience but to still graduate after three years.

  • Year 3

    • Advanced Microeconomics (30 credits) - Optional

      This module aims to provide you with the essential tools to present advanced economic problems. You will explore the role of the information in Economics and will analyse the effect of asymmetric information and uncertainty in different economic situations such as contracts, prices, etc. You will also study the phenomena of adverse selection and moral hazard. You will then review the basic concepts of Game Theory, as well focus on coalitions and bargaining theory. The course will combine analytical rigour with intuitive and applicable references to the real world.

    • Advanced Macroeconomics (30 credits) - Optional

      This module aims to introduce the advanced topics in macroeconomics through analysing macroeconomic concepts in a rigorous and technical manner and enriching your competencies in quantitative techniques. Focus will also be given on policy issues and implications derived from the latest developments in macroeconomics.

    • Advanced Econometrics (30 credits) - Optional

      The aim of this module is to provide you with a set of tools to understand and analyse economic data and expose you to econometric strategies frequently used in applied microeconomics and applied macroeconomics research. Topics covered in the model include ARIMA processes; testing and model selection; vector autoregressive models; granger Causality; discrete choice model; Tobit and selection model and endogeneity problems in panel data models. You will be able to recognise data problems, specify and estimate econometrics models for policy analysis and be able to undertake empirical research individually and independently.

    • Research Topics in Economics (30 credits) - Optional

      This module is for those interested in conducting original research on economics questions. The module aims to provide you with the set of tools and skills needed to critically evaluate research in economics. You have to attend the weekly seminars in economics and write a brief research report, summarising the main ideas of the paper and evaluating strong points and the main limitations of the research paper presented in the seminar.

    • Social Network and Labour Economics (30 credits) - Optional

      The module aims to provide you with a set of tools to analyse the effects of social networks on employment, inequality, productivity and labour mobility and migration. You will become familiar with theories, methods and techniques used by labour economists and will have the opportunity to apply them to topics of interest. For example, you will learn techniques developed for social network analysis to identify the human resources strategies that would maximise productivity in the workplace. The first part of the module is designed to provide a broad overview of social network techniques and their applications to the labour market. The second part will focus on human capital investment, employment, productivity, discrimination in the labour market and labour mobility and migration.

    • Development Economics (30 credits) - Optional

      This module aims at developing your knowledge in microeconomic theories that can be used to explain and predict problems in economic development faced by developing countries. The aims of this module are to provide analytical tools to develop your critical thinking on economic aspects of the development process in low and middle-income countries. You will learn to analyse a range of problems in economic development and to identify advantages and disadvantages of public policies aiming at solving or reducing these problems.

    • Behavioural Economics (30 credits) - Optional

      This module provides a comprehensive exposure to the insights and methods of behavioural and experimental economics. The module consists of two parts. The first, is aimed at providing a formal framework for the analysis of strategic interactions, and as such is designed to introduce the main solution concepts in Games of Strategy. The second part is intended to assess the predicted power of the different solution concepts when it comes to actual human behaviour and real experimental data. Recent findings from behavioural and experimental design are discussed and departures from equilibrium predictions are rationalised using alternative solution concepts. Applications and everyday examples are provided of problems facing individuals, groups and organisations when making economic decisions in a complex world.

    • Industrial Organisation (30 credits) - Optional

      This module aims to develop your knowledge of firm strategic behaviour in markets. The course builds on Level 2 Intermediate Microeconomics. The aims of this module are to provide you with the analytical tools whereby you can understand concepts such as market concentration, monopoly power, price discrimination and firm strategic interaction in markets. You will learn how location is an important determinant for firm markets power and provides a strategic advantage to a firm. You will learn to evaluate key issues about market structure and their implications for different strategies as well as to apply economic theory to the decision making process of firms.

    • Trade: Theory and Policy (30 credits) - Optional

      This module provides balanced coverage of the key concepts of international trade theory and its policy applications in the world economy. The aims of this module are to develop your knowledge and analytical tools to explain patterns of trade and specialisation using the classical models such as Ricardo and Heckscher-Olin and the more recent models of monopolistic competition. You will learn to identify welfare gains from trade and the effects of international trade on income distribution. The module also provides the basis to evaluate key issues in trade policies, the WTO, and trade agreements.

    • Experimental Economics (30 credits) - Optional

      This module consists of three parts. The first part will provide you with an advanced understanding of the principles of experimental design in experimental economics. In the second part, you will learn special issues concerning current topics in experimental economics. The third and final part will introduce the field experiments and Randomised Control Trials (RCTs).

