Graduate Diploma Economics

The Graduate Diploma in Economics provides a core training in Economics for those who do not already have an extensive recent economics background. The course is offered over 10 months, full-time.

Graduates of the programme who achieve a good pass may progress to Master’s-level study on our Academic and Professional Programme, which is suitable for those who wish to progress either to a PhD in Economics, or to employment as a professional economist in government, a financial institution, business, commerce, industry, an international agency or another similar organisation.

About

The Graduate Diploma in Economics is taken over 10 months, full-time. As well as being a qualification in its own right, it provides a sound basis for progression to further postgraduate study. Students who successfully secure a good pass on our Graduate Diploma, subject to the appropriate choice of options, are guaranteed a place on our MSc degree programme.

The Diploma consists of a combination of undergraduate-level taught modules. There are compulsory modules in intermediate microeconomics, intermediate macroeconomics and econometrics.

In additional to these, you will choose options from a range of modules covering areas including international trade, behavioural economics, economic thought and mathematical economics. The options give you the opportunity to study areas that interest you at an advanced level.

By way of additional support, the School of Economics runs an intensive course in Mathematics and Statistics for Economists in the fortnight before the degree starts in September. This incorporates the techniques of calculus, statistical analysis and statistical computing. While not compulsory it is strongly recommended that students attend this course.

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Important Information

Whilst the University will make every effort to offer the courses listed, changes may sometimes be made arising from the regular review of course programmes. Where this activity leads to significant (but not minor) changes to programmes, there will normally be prior consultation of students and others. Changes may for example consist of variations to the content and method of delivery of programmes, courses and other services, to discontinue programmes, courses and other services and to merge or combine programmes or courses. The University will endeavour to keep such changes to a minimum, and will inform students.

Assessment for Year 1

Assessment is carried out through examinations and a variety of forms of coursework, including essays, oral presentations, research exercises and group work.

Essays are used for testing your general levels of understanding and ability to apply concepts.
Course tests are used to evaluate your mastery of technical material.
Econometric projects are used for testing your ability to apply, interpret and assess statistical techniques. 
Critical review of an academic article is employed in order to test both your understanding and your ability to critically assess. 
Examinations allow for open-ended treatment of material.

Structure

You will take three taught modules in the autumn semester, and three modules in the spring semester.

Of the six modules, three are compulsory:

Intermediate Microeconomics
Intermediate Macroeconomics
Introductory Econometrics

In addition to these, you will choose three options from the following range:

There is also the opportunity to pursue advanced econometric research in an area that interests you, by choosing the module Econometrics Research Project.

For further details of the modules currently on offer, please see the Course Profile tab.

Teaching and Learning

Teaching

The teaching of each module is spread over the 12 weeks of the semester. For a typical module, there are two hours of lectures and one hour of seminars per week. Seminars are more interactive than lectures and provide you with an opportunity to raise questions arising from your lectures. For econometric modules, seminars take place in computer labs, where you will learn how to conduct econometric analysis using modern econometric software.

Independent study

In addition to working on coursework assignments, you are expected to spend time preparing for seminars on your own, by working on problem sets and carrying out background reading.

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Open Days

Assessment for Year 1

Assessment is carried out through examinations and a variety of forms of coursework, including essays, oral presentations, research exercises and group work.

Essays are used for testing your general levels of understanding and ability to apply concepts.
Course tests are used to evaluate your mastery of technical material.
Econometric projects are used for testing your ability to apply, interpret and assess statistical techniques. 
Critical review of an academic article is employed in order to test both your understanding and your ability to critically assess. 
Examinations allow for open-ended treatment of material.

