Economics

Economics and Management - BA (Hons)

UCAS code LN12

2018

Economics and Management at Kent combines the study of these two core elements of business, while also allowing you the flexibility to tailor the programme to your own interests.

2018

Overview

Economics examines some of the profound issues in our life and times: economic growth and sustainable development, unemployment, inflation, poverty, emerging market economies, financial and monetary crises. You will also cover environmental and natural resource problems, international trade and aid to poor countries, currencies and the balance of payments, the impact of minimum wages and the problems of global economic change.

Studying Management develops your leadership skills in relation to decision making, problem solving, team working, negotiation and performance management. You also gain the skills and knowledge essential for managing key areas of organisations, including accounting, human resources, quantitative methods, marketing, strategy and operations.

You have the opportunity to spend a year working in industry between Stages 2 and 3. This greatly enhances your CV and gives you the opportunity to apply your academic skills in a practical context.

During your studies, you benefit from a research-led approach to teaching that provides a first-class academic experience, as well as building your personal skills and enhancing your career prospects. The cosmopolitan academic and student community creates an inspiring and challenging environment to study economics and management.

Independent rankings

Economics at Kent was ranked 16th in The Guardian University Guide 2018. In the National Student Survey 2017, over 88% of final-year Economics students were satisfied with the overall quality of their course.

Business and Management Studies was ranked 20th overall (out of 121 institutions) in The Complete University Guide 2018. Business, Management and Marketing was ranked 12th for course satisfaction in The Guardian University Guide 2018.

In the National Student Survey 2017, over 89% of final-year Management Studies students were satisfied with the overall quality of their course.

Teaching Excellence Framework

Based on the evidence available, the TEF Panel judged that the University of Kent delivers consistently outstanding teaching, learning and outcomes for its students. It is of the highest quality found in the UK.

Please see the University of Kent's Statement of Findings for more information.

TEF Gold logo

Course structure

The following modules are indicative of those offered on this programme. This listing is based on the current curriculum and may change year to year in response to new curriculum developments and innovation.  

On most programmes, you study a combination of compulsory and optional modules. You may also be able to take ‘wild’ modules from other programmes so you can customise your programme and explore other subjects that interest you.

Stage 1

Modules may include Credits

The module introduces students to theories of management, beginning with classical management systems through to contemporary management concepts. It will illustrate the continuities and transformations in management thinking throughout the 20th and 21st century. The main topics of study include:

• Scientific Management

• The Human Relations School

• Bureaucracy

• Post Bureaucratic Organizations

• The Contingency Approach

• Culture Management

• Leadership

• Decision-Making

• Managing Ethically

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The module will cover various aspects of the changing global environment. An indicative list of topics is given below, however the main aim of the module is to examine contemporary issues within the global business environment that are likely to impact upon business operations and strategy:

• Globalisation: Definition, Evolution, Implications for countries, firms and people,

• The Triad: European Union, United States, Japan - Investment, Trade, Relations

• International Capital and Financial Markets: New York, London, Frankfurt, Tokyo

• World Institutions: World Trade Organisation, International Monetary Fund, United Nations

• International Economic Environment: Exchange Rates and patterns of trade

• Environment: Global Warming – Kyoto Agreement

• Business and Corporate Culture: Japan & Germany VS UK & US

• Innovation & Technology

• Mergers and Acquisitions

• Firm and Stakeholders - Ethical Issues

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An indicative set of topics to be covered within the module are outlined below.

• Basic Spreadsheet Functionalities: Introduction to common spreadsheet features: workbooks, worksheets, menus, cells, rows, columns, data types, relative and absolute cell addressing, copying, basic formulae, naming cells, formatting, charts and graphs, printing.

• Data Management Facilities: sorting, filtering, data forms, pivot tables.

• What-If Analysis: scenario manager, goal seek, data tables.

• Basic Financial Analysis: Introduction to basic financial analysis and how to carry this out using spreadsheets: compound interest, discounting, NPV, IRR, loans and mortgages.

• Advanced Spreadsheet Functionalities: automating tasks and solving simple optimisation business problems.

• The Art of Modelling: effective methods for designing, building and testing business models.

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15

The module will begin with an introduction to the link between business and accounting in order to show the value to the students of their having some knowledge of accounting. The module is designed to teach students how to prepare, read and interpret financial information with a view to their being future business managers rather than accountants.

The module will continue with a brief demonstration of double-entry bookkeeping. Students will not be examined on this, it is merely to put bookkeeping and accounting in context. Following on from this, students will be shown how to prepare financial statements from a trial balance and make adjustments to the figures given by acting on information given in a short scenario.

The regulatory framework of financial reporting will be considered as will the annual reports and accounts of a variety of organisations. The module will finish will an analysis of financial statements with students shown how to interpret data and make sensible recommendations

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15

The main aim of this module is to provide you with a basic understanding of statistics suitable for the Stages 2 and 3 degree programmes in Economics, although it is also suitable for students taking other Social Science degrees. This module is a prerequisite for Stages 2 and 3 Economics modules and is a core input to the second year quantitative modules, EC580 and EC581. So as well as learning basic statistics, the module provides you with the opportunity to apply statistical concepts to economic and business data using calculators and computer software. Work with Excel is an independent study element of the module, and using calculators to undertake basic descriptive statistics is an important focus of the practical problem solving.

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15

Economics is about how people make choices about what and how to produce and consume. It looks at the differences in economic outcomes between firms, people and countries and how they can be related to the effects of choices they and others have made. It builds on the very simple and plausible assumption that people make decisions in their own interests and subject to constraints. Studying economics entails both gaining an understanding of the economies in which we all live, and developing skills to think logically about economic situations. The emphasis in this module is on how economics can help us to understand the society we live in.