    • Banking Theory and Practice (30 credits) - Optional

      This module aims to build your knowledge of banking. It approaches banking from an economic perspective (but with some basic accounting included) with an aim to explore the complexity and integrated nature of financial systems with emphasis on the UK and the USA, and identify and assess different systems of allocating funds for economic development. You will develop your ability to apply introductory risk management tools and techniques in banking, and investigate emerging issues and contemporary trends in banking theory and practice.

    • Financial Risk Management in Banking (30 credits) - Optional

      This module allows you to develop an understanding of the process of financial risk management in banking, including financial markets and instruments, derivatives, various bank risks and their management, financial crisis and securitisation, regulations, and the effect of accounting standards. This module provides the opportunity for you to develop risk modelling skills, analytical and numerical skills in banking risk management practice

    • Monetary Policy (30 credits) - Optional

      The module aims to provide an understanding of "money", monetary standards and the monetary sector, as well as an understanding of the evolution of monetary and banking (economic) theory and the seminal controversies since Hume and Bagehot. You will gain the ability to apply monetary theory to public policy in a domestic and international context, and investigate emerging and current issues of monetary policy and banking. You will analyse public policy and safety of the financial system and develop specialist knowledge suitable for further development via postgraduate study or professional employment.

    • International Finance (30 credits) - Optional

      This module aims to provide the knowledge of theories of exchange rate and balance of payments, and skills of managing international financial assets and exchange rate risks in a global environment. You have the opportunity to study the operations of the world capital markets, grasp the principles essential to understanding of global financial issues and policies, and apply tools to effectively evaluate and manage foreign exchange risks in order to succeed in international financial environment.

    • Finance (30 credits) - Optional

      This module aims to provide you with a solid understanding of contemporary corporate finance both theoretically and practically. The module will explain all the main aspects of financial management, including capital budgeting and investment decision-making, capital structure and finance decision-making, and working capital management. It will enable a critical appreciation of the link between accounting and finance, and the interaction between financial decision-making and capital market behaviour. You will also develop and refine your transferable skills, including communication, presentational skills, critical analysis, time management and team-working skills.

    • Investment Analysis (30 credits) - Optional

      The module aims to develop your knowledge of modern investment theory and practice. A detailed study of classic portfolio theory provides the basis for an appreciation of, and further investigation into, themes that are currently at the forefront of reflection and research in investment theory, including sceptical views of the classic paradigm whose status has been boosted by the international banking crisis that began in 2008. In tandem with a critical approach to theory, the module offers insights into the quantitative methods (and supporting technology) that are used to inform the construction and management of investment portfolios. Furthermore the module analyses institutional, product and technological innovation in the sphere of investment management, particularly in relation to a heightened concern with risk control, market liquidity and disclosure of information.

You can find more information about this course in the programme specification. Module and programme information is indicative and may be subject to change.

  1. Overview
  2. Teaching and learning
  3. Assessment and feedback
  1. UK & EU
  2. International
  3. How to apply
  1. UK & EU
  2. International

How can the BSc Economics support your career?

Economists with analytical and quantitative skills are highly sought after by the private and public sector, big and small firms, large international agencies, schools and universities, economic policy makers, and social organisations. Students exiting the programme could have enter careers such as:

  • Business Analyst
  • Economic Consultant
  • Energy Research Officer
  • Environmental Economist
  • Financial Policy Advisor
  • Graduate Economist
  • Microeconomic Analyst
  • Policy Analyst
  • Trainee Dealer

An Economics degree builds both subject specific and transferable skills, making it an ideal study choice for launching a career across both the public and private sectors: from banking and finance, to economics consultancy. Economics graduates have progressed to work for leading companies, including: John Lewis, Nokia, O2, World Trade Group, Cyprus Government, IBM, Halifax, Natwest, Canadian High Commission, Arwens and Fratelli.

Dr Lorenzo Ductor Gomez
Senior Lecturer in Economics

Dr. Ductor’s research focuses on social network analysis and how social interactions shape economic outcomes. He has published in top peer-reviewed journals in Economics. He has worked previously at Massey University (New Zealand) and obtained his PhD in Quantitative Economics from the University of Alicante.

Dr Valerio Capraro
Senior Lecturer

Dr. Capraro obtained his Ph.D in Mathematics (2011) from the University of Rome "Tor Vergata”. In his research he uses math models and behavioural experiments to understand individual decision making.

Dr Daryna Grechyna
Lecturer

Dr. Grechyna obtained her PhD in Economics (2011) in the Autonomous University of Barcelona (Spain). Her area of specialisation is macroeconomics and computational economics. In particular, she works on fiscal policy, economic growth and development, financial markets and macroeconomics.

Other courses

Economics BA Honours

Start: October 2018, EU/International induction: September 2018

Duration: 3 years full-time, 4 years full-time with placement, 6 years part-time

Code: L102

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