Compulsory Modules

INTRODUCTORY ECONOMETRICS

Code ECO-5006A

Credits 20

Are you interested in working with data? Would you like to be able to make economics predictions, understand how people/societies make choices, or test an economic theory? If so, this module will introduce you the theoretical and empirical techniques you need to satisfy these interests. This module will introduce you to econometrics, which is a combination of economic theory, mathematical economics and economic statistics. You’ll acquire a good understanding of how to structure an empirical model that is based on economic theory or intuition, as well as obtain numerical estimates of these models and test whether the estimated association hold in the population. In addition, as your seminars will take place in the computer labs, you’ll gain skills in analysing data using a specialist software package. In the first part of the module, you will be introduced to the idea of causality in the relationship between variables. You’ll then be shown how to estimate simple association between two variables using a simple linear regression model. It will become clear to you that these models do not necessarily capture the causal relationship between the two (i.e. correlation does not imply causation!). You will then be introduced to the Multiple Linear Regression model, which to some extend allows estimation of causal relationships, given some assumption in the data and the population hold. You will learn how to estimate these models as well as how to interpret and test their estimated parameters. Real world applications will be considered throughout. By the end of the module you’ll be able to estimate appropriate regression models, identify problems that may arise and know how to address them. You’ll also be able to test economic theory using empirical techniques and use a statistical software package. In addition, you’ll be well prepared for any final-year modules which require statistical/econometric skills.

INTERMEDIATE MICROECONOMICS

Code ECO-5007A

Credits 20

What do a politician, a social media company and a supermarket shopper have in common? They all make choices. But what will they choose? What is a good choice? Should we try to change their choice? Understanding choices and how they are made is critically important. This module will see you explore the ways economists think about making choices. Whether those choices are in the context of uncertainty or interaction with others, you'll develop models for predicting and analysing them. You'll also develop skills of reasoning, argumentation and applying mathematical analysis to solve real world problems. You'll begin by looking at individual decision making, then uncertainty, and finally strategic interaction. Building on your knowledge of basic concepts in microeconomics, you'll become adept at applying mathematical analysis to answer a variety of real world problems, from providing public goods to understanding oligopolistic competition, learning through a mix of lectures, workshops and seminars. You'll also have the opportunity to practice for your future career as an economic consultant via a written assignment, where you’ll write a consultant's report on a real-world problem. All areas of economics use microeconomics, so whatever you'd like to study or work with in the future, you’ll be well served by this module. You’ll complete this module with well-developed logic and analysis skills, as well as a solid grasp of fundamental concepts in microeconomics.

INTERMEDIATE MACROECONOMICS

Code ECO-5007B

Credits 20

Inflation, unemployment, economic growth, interest rates, exchange rates and financial markets all feature prominently in the daily news. This module uses a range of economic models to build understanding of these key macroeconomic concepts, and the relationships between them. The module will further your awareness of key macroeconomic concepts and controversies. You’ll be introduced to a range of economic models, accompanied by economic data, growing your understanding and ability to discuss recent macroeconomic events and critique macroeconomic theory. The early part of the module formalises macroeconomic issues including: how much is consumed and how much is saved; how much firms choose to invest; and why we have unemployment. The later part of the module builds these concepts into a macroeconomic model that you will learn to use to analyse the effectiveness of policy in different macroeconomic situations. Key questions throughout are: what can policymakers do and what should policymakers do? On successful completion of the module you’ll have the knowledge and skills for further macroeconomic study. You’ll better understand recent economic events, be better placed to discuss these within a formal economic framework, and be able to comment on macroeconomic policy decisions. You will have the ability to discuss and answer the sorts of questions prospective employers, friends and family might reasonably ask an economics undergraduate.

Optional A Modules

(60 credits)

MATHEMATICAL ECONOMICS

Code ECO-5003A

Credits 20

Students can only enrol on this module if they obtained a mark of 60% on ECO-4003A or 70% on ECO-4001A - Please seek further advice if you have any concerns about your suitability for this module. The module provides an introduction to mathematical techniques for economists, covering linear algebra, comparative static analysis, optimisation, calculus, applications (e.g. growth models, market equilibria, constrained utility maximisation and cost minimisation). It is particularly useful if you intend to undertake postgraduate study in Economics.

STRATEGIC THINKING

Code ECO-5004A

Credits 20

Game theory provides a framework to understand how people behave in the strategic situation that arises when a person’s welfare depends not just on their own choices, but also on the decisions made by other people. In this module you’ll learn about different formal concepts of game theory through the exploration of examples in economics and in other social sciences. These might include bargaining situations (e.g. between workers and employers), interactions between firms in an industry, arms rivalry and military conflicts or the war against terrorism.