The module aims to provide a thorough understanding of economics at an introductory level and provides the basis for all subsequent study you may undertake in economics. It is designed to teach you how to think as an economist and how to construct and use economic models. It also shows you how be critical of economic models and how empirical evidence can be used in economic analysis.

The first term covers the principles of microeconomics and shows how they can be applied to real-life situations and economic policy. The second term develops a framework for understanding macroeconomic events and macroeconomic policy. Throughout the module and in the seminars in particular, we demonstrate the usefulness of economics as an analytical tool for thinking about real world problems.

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This Stage 1 module is designed for students who have an A -Level in mathematics, AS mathematics or equivalent qualification. A first-year mathematics module (either Mode A or B) is a compulsory part of all economics degree programmes and these modules take place in the Autumn term with a statistics module following on in the Spring term. If you are unsure whether your mathematical background is equivalent to an A level pass, please consult the module convenors.

The aim of the module is to provide you with a good understanding of the mathematics necessary for your Stages 1, 2 and 3 Economics modules.The teaching of each topic starts from first principles, but the speed of the module assumes that you have studied mathematics before (but not economics). By the end of the module, you will have covered the important uses of mathematics in economics (and business) and be able to use many mathematical techniques commonly used to analyse economic problems. In the long term, the analytical and quantitative skills you acquire from this module are relevant to many different occupations.

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15

The main aim of this module is to provide you with a basic understanding of mathematics suitable for the Stages 2 and 3 degree programmes in Economics, Business, and Accounting. The mathematics material is developed in a clear, contextual framework, and is linked to a Stage 1 module in Economics. You develop your understanding with suitable problem sets combining mathematical concepts and economic methods.

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Stage 2

Modules may include Credits

The module provides a broad, basic understanding of strategy and strategic management, on which further strategic analysis and exploration of strategic issues can be built. It introduces students to the key vocabulary, concepts and frameworks of strategic management and establishes criteria for assessing whether or not a strategy can be successful. It introduces students to frameworks for analysing the external and internal environments and to different theories of how these relate and of their impact on strategy formulation and implementation.

Students will learn how to identify strategic issues, develop strategic options to address them and decide which option(s) to recommend. Through theoretical readings and case studies, students will develop an appreciation of strategy in different contexts and from different perspectives and of the complexity of strategic decision-making. Students will enhance their ability to read business articles from a strategic perspective and to present strategic arguments in a structured manner

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15

The aim of this module is to provide students with in-depth knowledge about the accounting and control systems businesses use for making managerial decisions. In particular, the module focuses on profit planning decisions and it gives students a thoughtful understanding of the functioning and range of financial controls managers use for making profit planning decisions, related to both the business as a whole and its segments. Students are expected to conduct a management project: they will prepare a business plan that takes into account strategic, marketing and financial aspects. The module also enables students to know how to use accounting and control tools to assess business performance, provide feedback and give recommendations for improvements aimed to create more socially responsible and sustainable businesses. As such, this module is core to the degree program, because it gives an introduction to three key areas: managerial decision making, performance management and organizational financial management.

• The link between business strategy and management accounting and control.

• The classification of costs by nature, behaviour and decision making relevance.

• Cost, volume profit analysis and its use in profit planning decisions.

• The trade-off between operating profitability and risk.

• Financial controls for profit planning: the functioning of costing systems (job costing and activity based costing) and of budgeting systems. The business plan.

• Financial controls for performance monitoring and evaluation: standard costing, flexible budgets and variance analysis.

• Profit planning decisions for segments of business (products/ services and customers).

• Sources of finance and capital investment decisions.

• Financial controls and corporate social responsibility strategy implementation

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This is the core microeconomics module taken by all students following Economics degrees. It builds on the material covered in the Stage 1 Economics modules. The titles of many of the topics covered will be familiar, but the topics are dealt with in greater depth and with more theoretical rigour than in first year.

Microeconomics is concerned with the behaviour of individual economic agents such as consumers, firms and governments. As such, it provides the foundations for understanding all types of economics, including macroeconomics. An understanding of microeconomics ranges from essential to helpful for all other Economics modules you take.

The module is carefully designed to tell you what topics will be covered in lectures, give (alternative and/or complementary) readings, and provide a set of different types of questions and problems for seminars to test and extend your understanding of the material as well as to improve your key skills such as communication, problem solving, team work, and learning how to study efficiently.

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30

Macroeconomics today is a different subject than it was just a few decades ago. Old controversies have been resolved and new ones have arisen. This module builds on the first year teaching of macroeconomics to provide an intermediate course, which takes full account of the policy issues and controversies in the world macroeconomy.

Autumn Term begins by looking at the basic methodology of macroeconomic models. We then examine, in greater detail than at Stage 1, how the macroeconomic theories of aggregate demand and aggregate supply are derived. This involves studying the markets on which these theories are based. It is important to be aware that there are many theories of aggregate demand and supply. In the autumn term we use the IS-LM model, with which you should be familiar from Stage 1, to derive a theory of aggregate demand in both open and closed economies. We also examine the labour market to derive a theory of aggregate supply and study the relationship between inflation and unemployment.

Spring term starts with studying the long-run, that is, what determines the standard of living of countries in the long term, as opposed to short-run economic fluctuations. We then study microeconomic fundamentals of macroeconomics to understand in-depth the determinants of consumption, investment, and labour supply decisions. We then use these and the ideas developed in the autumn term to extensively examine macroeconomic demand management policies (fiscal and monetary) and their shortcomings. We finally study the role of the financial system in the macroeconomy and the causes behind some financial crises with special focus on the 2008/09 global financial crisis.

