Economics What would I study and how do courses differ? Undergraduate degrees in Economics seek to explain the way people and businesses react to economic events and provide policy solutions for governments to deal with the increasingly critical economic issues which shape the world in which we live. Many topics in Economics are controversial. What caused the economic crisis of 2008 and were the policies used to respond to the crisis appropriate? Is globalisation increasing inequality? How should government deal with underemployment? Should the railways be re-nationalised? Is the housing market broken and how can we fix it? Using a wide range of analytical techniques, Economics degrees tackle a broad range of problems such as those set out above. The method of study is usually focused around formal modelling of economic relationships and testing hypotheses against data. Aspiring undergraduates should therefore have excellent problem-solving skills, including mathematical and statistical abilities. Equally, economists need to be able to explain their ideas clearly, to non-specialists, meaning you will also require the ability to interpret complex theoretical models and communicate the impact of real-world events with clarity. The majority of Economics degrees use the first year to teach students the essential foundations of Economics, covering core microeconomic and macroeconomic theory. The second year is then often used to apply this knowledge to a wide range of topic areas, from International Economics to Political Economy. It is usually the case that third year courses give students the opportunity to specialise in areas of the subject which interest them, which tends to include writing a dissertation. You should explore university websites to get more detail about the courses in which you are interested, as each institution has its own particular approach to the study of Economics. An increasingly important field of Economics is Econometrics. Economics must be tested against empirical data and applied to the real world; Econometrics is the statistical branch of Economics which develops and applies mathematical techniques and is an essential tool for modern economists. Again, different institutions put a different emphasis on this area of the subject, and you need to decide how mathematical an Economics degree you want to study. Broadly, BSc Economics courses are more technical in nature than BA Economics courses, although you should look at individual websites for a more accurate picture. What are typical entry requirements? Economics courses are highly competitive: the majority of Russell group universities will require you to achieve A*AA. It is difficult to find a straight Economics course at a competitive university with a standard offer of less than AAA.
14