INTERNATIONAL TRADE AND INTEGRATION

Code ECO-5005A

Credits 20

Developing your understanding of the international economy, this module examines global flows of goods through international trade using a number of classical “core models” of international trade theory, as well as more recently developed models of “New” trade theory. It also deals with trade policy and its effects on overall economic welfare, and with controversial issues like strategic trade policy.

BEHAVIOURAL ECONOMICS

Code ECO-5005B

Credits 20

In this module you’ll explore findings from behavioural economics, a research area that has found people are often motivated by other factors than self-interest, and that their decisions are influenced by psychological biases and heuristics.

THE EUROPEAN ECONOMY

Code ECO-5006B

Credits 20

Have you been wondering about how the European Union is dealing with the euro crisis, Brexit or refugee flows? This module will provide you with the analytical tools to explore these challenges within the framework of European economic integration. You’ll learn why economic integration has been pursued around the world and how it could be reversed through the introduction of barriers to trade or factor mobility. The challenges of integration will be explored through individual and group research and presentations. You’ll develop your debating and argumentation skills in Q&A sessions, and encouraged to extend communication on the topic through online tools and networking. A reflection on your team work and interaction in the module will complement your understanding of underlying theories of economic integration. You’ll ultimately gain a critical appreciation of the challenges lying ahead in European economies and be able to communicate these to both economists and a wider audience.

ECONOMETRICS RESEARCH PROJECT

Code ECO-5008B

Credits 20

The ability to understand and analyse data is an important skill in the toolkit of an economist. In this module you will learn how to apply econometric techniques to real-world data. The module will guide you step-by-step through the process of carrying out a research project. You’ll develop a firm understanding of how to research and evaluate literature from a variety of sources, prepare data and undertake econometric analysis in the form of preliminary data analysis and culminating in a series of regression models using appropriate techniques that build on your knowledge from Introductory Econometrics. You’ll also learn how to summarise and communicate your ideas, drawing out possible policy implications. The module builds on the econometric techniques introduced in Introductory Econometrics. Building on these skills and knowledge, you will further develop your data analysis and understanding of econometrics by applying them to a research project that uses nationally-representative UK survey data. The survey provides information on household composition, employment and skills, income and wealth, education, health and lifestyle, social and political attitudes, well-being, environment and transport, children and families, allowing you to consider a broad range of potential topic areas. On successful completion of this module you will have enhanced your knowledge and awareness of estimation techniques and enhanced your skills in analysing real-world data using specialist statistical software. Through the production of the research project you will have developed your investigative and analytical skills, preparing you for a career requiring a high level of competency in data and statistical analysis.

HISTORY OF ECONOMIC THOUGHT

Code ECO-5009B

Credits 20

In the aftermath of the recent financial crisis and the Great Recession, the Economics discipline is under scrutiny. How can we criticise, re-invent, and develop economic thinking for the future? This module will explore this important question discussing lessons learnt from the past. In this module you will build knowledge of different economic theories established in the past. Moreover, you will learn how to compare and contrast alternative theories, developing an appreciation for the assumptions, the methods, and the solutions offered by different schools of thought to economic problems that are still affecting society nowadays. You will embark on a journey of discovery, studying the evolution of economic thought over the past four centuries, from Adam Smith’s concept of natural order to the current days’ debate on the Re-thinking Economics Movement. We will discuss how Economics has become the discipline that we know today, and what we can do to shape economic thinking for the future. Assessment tasks will address this debate, and they will focus on interaction and collaboration amongst students in partnership with your lecturer. By the end of the module you will have developed your critical thinking skills and your ability to identify strengths and flaws in different economic arguments and methodologies. Your ability to construct informed economic judgements will support you in further studies. It will represent an essential skill to establish as an experienced professional in the job market.

Admissions Live Chat

Open Days

Important Information

Whilst the University will make every effort to offer the modules listed, changes may sometimes be made arising from the annual monitoring, review and update of modules. Where this activity leads to significant (but not minor) changes to programmes and their constituent modules, the University will endeavour to consult with students and others. It is also possible that the University may not be able to offer a module for reasons outside of its control, such as the illness of a member of staff. In some cases optional modules can have limited places available and so you may be asked to make additional module choices in the event you do not gain a place on your first choice. Where this is the case, the University will inform students.

Graduate Diploma ECONOMICS