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30

Business ethics and sustainability are central to contemporary management and thus this module will explore the following topics:

• History, definitions and timeline of society's view on business ethics and sustainability

• Cross-disciplinary approaches to ethics and sustainability

• Role of globalisation, policy and culture

• Ethics and ethical dilemmas

• Change Management, Values, Governance and Leadership

• Sustainable Business Models

• Social Innovation

• Partnerships and collaboration

• Responsible Supply Chain Management

• Environmental Assessment Frameworks and Sustainable Management in practice

• Sustainable Supply Chain Management

• Innovation and creativity

• The role and responses of Corporations, SMEs, Public and not-for-profit organisations

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15

This module will introduce students to the key concepts of managing people, involving an examination of organisational, human resource management and industrial relations theory. This will be achieved through relating relevant theory to practical people and organisational management issues.

The main topics of study are as follows:

• The theory of HRM

• Corporate Social Responsibility & HRM

• Human Resource Planning

• Recruitment & Selection

• Training & Development

• Performance Management & Appraisal

• Reward Management

• Employment Involvement & Participation

• International & Comparative HRM

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A synopsis of the curriculum

The module introduces to students the importance of marketing in competitive and dynamic environments.

The key topics of the module are:

• The marketing concept

• The marketing environment

• Market segmentation & targeting

• Brand development and management

• Management of the marketing mix

o Product; including new product development and the marketing of services

o Pricing

o Promotion; including digital media, advertising, sales promotion, publicity, PR, personal sales et al.

o Place

o Extended marketing mix; including people, physical evidence and process

• Ethical issues in marketing

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Year in industry

You can opt to take a year in industry with the Economics and Management joint honours programme, which contributes towards your final degree classification. The year in industry is taken between the second (Stage 2) and third years (Stage 3) of the degree. 

The placement must be with a suitable employer, but the reference to 'in industry' is intended to cover employers in any service sector as well as in manufacturing.

Students are responsible for finding their placements, but the School offers structured support for the application process in the form of a non-contributory module, 'Preparing for a Placement'.

Students must pass Stage 2 of their degree before they can embark on the year in industry.

Stage 3

Modules may include Credits

A synopsis of the curriculum

Students will be expected to develop the ability to use appropriate techniques of analysis and enquiry within Operations and Service Management and to learn how to evaluate the alternatives and make recommendations. Topics include:

• The nature of services and service strategy

• Service development and technology

• Service quality and the service encounter

• Project/Event management and control

• Managing capacity and demand in services

• Managing inventories

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A synopsis of the curriculum

Students will be expected to develop the ability to use appropriate techniques of analysis and enquiry within Operations Management and to learn how to evaluate alternatives and make recommendations. Topics include:

• Strategic role of operations and operations strategy

• Design of processes and the implications for layout and flow

• Design and management of supply networks

• Resource planning and management

• Lean systems

• Quality planning and managing improvement

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15

This module will introduce students to the key concepts of managing people, involving an examination of organisational, human resource management and industrial relations theory. This will be achieved through relating relevant theory to practical people and organisational management issues.

The main topics of study are as follows:

• The theory of strategic HRM

• Strategic HRM and Business Strategy

• Strategic HRM and Organisational Performance

• Strategic employee involvement and participation

• HRM in the public sector

• HRM in Small and Medium Enterprises

• HRM in the voluntary sector

• Strategic HRM in the international context

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15

This module will extend students' knowledge and understanding of strategic management and strategic issues. It will introduce a range of contemporary issues associated with the formulation and implementation of corporate and business strategies with an emphasis on identifying and implementing strategic change within the organisation, building dynamic capabilities and developing coherent strategies. Issues might include strategies for a recession, global strategies, knowledge-based strategies, firms and industries, strategies where profit is of secondary (or no) importance. The module will also extend students’ theoretical knowledge by presenting contemporary debates and issues in strategic thinking. The module will use a project in which students identify and suggest possible strategic solutions to a strategic issue in a real organisation to develop students’ ability to link theory and practice in real-life situations.

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15

A synopsis of the curriculum

• Introduction to Business/Management Projects

• Research Methodologies

• Literature search and Literature Review

• Data collection and questionnaire

• Structuring a Project Report

• Data Analysis

• Presentations

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This module aims to provide students with understanding and experience of the theory and practice of marketing research. During the module students design and implement a marketing research plan, design a questionnaire, collect and analyse data, prepare an oral presentation and write a marketing research report.

The main topics of study are as follows:

• Introduction to marketing research: Defining and designing marketing research projects

• Understanding data: Secondary data and databases

• Primary data collection techniques.

• Questionnaire design

• Measurement and measurement scales and error.

• Sampling and sample design and error

• Entering and coding data with SPSS

• Data analysis techniques

• Communicating the results of marketing research.

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15

This module is designed to provide students across the university with access to knowledge, skill development and training in the field of entrepreneurship with a special emphasis on developing a business plan in order to exploit identified opportunities. Hence, the module will be of value for students who aspire to establishing their own business and/or introducing innovation through new product, service, process, project or business development in an established organisation. The module complements students' final year projects in Computing, Law, Biosciences, Electronics, Multimedia, and Drama etc.

The curriculum is based on the business model canvas and lean start up principles (Osterwalder and Pigneur 2010) on designing a business plan for starting a new venture or introducing innovation in an established organisation. It includes the following areas of study:

• The new business planning process and format, developing and evaluating the business idea, producing a business plan, which includes four main sections, namely, business concept, marketing plan, operational plan and financial plan.

• Researching internal and external environment – market research, value co-creation with customers, company’s macro (i.e. PESTEL) and industry (Porter’s five forces) environment analysis, internal company analysis (Resource Based View), external collaborator analysis, and SWOT

• Developing the business concept – Identifying/developing the value proposition, specifying the business offer (i.e. use product anatomy analysis for presentation), deciding an appropriate ownership structure, laying out mission, aims and objectives (i.e. using SMART), and identifying legal formalities including intellectual property strategies.

