Studying Economics at the University of Edinburgh

The University of Edinburgh is the leading university of Scotland and a member of the elite Russell Group of UK universities. In Economics, we have an international reputation for research and a respected teaching programme established over 200 years. We offer high quality education in theoretical, applied and quantitative economics with an opportunity for specialist study by way of a wide range of optional courses. Undergraduate teaching is conducted within the framework of the MA degree.

We also participate in the Scottish Graduate Programme in Economics based in Edinburgh, offering postgraduate qualifications in economics: two one year taught programmes leading to an MSc, and a PhD by research. The MA degree, in the Scottish tradition of offering breadth and depth, has the following characteristics:

• Fouryearsinduration

• YearsoneandtwotypicallyconsistingofEconomicsandcoursesfromothersubjects

• Compulsorycoursesineconomicanalysis,appliedeconomicsandquantitative methods throughout the first three years

• Yearfourconsistingofachoiceofhonourscoursesanddissertation preparation providing research experience

Coverimage:ThestatueofAdamSmith,thefatherofmoderneconomics,ontheRoyalMileinEdinburgh.

FacilitiesThe facilities available to students for the study of Economics at Edinburgh are excellent. The University Library has about 3 million books, 9,000 journal series and over 21,000 electronic journals – and if that is not enough you can walk to the National Library of Scotland, a library entitled to receive copies of all books published in the UK, and access their six million volumes.

WiFi coverage is excellent in university buildings and student accommodation is connected to the Internet via ResNet (a dedicated data network).

Housing options for new undergraduates are both catered and self-catered, all convenient to the main University areas.

TeachingA mixture of teaching methods is used, with lectures, tutorials, workshops, seminars and online environments all employed. In Economics 1A there are two lectures and one tutorial per week. Lecture audiences may be as large as 400 but tutorial sizes are typically 15 – 20 students. Apart from private study, a normal weekly workload consists of 6 - 9 lectures and 3 tutorials in the first or second year; in the honours years students attend several weekly teaching sessions depending on the options chosen. There are examinations in most subjects in April/May but assessment varies from course to course, with a mixture of essays, projects and short examinations used.

Typical Degree Curricula

MA Honours in Economics

Year 1: Economics 1A two other courses

Year 2: Economics 2 Issues in Global Economics two other courses

Year 3: Topics in Economic Analysis 1 and 2; Essentials of Econometrics; Applications of Econometrics Applications of Economic Analysis one honours option semester-length course

Year 4: Equivalent of four honours option semester length courses Dissertation of thirty-five pages

Joint Honours Degrees

Economics can be combined with:

Accounting, Arabic, Business Studies, Chinese, Economic History, Environmental Studies, Finance, Geography, Law, Management Science, Mathematics, Philosophy, Politics, Social Policy, Sociology, Statistics

In joint degrees, both subjects are studied for four years, usually in equal amounts. All of these degrees are offered by the College of Humanities & Social Sciences with the exception of Geography and Economics, which is offered by the College of Science and Engineering.

An example of a joint degree

Economics and Politics

Year 1: Economics 1A, Introduction to Politics and International Relations, Democracy in Comparative Perspective, another full-year course

Year 2: Economics 2, Issues in Global Economics, International Co-operation in Europe and Beyond, Social and Political Enquiry 2, Social and Political Theory 2

Year 3: Topics in Economic Analysis 1, Essentials of Econometrics, Applications of Economic Analysis, either Global Justice and Citizenship or Approaches to Politics and International Relations, either two Politics honours semester-long courses or one Politics honours semester-long course and one Economics honours semester-long course

Year 4: Two Economics honours semester-long courses, two Politics honours semester-long courses and a dissertation in Economics or Politics

As a student doing a joint degree in Economics and Politics, Economics gave me the ‘hard’ facts behind my studies.

In Economics you also feel a progression of knowledge and fascination for the subject. In the first two years you learn the basic tools that an Economist uses and you learn how to apply them to various topics. In the next two years, you get the chance to focus on what really interests you.

At Edinburgh, with a wide range of courses, from game theory to environmental economics, and friendly professors, learning the subject was anything but dull.

