The Earth’s resources are limited and we have a growing population. Ever wondered what determines who gets what? Ever wandered what caused the recession in 2008? How do the prices of steel in China or the housing prices in the US affect everyday people in the UK? Why do people or even countries struggle to get out of poverty? What role do government policies play in all of the above?
Economics is a subject that helps you make these links and see the bigger picture. We develop our students to think independently and form opinions on how to overcome the challenges that our societies face.
Economics is about choice and the impact of our choices on each other. It relates to every aspect of our lives, from the decisions we make as individuals or families to the structures created by governments and firms. An economic way of thinking can help you make better choices.
In Theme 1 and Theme 2 you will be introduced to the nature of economics, how markets work and why they fail. You will also consider the role of government and the UK economy.
In Theme 3 and Theme 4 you will explore how businesses grow and compete, the labour market and how the government intervenes to make markets work better. You will also explore international trade, inequality within and between countries, emerging and developing economies, and the public finances. You will also have an opportunity to consider the role and impact of the financial sector.
A keen interest in the news is essential for anyone studying economics and we would recommend our students to ensure they are up to date with current affairs. Magazines such as the Economist and reading newspapers will also help students understand current economic concerns and their impact.
Studying economics will help you develop transferable skills that will prepare you for studying at university or moving into the world of work. These include skills in data interpretation and essay writing. Suitable higher education courses include economics degrees or degrees in applied economics such as environmental economics, labour economics, public sector economics or monetary economics. You might choose to study business economics, econometrics or a business and management degree.
Economics students can follow a wide range of careers in industry, commerce, finance and the civil service such as:
"In our time, the curse is monetary illiteracy, just as inability to read plain print was the curse of earlier centuries."
― Ezra Pound