• Developing the marketing plan – Identifying target customer groups, designing customer relationship management strategies and distribution channels, planning the sales and marketing processes, customer perceptions and customer care, developing quality standards for the business (i.e. using 7 Ps analysis for presentation).

• Developing the operation plan – Identifying key activities to be carried out, matching key activities with resources for an effective and efficient use of resources, planning and employing staff, planning and obtaining premises, physical and financial resources; phased implementation of the business plan.

• Developing the financial plan – Identifying appropriate sources of finance, and evaluating and managing the financial viability of a business by developing Forecast cash flow statement, Sales and Profit account and Profit and Loss Account, a description of the composition of the balance sheet, financial indicator- Breakeven analysis, by highlighting underlying assumptions.

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This module facilitates the development of an entrepreneurial mind-set, and equips students with necessary cutting-edge knowledge and skills vital for generating value in a knowledge based economy. The curriculum will include the following areas of study:

• Broader application of entrepreneurship – The definition of "entrepreneurship" has been evolving from a narrow use to denote start-up formation to a broader application in a wide array of settings, leading to the recognition of it as a general framework. The module provides students with a broader understanding of entrepreneurship by covering the unique characteristics and similarities of different types of entrepreneurship including, corporate, start-up, academic, public and citizen, entrepreneurship. This enables students to understand how to act entrepreneurially in different contexts.

• Co-creation as a new form of generating value in an innovation ecosystem – Emerging co-creation initiatives such as living labs, joint research labs, accelerators and social innovation labs highlight how different types of entrepreneurs should work together closely to solve complex challenges by generating business, social and academic benefits. The module discusses the processes, heterogeneous organisational forms, advantages and challenges (with a special emphasis on intellectual property management) of co-creation initiatives, providing students with necessary knowledge and skills to engage in value co-creation with networks of diverse entrepreneurs.

• Managing innovation entrepreneurially – In a knowledge based economy, it is of paramount importance to balance between internal and external R&D activities. The module discusses how relational and internal capabilities of businesses facilitate a wide array of knowledge based interactions such as knowledge exploration, exploitation, transfer and co-production etc. in order to solve challenges that cannot be dealt with in-house.

• Entrepreneurial opportunity – A key for success in entrepreneurship is the identification of opportunities, which is debated as to whether they are recognised, discovered or created. The module discusses the importance of entrepreneurial opportunity by shedding light on this debate.

• Entrepreneurial Motivation – Entrepreneurs could be motivated by 'pull' or ‘push’ factors. The module help students to understand how, when and under what circumstances ‘pull and ‘push’ factors drive entrepreneurship.

• Entrepreneurial Marketing – Complex challenges that we have faced today mean that marketing is not unidirectional flowing from producer to customer, but something co-created with customers. The module discusses how entrepreneurs could co-create a marketing strategy with customers.

• Entrepreneurial Finance – Finance fuels entrepreneurship. The module explores different sources of entrepreneurial finance including traditional and emerging sources by highlighting advantages and disadvantages of each source and its suitability depending on the age and profitability of a venture.

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This module presents an overview of what workforce diversity is and its relevance and usefulness in improving our understanding and management of people (including ourselves) at work. The demographics of the population and the workplace are changing drastically because of a number of factors, such as an increasing number of ethnic minorities and women in the workforce and in management. Accordingly, there is a need to effectively understand and manage workforce diversity not only to increase organisational business outcomes but also to create an inclusive workplace in a socially responsible manner.

The module will examine issues confronting managers of a diverse workforce. In particular issues such as ethnicity, race, language, ageing, disability, gender, and intersectional identities will be discussed. Two key approaches towards managing diversity will be explained, i.e. the social equity case of managing diversity, and the business benefits case of managing diversity. The module will explore a range of diversity related concepts and topics, such as social identity, stereotyping, discrimination, intergroup conflict, structural integration, and organisational change.

Main themes covered by this module will include:

Origins of diversity and equal opportunity in the workplace context;

Social and psychological perspectives on workplace diversity;

The UK and European diversity contexts;

Business benefits case and social equity case of managing diversity;

The legal framework for diversity;

Organisational approaches to diversity;

Contemporary issues central to the experiences of diverse individuals in the UK and in organisations across a range of diversity dimensions;

Diversity management in an international context

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15

This module applies economic theory and statistical methods to the understanding and critical assessment of economic policy. It is designed for students who have completed Stage 1 Economics. The module focuses on the policy application of economic concepts and provides an introduction to material that may be studied in greater depth at Stage 3. A key aspect of this module is the relationship to contemporary policy issues.

The module introduces you to a variety of microeconomic policy issues. Alongside formal lectures, it also consists of workshops and seminars that are designed to develop your academic research skills and the ability to communicate ideas verbally and in writing. This focus provides opportunities for you to develop a range of highly transferable skills and to develop as autonomous learners. These skills lay the foundations to the independent learning skills you require for modules taught at Stage 3.

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15

The module asks what determines the set of equilibrium prices required to provide an appropriate level of savings in an economy to finance the expected level of expected activity. It tries to link models of money, banking and finance into one generic, or foundation, view. Specifically, we shall move towards an understanding of how financial and economic innovation have moved hand in glove over many centuries and how it seems to be that when finance fails, so does the modern market economy. Some of the questions we consider are:

• How can we analyse the appearance of money in an economy?

• What is the link between money and finance?

• What explains bank runs?

• Can we explain the occurrence of financial crises?

This second-year optional module emphasises both analytical techniques and historical experience. The economic analysis of money and banking is the starting point for understanding financial markets.

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15

This module teaches you the skills of economic reasoning and argument by exposing you to critical debate within the discipline. It is designed for students who have completed Stage 1 Economics.

The module draws on current and past controversies to give you a critical insight into theoretical and empirical differences of opinion and approach to economics in the real world. The curriculum provides an insight into the academic and professional development of the discipline, and provides opportunities to develop a range of highly transferable skills and lay the foundations to many of the skills required for modules taught at Stage 3.

