Economics 318

This module consists of three parts:

1. Quantitative Economics

Attention is given to general data analysis and mathematical techniques. Computer based data analysis receives special attention.

2. Macroeconomics

This module considers the two main empirical features of macro-economies, i.e. business cycles and long-term growth. To this end, the mainstream business cycle model (ISLM) is generalized for the case of an open economy. Consideration is then given to the implications for fiscal and monetary policy and exchange rate fluctuations. The different perspectives from non-mainstream schools of thought will also be considered.

3. Game Theory

Game Theory is a mathematical method that deals with situations where strategic interaction between economic agents take place, in other words where an individual’s utility depends on the actions of other agents. This enables us to analyze situations that fall outside the standard framework of perfect competition, perfect and complete information and abstract markets. This sub-module aims to introduce the student to basic theoretic concepts in game theory, with selected examples and applications being studied in more detail. Reference is also made to behavioural aspects of economic interactions (i.e. evidence from real-world human behaviour as opposed to theoretical ideals) and the relevance this has for economic models.

General Information

Prerequisite Pass module (PP): Economics 214
Prerequisite module (P): Economics 244
Credits: 24
Classes per week: 4 lectures, 1 tutorial
Module convenor: Mr Le R Burrows

Work programme: Quantitative Economics

Work programme: Macroeconomics

Work programme: Game Theory