Alistair Sussock, MA Hons Economics and Politics

Summary of Course Content

Economics 1A(1st year: for students intending to continue with Economics)

The course is intended to develop a rigorous understanding of core economic models and analysis, together with an ability to apply the analysis in a variety of contexts. The first semester focuses on microeconomics: models of supply and demand, consumer and producer behaviour, and the economics of market failures. The second semester looks at macroeconomics: economic growth, inflation, unemployment, and trade. Relevant mathematical techniques (e.g. solving linear equation systems, logs, basic calculus, maximisation) are developed and applied to economic contexts as an integral part of the course. Learning-by-doing, through problem solving and project work, is an important ingredient of the course, with regular on-line tests and classroom response systems (“clickers”) to reinforce an active approach to learning.

Recommended reading includes:Pindyck & Rubinfeld Microeconomics,Mankiw Macroeconomics

Economic Principles and Applications (EPA)(1st year: for students not intending to continue with Economics)

The course is intended to provide a broad introduction to the basic principles of economic analysis, and illustrate the usefulness of these principles in a varied range of applications. The first semester focuses on basic principles, covering: the microeconomic analysis of the behaviour of individuals and firms, the operation of markets, and government intervention in markets through taxes and regulation; and the macroeconomic analysis of the behaviour of economy-wide measures such as output, unemployment, money, interest rates, inflation and exchange rates. The second semester develops and uses these principles in a variety of applications. These will vary from year to year and typically might include 5 contexts drawn from: development economics; the economics of transition; globalization; macroeconomic policy; the history of economic

thought; the economics of the environment; bargaining and game theory; and financial markets. The course relies primarily on words, diagrams and numerical illustrations. The use of formal mathematics is limited and basic.

Recommended reading includes:John Sloman Essentials of Econometrics

Economics 2 (2nd year)

This course is intended to further develop a rigorous understanding of core economic models and analysis, following Economics 1A. The first semester looks at the economic analysis of risk, information and strategic behaviour, with applications to insurance and credit markets, oligopoly, asset pricing and investment. The second semester looks more at macroeconomics and includes topics such as economic growth, business cycles, taxation, and public sector debt and deficits. Along with two economics lectures each week, a third lecture focuses on data analysis. These lectures essentially provide students with a short introduction to Probability Theory and Statistics. Starting from the definition of probability and random variables, students are introduced to the concept of probability distributions, random sampling and the Central Limit Theorem. Material in the second semester includes statistical inference, estimation and hypothesis testing.

Recommended reading includes:Pindyck & Rubinfeld MicroeconomicsMankiw Macroeconomics

Issues in Global Economics (2nd year)

IGE is intended to illustrate the usefulness of economic principles in a varied range of applied contexts. IGE will focus on two issues: trade in the global economy; the economics of climate change. The course relies primarily on words, diagrams and numerical illustrations/data. The use of formal mathematics is limited and basic. Reading material for the course will be drawn from a variety of sources. An understanding of basic economic principles at the level of: Sloman ‘Essentials of Economics’ is presumed.

Topics in Economic Analysis 1 (3rd year)

This course is designed to provide a coherent development of some important topics in economic analysis at a more advanced level than that of standard intermediate courses. It thus extends and deepens the work of Economics 1A and Economics 2, bridging the gap between intermediate and graduate level courses in economics, and providing insight into some recent areas of economic research activity. Throughout there is an emphasis on the application of economic principles. The course has a mathematical content and knowledge of basic calculus is assumed.

Essentials of Econometrics (3rd year)

This course provides an opportunity to learn skills that are important for later stages of the Economics programme, and many future career and life contexts. EE aims to ensure that all economics honours students have a sound grasp of the basic techniques of modern empirical economics. The topics covered are likely to include: the linear regression model (two-variable model, multiple regression, functional forms, dummy variables); regression analysis in practice (model selection criteria and tests, multicollinearity, heteroskedasticity, autocorrelation); introductions to more advanced topics (panel data, instrumental variables, limited dependent variables, dynamic models). EE includes weekly lab sessions to reinforce lectures, with exercises which foster ‘learning-by-doing’, using the STATA estimation package. The course provides an opportunity to develop and practice key practical skills in computing, data gathering, processing, analysis and presentation.

Applications of Economic Analysis (3rd year)

This course consolidates and deepens the understanding of core analytical and econometric techniques developed in the programme. Students will be expected to adapt and apply these techniques to a variety of applied and policy contexts. Applications covered are likely to be drawn from: cost benefit analysis and project evaluation of public sector investment; the economics of health, behavioural economics, sovereign debt, macroeconomic aspects of fiscal policy and volatility and economic growth.

Whilst studying Economics and Politics at Edinburgh I have appreciated the flexibility and scope that I have had to develop my knowledge and interests. The fact that the undergraduate course is 4 years long allows students a fantastic opportunity to take outside courses, which is a benefit of studying in Edinburgh that cannot be overrated.