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15

Average income in the richest country in the world is more than 100 times greater than average income in the poorest country. The existence of such stark differences in living standards is one of the most striking features of the world we live in.

How did this come to be?

What are the proximate and fundamental causes of such differences?

What, if anything, can be done about it?

These are some of the most important questions for human society, and they form the basis for the field of Development Economics. More specifically, Development Economics is a sub-field of economics that tries to understand the unique problems of poor countries in order to answer the questions posed above. This course will serve as an introduction to this fascinating and challenging subject. In the course we will use economic analysis to better understand the structure of poor economies and the difficulties faced by individuals and policy makers within them. The course will primarily focus on studying problems at a more aggregate level, so it integrates particularly well with EC 570 (Microeconomics of Development – taught in the Spring term), which focuses on understanding the behaviour of individual agents in developing countries. The course assumes that students possess a strong background in basic macroeconomic and microeconomic theory as well as basic calculus and statistics.

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15

This dissertation is a 30-credit module based on self-directed study, which allows you to develop a complete piece of work within the general field of economics, from the initial idea through to a final written report. It is unique amongst the modules you are taking towards your degree in Economics, both in the ways that you learn and in the ways that you are assessed. Your learning will be largely independent, but is supported by structured supervision from your dissertations supervisor and weekly computing sessions to help in accessing, coding analysing and interpreting your data.

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30

This is a 15-credit module in applied econometrics using Stata (the most popular general-purpose statistical software package used by empirical economists), for students who have followed Stage 1 modules in mathematics and statistics and who have taken the Stage 2 module in econometrics (EC580 and EC581) or equivalent. What distinguishes this module is the adoption of the modern learning-by-doing approach to teaching econometrics, which emphasises the application of econometrics to real world problems. The focus is on understanding the theoretical aspects that are critical in applied work and the ability to correctly interpret empirical results.

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15

Empirical research in macroeconomics as well as in financial economics is largely based on time series, ie chronological sequences of observations, showing the development of quantities, goods and asset prices, and interest rates. The module offers an introduction to contemporary time-series econometrics, linking the theory to empirical studies of the macroeconomy. Topics include: stationary and non-stationary stochastic processes; linear autoregressive and moving average models; linear difference equations; autoregressive distributed lag models; cointegration and equilibrium correction; vector autoregressive models. These topics are illustrated with a range of theoretical and applied exercises, which are discussed in seminars and computer classes.

The module introduces you to the research methods used by macroeconomists in academia, government departments, think tanks and financial institutions. It also helps you to prepare for the quantitative requirements of a masters programme in economics.

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15

The European Union features strongly in all discussions of economic policy and political decision making, in particular in view of Brexit. The UK referendum has exemplified the strongly polarised and politicised opinions on the EU, its policies and regulations. Frequently economists are unable to provide a consistent analytical framework for the analysis of the various issues posed, but at the same time the demand for economists trained on the issues related to the EU – e.g. customs Union and Single Market - is growing. In this module we shall explore the meaning and analysis of regional economic integration in the context of the EU. This will provide a general introduction to the economic rationale for the existence of the EU, the working of some of its main policy areas, and a critique and assessment of the developments to date. Since this module involves issues of importance concerning the debate about Brexit and its consequences for the UK and the EU, we will cover studies about the potential consequences of various post-Brexit policies and will discuss options for post-Brexit trade and migration.

At the end of this module you will be expected to have knowledge of the basic theories underlying customs union and economic and monetary union, and of the rationale for, and strengths and weaknesses of, policy intervention at EU level.

This is a module in Applied Economics and the emphasis throughout is on the development of appropriate economic theories and their application in the specific context of the regional integration in Europe. It is not concerned with the detailed discussion of the Treaties or the implementation of policy measures. Decision-making in the EU is introduced in order to understand the question of the exercise of economic power and one of the main arguments used by the Leave campaign in the UK. The nature of the economic integration is such that this module involves a broad coverage of both microeconomics and macroeconomics, often involving applied issues and applied analysis going beyond that covered in the main theory courses.

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15

This is a one unit module offered by the School of Economics in the Autumn Term to final year students who have completed at least Stage II level or equivalent modules in macroeconomics and microeconomics.

The market for labour is the crucial mechanism that determines the distribution of income, work and opportunities. Macro factors such as globalisation, (im)migration, technological change and government policy will affect and be affected by the structure of labour markets. Rather than trying to cover the entirety of this very broad subject, the aim of this course is to focus on a few areas of topical interest and importance. We will examine the issues like the following:

1. The relationship between unemployment and wages

2. The impact of immigration on the resources of the lower skilled

3. The differences in pay and opportunities between men and women

4. Government policy towards skills and education

5. Executive pay

Throughout we attempt to integrate theoretical issues, empirical evidence and questions of policy, drawing on research covering a range of OECD countries.

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15

The growing use of game theory by economists suggests that a professional economic education is incomplete without a firm understanding of this new tool. The module aims to introduce you to a topical and important research area of microeconomic analysis, to develop your skills in setting up and solving games that arise in business and economics, and to enable you to apply game theory to different areas of economics and business.

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15

Industrial Economics studies why and how firms and industries behave and interact with each other. This is probably one of the most important and interesting areas in economics. Understanding firms' behaviour is relevant not only to the firms but also to the governments that design industrial policies in order to favour consumers without decreasing firms' efficiency.

During the module, we deal with issues that are present in everyday news: anti-competitive practices, the effect of market power on consumer welfare and the incentives for product innovation, and private and public effects of mergers. You have the opportunity to discuss and understand many of these topics in a deeper and more economically informed way.

This module has been designed for students who have already taken intermediate microeconomics. You are encouraged to apply economic analysis and techniques to understand the behaviour of firms and industries.

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15

When we open a newspaper or an economics and business magazine, we often read topics related to monetary and financial relations between countries. A good deal of political debate is also focused on the various aspects that constitute international finance. However, these debates do not allow us to understand their theoretical underpinnings. This is what we are going to study in this module from a rigorous perspective. The first part of the module deals with some basic concepts of international macro such as the balance of payments and exchange rates, and arbitrage conditions. We then go on to analyse the impact of opening up the economy on the alternative macroeconomic policies available. In that part we also analyse the main factors that determine the exchange rates between currencies, and the power of the different models proposed. The third part of the module deals with ‘hot topics’ in international finance. We discuss the benefits and drawbacks of fixed and floating exchange rates, the concept of a speculative attack, how to understand current account imbalances from an inter-temporal perspective, and how world macroeconomic imbalances drove the 2008/09 international financial crisis and recent sovereign debt crisis in Europe.

The module has both a theoretical and an applied emphasis in order to insert the available theories into the real problems of the world economy. It does not analyse the detailed workings of international financial markets or questions related to firm financial management in international capital markets but students interested in these aspects can acquire basic foundations that are fundamental in understanding the context in which firms and governments work.

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15

The study of international trade has always been an especially lively and controversial area in economics. Yet there was never a time when the study of international trade was as important as today. The economies of different countries are more dependent on each other than they have ever been before, meaning that, among other things, regional crises can spread throughout the world. Keeping up to date with this changing international environment and being able to understand the dynamics behind it is of key importance to firms and governments.

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15

This final year optional module covers a variety of monetary issues from both a theoretical and a policy perspective. The module starts with an introduction to the role of money in the economy, and theories of money supply and demand. A discussion of the Aggregate Supply and Demand model gives a basic foundation for analysing how monetary policy affects the economy, and a first theoretical perspective on the neutrality of money – that is, whether monetary policy has real effects on the macroeconomy, in either the short or long run. The remainder of the module discusses current issues in monetary policy – the goals of monetary policy and how these are expressed in modern simple models of monetary policy, central bank independence and inflation targeting.

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15

To understand and be able to evaluate the role played by government in the economy it is important to understand key elements of microeconomic analysis and then be able to apply this understanding to the practical evaluation of policy issues. Economic theory is typically a positive science with right and wrong answers but evaluating policy issues is a much more normative science where there are often no correct answers (just opinions). The module reflects these two sides of studying public economics.

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15

This module provides an overview of the main instruments in financial markets, the motivation for trade in these assets and the pricing of these assets. Specifically, we show how the economics of uncertainty motivates trade in a wide range of financial assets. This helps us determine how the risk and maturity of different assets affects the demand for those assets.

First, the module introduces the key principles of asset pricing: discounting, diversification, arbitrage and hedging. Second, the module introduces and motivates the use of debt, equity and derivative instruments in financial markets. Third, the module applies the key principles of asset pricing to help understand the behaviour of prices across these asset classes. While different classes of assets expose their holders to different types of risks, the key principles of asset pricing are common to all asset classes. This concept is formalised by the Fundamental Theorem of Asset Pricing.

While focusing on financial applications, the module does speak more widely to methodological challenges encountered when testing economic theories against data. These challenges are particularly relevant in financial economics. While the literature has developed a range of innovative techniques to more effectively test competing theories against the data, the answers to a number of key questions remain contested.

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15

The module develops your skills in asset pricing and your understanding of the theoretical basis of the theory behind it. The module stresses practical training in asset pricing.

There are three key topics; (i) investors' optimisation, (ii) discrete time models and (iii) option Greeks and option strategies. For (i), the module first introduces the basic financial economics, and, based on it, we establish the basis of the risk-neutral probability. For (ii), the module discusses how to construct the tree model based on the historical price data, and shows that the model can be used to find the fair prices of a wide range of financial derivatives. For (iii), the module investigates the Black-Scholes-Merton (BSM) formula, and then how to use it to find the optimal hedge ratio for delta hedging. In this respect, the module also discusses how to use the return correlations to find the optimal hedge ratio.

Although the module requires some mathematical techniques, its main aim is to offer training to obtain some practical skills. Hence, the module puts stress on the intuitions and heuristics behind theorems and formulae, rather than their rigorous derivations and semantic definitions. In addition, you are expected not only to understand theories but are also to master how to use them. Indeed, you are expected make frequent use of a calculator in the final exam and the term-time assessment in order to obtain actual numbers from historical stock price data.

There are no pre-requisites for this module but the following modules are recommended: EC534(Money and Banking), EC550(Monetary), EC548(international Finance), EC562(Finance 2).

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15

The module aims to provide an alternative to the EC541 dissertation option for students. In this module, rather than conducting an original piece of research, you are given a set of questions with readings. You can also construct your own question so long as it is approved. You choose a question and (with help from your supervisor) write a 5,000 word essay on this question. The material covered in these essays is typically broader than that explored in the dissertation option and there is no requirement to make any 'contribution to knowledge'. However, the essay still demand more independent work than required for coursework in other modules. You are expected to read round the question AND to assimilate concepts and ideas not covered in lectures.

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15

This module covers a variety of growth issues from both empirical and theoretical views. The first part of the course deals with basic concepts of economic growth, including how to measure growth and the core theories of economic growth. The second part deals with productivity; how to measure productivity and analyse different sources of productivity growth. The third part deals with economic fundamentals, including the relationship between government policies, income inequality, and growth.

The aim of the module is to teach the basic principles of economic growth in order to answer such questions as:

- what are the determinants of growth?

- how can we improve productivity?

- what kind of role does the government play on growth?

- why are there differences in the level of income among countries?