The Economics department at Edinburgh is widely respected which has become apparent whilst I’ve been applying and interviewing for summer internships. This reputation is well deserved and therefore I am able to strongly recommend and encourage potential students to choose to study Economics at Edinburgh.

Rosie Talbot, MA Hons Economics and Politics

Honours Options for MA Degrees

Honours Options for MA Degrees

Advanced Topics in Applied Econometrics

Applications of Econometrics

Capital and Growth Theory

Development Economics

Economic Transformation in East Asia

Economics of Developing Countries

Economics of Financial Markets

Economics of Self-Management

Economics of Strategic Behaviour

Economics of Technical Change - ‘The Evolutionary/ Institutional Approach’

Economics of Transition

Globalisation, Trade and Development

History of Economic Thought

Industrial Organisation

Labour Economics

Monetary Theory and Policy

Natural Resource and Environmental Economics

Political Economy

Public Economics

Careers Open to Economics Graduates

A degree in Economics has long been regarded as an excellent preparation for many types of career. It provides a good education in literacy and numeracy relevant to the modern world, as well as being one of the most intellectually challenging of subjects. Employers favour the University of Edinburgh; many of them only recruit from us and a handful of other leading universities. There are Edinburgh Economics graduates in most leading UK banks and other financial institutions, often at the top level. Accountancy, the civil service and the media are also popular career destinations, and economics graduates are welcome in a wide range of management jobs. In addition many of our graduates proceed annually to postgraduate study in Edinburgh or other leading universities.

I came to Edinburgh University straight after my baccalaureate in Franceand many years down the line, I’m glad I made that decision! An undergraduate degree in Scotland has the advantage of allowing you tostudy three different academic subjects in the first two years and I eventually chose to continue both Economics and Politics courses to adegree level.

The economics curriculum really picked up in third year where a widevariety of Honours courses are on offer. One of the options I chose wasDevelopment Microeconomics and I enjoyed the course enough to have completed a PhD in that field this year!

Tom Flochel, MA Hons Economics and Politics, MSc Economics, PhD Economics

Economics Information on the World Wide Web

You can find out much more about Economics at Edinburgh through our websiteat: www.econ.ed.ac.uk

There is a vast amount of economic information and links to online publications at sites such as the UK Treasury at www.hm-treasury.gov.uk and the Institute for Fiscal Studies at www.ifs.org.uk

General information and advice on studying economics at university can be found at www.whystudyeconomics.ac.uk

Pre-University Reading

Robert H Frank The Economic Naturalist

Tim Harford The Undercover EconomistExposing Why the Rich Are Rich, the Poor Are Poor – and Why You Can Never Buy a Decent Used Car!

Levitt, S. and Dubner, S. Freakonomics and SuperFreakonomics

To explore how we use mathematics in economics try:J Soper Mathematics for Economics and Business

The first year textbooks are:Pindyck & Rubinfeld MicroeconomicsMankiw Macroeconomics (Palgrave)

First Year Economics, timetable example MA (Hons) Economics and Politics (with Economic History as the outside course)

Monday Tuesday Wednesday Thursday Friday

09.00 Economics 1A Lecture

Independent Study

Independent Study

Economics 1A Lecture

Independent Study

10.00 Independent Study

Independent Study

Independent Study

Economic History Tutorial

Politics Tutorial

11.10

Economics 1A Tutorial

Independent Study

Independent Study

Independent Study

Independent Study

12.10 Independent Study

Independent Study

Independent Study

Independent Study

13.05

14.00Economic

History Lecture

Economic History Lecture

Economic History Lecture

Independent Study

15.00

Intro to Politics &

International Relations Lecture

Economic History Tutorial

Intro to Politics &

International Relations Lecture

Independent Study

16.10 Independent Study

Independent Study

Independent Study

Independent Study

17.10 Independent Study

Independent Study

Independent Study

Independent Study

Independent study includes:background reading, preparing for tutorials, writing up notes, completing online tests, taking part in group activities for poster sessions, etc.

Contacts

The School of EconomicsThe University of Edinburgh30 Buccleuch PlaceEdinburgh EH8 9JT

Study.Economics@ed.ac.uk+44 (0)131 650 8362

For a university prospectus and queries about entrance qualifications: Associate Dean (Admissions)College of Humanities and Social SciencesThe University of EdinburghDavid Hume Tower (2nd Floor)Edinburgh EH8 9JX

HSSUG@ed.ac.uk

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