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15

In the last 30 to 35 years, the study of economic development has increasingly focused on the behaviour of individuals – their opportunities, constraints, and choices – to understand the causes and nature of poverty, and on formulating strategies for improving their economic well-being. This trend includes the increased application of microeconomic theories to understand phenomena related to underdevelopment, the collection and analysis of data at the individual level (as opposed to the regional or national level) and, most recently, the use of lab and field experiments to better understand individual behaviour.

The module introduces you to these trends, to show how the related microeconomic tools have contributed to a better understanding of the process of economic development. Some of these methods are now widely used by international development agencies – such the World Bank and DfID – as well as academic researchers to critically assess development strategies and evaluate programmes aimed at improving the economic well-being of the poor in developing countries.

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15

This module introduces you to agriculture, food and natural resource economics and economics generally. A key objective is to help you develop an ability to apply economic thinking to problems in this area. The module considers various aspects of agricultural, food and resource economics including food production, economic theory related to agricultural policy, food supply chains and food prices, food economics specifically food labels and various economic aspects of natural resource management such as forestry and fisheries.

The module is divided into three parts. In Part A we examine the relationship between the economy and the agriculture. In Part B we consider aspects of food economics. In Part C we examine various issues relating to natural resource. The emphasis in all parts of the module is to understand the links between theory and practice.

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15

The quantitative estimation and evaluation of economic models is an essential feature of the study and application of economics. This module provides an introduction to econometric theory and the application of econometric techniques to economic models and data. This is achieved by explaining key economic and econometric issues using applications of econometrics that quantify and evaluate economic theory and which provide an empirical evaluation of economic behaviour and the assessment of economic policy.

The module provides both an analytical and practical introduction to econometric theory, equipping students with the analytical tools to carry out applied econometric work and to explore more advanced areas of econometric theory at later stages of their chosen degree programme. The practice and application of econometrics is achieved using both Microsoft Excel and specialist econometric software (eg Eviews &/or Stata).

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15

This module provides an analytical introduction to time-series econometrics and the challenges that present themselves with the analysis of time-series economic data. A key issue in this regard involves consideration of whether or not a time-series process is stationary. Traditional econometric techniques such as Ordinary Least Squares (OLS) are poorly suited to the estimation of economic models or data which exhibit non-stationary processes. This module provides an introduction to econometric methods that are suitable for stationary and non-stationary time series analyses.

The focus of the module is predominantly analytical providing students with the knowledge and understanding of time-series techniques commonly used to analyse economic data. The application of these techniques is also considered using specialist econometric software (eg Eviews). The module equips students with the analytical tools to carry out advanced time-series econometrics work at a later stage of their degree programme.

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15

Teaching and assessment

All of our modules are taught by a combination of lectures and small group sessions, which include seminars, computing practicals, problem sets, debates and role-play games.

The School of Economics is committed to making sure that you leave Kent with much more than just a degree in Economics. We put great emphasis on the development of transferable skills, including numeracy, analytical problem solving, data analysis, and written and oral communication, as well as subject-specific skills for further study at postgraduate level.

The modules are assessed by a mixture of coursework and written examinations.

Programme aims

The programme aims to:

  • provide a stimulating education in the principles of Economics and their application, in which high quality teaching motivates students to achieve their full potential.
  • provide a flexible and progressive curriculum that is suitable for students who have or have not studied Economics before.
  • develop in students the ability to apply economic knowledge, analytical tools and skills to theoretical, applied and policy problems.
  • provide a range of options to enable students to study selected areas of Economics in depth. The teaching of these options is informed by the research and scholarship of teaching staff.
  • provide students with the knowledge, analytical and other skills from which they can proceed to employment in a related area to Economics or further study in Economics.
  • develop in all students, through the study of economics, a range of skills that will be of value in future employment.
  • provide information and advice on future employment and higher education opportunities

Learning outcomes

Knowledge and understanding

You gain a knowledge and understanding of:

  • The main concepts, principles, theories, models and methods of modern economic analysis and their application in different areas of Economics.
  • The analytical skills that allow students to formulate and consider economic problems and issues.
  • The mathematical and statistical methods used in Economics.
  • Some areas of the Economic anlaysis of policy.
  • Specific problems, issues and policies in a selection of areas in Economics.
  • Key concepts affecting decision-making.
  • Critical discussion of selected Economic problems, issues and policies in politics and media.
  • The study of other Social Science subjects.

Intellectual skills

You gain the following intellectual skills:

  • Ability to abstract the essential features of a complex system. 
  • Ability to think about what are the important variables and fixed parameters in solving a problem. 
  • Ability to analysis complex issues using deductive and inductive reasoning. 
  • Ability to organise and use information to analyse complex issues and test different hypotheses. 
  • Ability to review critically alternative explanations and analyses of a problem.

Subject-specific skills

You gain the following subject-specific skills:

  • Analytical skills in Economics. 
  • Ability to apply economic principles and analysis to selected issues, problems and policies. 
  • Ability to abstract the essential features of an economic issue, problem or system.
  • Knowledge and ability to make and provide advice on how to make economic decisions. 
  • Ability to synthesise and compare critically different economic analyses of an economic issue. 
  • Ability to research the literature on an economic issue.

Transferable skills

You gain the following transferable skills:

  • Effective communication of analysis and ideas both orally and in written form.
  • Ability to assemble, analyse, use  and present data.
  • Understanding and ability to use economic, mathematical and some quantitative methods to analyse issues and problems.
  • Ability to analyse and make decisions. using economic concepts, eg opportunity cost and strategic behaviour.
  • Development of some information technology skills.
  • Independence in initiating and executing work.
  • Ability to think critically about proposed analyses and solutions to a problem or issue.
  • Become responsible for managing own learning and academic performance.

Careers

School of Economics

Economics at Kent has a high success rate in the graduate employment market, with past students going on to careers in accountancy, banking, finance, journalism, management consultancy and business. Our range of modules provides the opportunity to tailor your degree to support your particular career choice, giving you a competitive edge in the employment market.

Our degrees not only provide you with economics training but also with many transferable skills. Most employers are looking for skills such as good communication, initiative and proactiveness, team working, time management, planning and organisation, analysing information and problem solving.

Recent Economics graduates have gone on to work for Deloitte, the Government Economic Service, HMRC, Citibank, KPMG, PwC, Bank of America, Schroders, Goldman Sachs and Barclays.

Kent Business School

Kent Business School equips you with the skills you need to build a successful career. Through your studies, and in addition to programme-specific skills, you acquire communication skills, the ability to work in a team and independently, and the ability to express your opinions passionately and persuasively. We give you the confidence and expertise you need to start your own business and, through our varied contacts in the business world, give you the opportunity to gain valuable work experience as part of your degree.

We have an excellent record of graduate employment with recent graduates finding work in a variety of careers in management, business analytics, marketing, recruitment and business development for companies such as Deloitte, IBM, KPMG, Lloyds, Microsoft, PwC, Heineken, Sainsbury's Tesco, Transport for London, Yahoo! UK and Thames Valley Police.

Kent Business School provides ideal facilities in an international learning environment for you to forge associations with friends and colleagues while at the School and after graduation, as part of the Kent Business School alumni, which will remain with you long after you graduate and may provide assistance in your future career.

At Kent Business School you will gain many of the key transferable skills employers are looking for. You are taught to analyse critically, think creatively, express your views cogently, manage your time effectively, and work well independently and in groups.

Independent rankings

For graduate prospects, Economics at Kent was ranked 6th in The Complete University Guide 2018, 7th in The Guardian University Guide 2018 and 7th in The Times Good University Guide 2017. Of Economics students who graduated from Kent in 2016, 95% were in work or further study within six months (DLHE).

For graduate prospects, Business and Management Studies at Kent was ranked 10th in The Guardian University Guide 2018 and 14th in The Complete University Guide 2018.

Entry requirements

Home/EU students

The University will consider applications from students offering a wide range of qualifications. Typical requirements are listed below. Students offering alternative qualifications should contact us for further advice. 

It is not possible to offer places to all students who meet this typical offer/minimum requirement.

New GCSE grades

If you’ve taken exams under the new GCSE grading system, please see our conversion table to convert your GCSE grades.

Qualification Typical offer/minimum requirement
A level

ABB from three full A levels excluding General Studies and Critical Thinking

GCSE

GCSE Mathematics grade B (or grade 6)

Access to HE Diploma

The University will not necessarily make conditional offers to all Access candidates but will continue to assess them on an individual basis. 

If we make you an offer, you will need to obtain/pass the overall Access to Higher Education Diploma and may also be required to obtain a proportion of the total level 3 credits and/or credits in particular subjects at merit grade or above.

BTEC Level 3 Extended Diploma (formerly BTEC National Diploma)

This qualification is not accepted on its own.  Applicants must have accompanying A-Levels.  Applications are assessed on a case-by-case basis.

International Baccalaureate

34 points overall or 15 points at HL, including Mathematics SL or HL at 4, or Mathematical Studies at 5

International students

The University welcomes applications from international students. Our international recruitment team can guide you on entry requirements. See our International Student website for further information about entry requirements for your country.

If you need to increase your level of qualification ready for undergraduate study, we offer a number of International Foundation Programmes.

Meet our staff in your country

For more advice about applying to Kent, you can meet our staff at a range of international events.

English Language Requirements

Please see our English language entry requirements web page.

Please note that if you are required to meet an English language condition, we offer a number of 'pre-sessional' courses in English for Academic Purposes. You attend these courses before starting your degree programme. 

General entry requirements

Please also see our general entry requirements.

Fees

The 2018/19 annual tuition fees for this programme are:

UK/EU Overseas
Full-time £9250 £15200

For students continuing on this programme, fees will increase year on year by no more than RPI + 3% in each academic year of study except where regulated.* 

Your fee status

The University will assess your fee status as part of the application process. If you are uncertain about your fee status you may wish to seek advice from UKCISA before applying.

Fees for Year in Industry

For 2018/19 entrants, the standard year in industry fee for home, EU and international students is £1,385

Fees for Year Abroad

UK, EU and international students on an approved year abroad for the full 2018/19 academic year pay £1,385 for that year. 

Students studying abroad for less than one academic year will pay full fees according to their fee status. 

General additional costs

Find out more about accommodation and living costs, plus general additional costs that you may pay when studying at Kent.

Funding

University funding

Kent offers generous financial support schemes to assist eligible undergraduate students during their studies. See our funding page for more details. 

Government funding

You may be eligible for government finance to help pay for the costs of studying. See the Government's student finance website.

Scholarships

General scholarships

Scholarships are available for excellence in academic performance, sport and music and are awarded on merit. For further information on the range of awards available and to make an application see our scholarships website.

The Kent Scholarship for Academic Excellence

At Kent we recognise, encourage and reward excellence. We have created the Kent Scholarship for Academic Excellence. 

For 2018/19 entry, the scholarship will be awarded to any applicant who achieves a minimum of AAA over three A levels, or the equivalent qualifications (including BTEC and IB) as specified on our scholarships pages

The scholarship is also extended to those who achieve AAB at A level (or specified equivalents) where one of the subjects is either Mathematics or a Modern Foreign Language. Please review the eligibility criteria.

The Key Information Set (KIS) data is compiled by UNISTATS and draws from a variety of sources which includes the National Student Survey and the Higher Education Statistical Agency. The data for assessment and contact hours is compiled from the most populous modules (to the total of 120 credits for an academic session) for this particular degree programme. 

Depending on module selection, there may be some variation between the KIS data and an individual's experience. For further information on how the KIS data is compiled please see the UNISTATS website.

If you have any queries about a particular programme, please contact information@kent.ac.uk.