Economics

Economics and Management - BA (Hons)

UCAS code LN12

2019

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.

2019

Overview

The study of Economics gives you the opportunity to analyse some of today's profound problems, such as poverty and economic growth, developing economies, environmental protection, and financial and monetary crises. You also consider the dilemmas facing households, firms and governments, such as the provision of education, roles of labour markets and regulation of markets.

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

In the National Student Survey 2018, over 87% of final-year Economics students who completed the survey, were satisfied with the overall quality of their course.

In The Guardian University Guide 2019, 88% of final-year Economics students were satisfied with the overall quality of their course.

Business and Management Studies at Kent scored 91.4 out of 100 in The Complete University Guide 2019.

For graduate prospects, Business, Management and Marketing at Kent scored 89% in The Guardian University Guide 2019 and 88 out of 100 in The Complete University Guide 2019.

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

This module introduces students to the basic concepts of probability and statistics, with applications to a variety of topics illustrated with real data. The techniques that are discussed can be used in their own right to solve simple problems, but also serve as an important foundation for later, more advanced, modules. Importantly, the module serves as a prerequisite for Stage 2 econometric modules EC580 and EC581.

The module commences with an overview of descriptive statistics. It then considers the key ideas in probability theory before moving on to statistical inference - the science of drawing conclusions from data. The main topics covered in the module include:

• Graphical and numerical analyses of data

• The principles of probability

• Probability Density Functions

• Sampling and its use in inference

• Regression and correlation

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15

The module introduces students to theories of management beginning with classical management perspectives 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; Human Relations Approach; Bureaucracy and Post-Bureaucracy; The Contingency Approach; Culture Management; Leadership; Aesthetic Labour; Extreme Management.

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The module will cover various aspects of the changing global environment. An indicative list of topics is given below:

Part A: Framing the Business Environment

1. Introduction: Business Enterprise, globalisation, and institutions

2. The economic environment

3. The political environment

4. The legal environment

5. The cultural environment

Part B: Shaping International Business Activities

6. International trade

7. Global finance

8. Technology and Innovation

Part C: Emerging Issues

9. Social responsibility and ecological environment

10. Geopolitical context and international risk

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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.

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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 module provides students with a thorough understanding of economics at an introductory level and provides the basis for all subsequent study that is taken on economics degree programmes. It is designed to teach students how to think as an economist and how to construct and use economic models. It also shows them how to be critical of economic models and how empirical evidence can be used in economic analysis.

The module explores 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, make. It builds on the very simple and plausible assumption that people make decisions in their own interests and subject to constraints.

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. The emphasis throughout both terms is to 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 module introduces students to a basic understanding of mathematics necessary for intermediate and advanced level modules (levels 5 and 6) taken in Stages 2 and 3. The module is designed for students who have A-Level mathematics or an equivalent qualification. The module (or its equivalent for students with A-level mathematics) is compulsory for all Single and Joint Honours degree programmes in economics.

The module considers the following topics: linear equations, quadratic equations, multivariable functions; matrix algebra; differentiation; techniques of optimisation; constrained optimisation; non-linear functions and integration. These topics cover the important uses of mathematics in economics (and business) and are developed within a clear, contextual framework derived from first principles. Each topic is applied to a range of economic phenomena and problems and linked explicitly to the core Stage 1 economics module - EC304 Principles of Economics. Notably, the analytical and quantitative skills developed in the module are transferable across many different occupations.

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The module introduces students to a basic understanding of mathematics necessary for intermediate and advanced level modules (levels 5 and 6) taken in Stages 2 and 3. The module is designed for students who do not have A-Level mathematics, AS mathematics or an equivalent qualification. The module (or its equivalent for students with A-level mathematics) is compulsory for all Single and Joint Honours degree programmes in economics.

The module considers the following topics: linear equations, quadratic equations, multivariable functions; matrix algebra; differentiation; techniques of optimisation; constrained optimisation; and non-linear functions. These topics cover the important uses of mathematics in economics (and business) and are developed within a clear, contextual framework derived from first principles. Each topic is applied to a range of economic phenomena and problems and linked explicitly to the core Stage 1 economics module - EC304 Principles of Economics. Notably, the analytical and quantitative skills developed in the module are transferable across many different occupations.

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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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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 are likely to 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

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15

This module builds on the Stage 1 teaching of microeconomics to provide an intermediate course, which takes full account of the policy issues and controversies in the application and understanding of microeconomic issues. It introduces the fundamental theoretical foundations of microeconomics and provides examples of their application.

The module provides an analysis of the way in which the market system functions as a mechanism for coordinating the independent choices of individual economic agents. It addresses the behaviour and decision making of consumers and firms, and evaluates the efficiency and equity implications of competition and other market structures. The role of government in incentivising types of economic behaviour and addressing market failure is also explored.

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This module builds on the Stage 1 teaching of macroeconomics to provide an intermediate course, which takes full account of the policy issues and controversies in the world macroeconomy.

Autumn Term considers the basic methodology of macroeconomic models and examines how macroeconomic theories of aggregate demand and aggregate supply are derived. It is important to be aware that there are many theories of aggregate demand and supply and that consideration of these theories involves studying the markets on which they are based. The Autumn Term develops and extends use of the IS-LM model to derive a theory of aggregate demand in both open and closed economies. It also scrutinises 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. It then considers microeconomic fundamentals of macroeconomics to understand in-depth the determinants of consumption, investment, and labour supply decisions. These considerations and the ideas developed in the autumn term are then used to extensively examine macroeconomic demand management policies (fiscal and monetary) and their shortcomings. Finally, we consider the role of the financial system in the macroeconomy and the causes behind some financial crises. Particular focus is given to the 2008/09 global financial crisis.

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

The key topics of the module are:

• The nature of human resource management

• Motivation in the workplace

• Work organisation, job design and flexible working

• Groups and team working

• Diversity in the workplace

• Recruitment & selection

• Learning and development

• Employee Involvement and participation

• Employee performance and reward

• Ethical HRM

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Project Management aims to provide an understanding of the key concepts and practices within the context of the organisational setting and the wider business and technological environment.

This module aims to develop a critical understanding of project management to enable students to recognise the importance of the discipline in a variety of organisational and functional contexts. Students should develop a critical understanding of the concepts employed in project management at strategic, systems and operational levels, and an appreciation of the knowledge and skills required for successful project management in organisations.

The key topics of the module are:

1. Project life cycles and alternative development paths

2. Project planning and control techniques, including CPM and PERT

3. Learning and innovation in projects

4. Resource planning

5. Team management and motivation

6. Contracts and incentives

7. Evaluation and returns

8. Stakeholder management

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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. See Economics and Management with a Year in Industry for more details. 

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

This module presents an overview of what work psychology is and its relevance and usefulness in improving our understanding and management of people (including ourselves) at work. Many work places operate sophisticated and expensive systems for assessing the costs and benefits of various workplace elements but often do not extend this to the management of employees. This module aims to demonstrate the benefits of having a comprehensive understanding of the role psychology can play in the management of people in contemporary organizations. Indicative content includes:

• Work psychology

• Individual differences and psychometrics

• Best practice personnel selection

• Stress and well-being

• Motivation

• Stereotypes and group behaviour

• Leadership and diversity

• The dark side of personality

• Political behaviour in the workplace

• The psychology of entrepreneurs

• Using work psychology to enhance employability

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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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This module offers a critical analysis of how multinationals select their target markets and modes of entry and how they manage their various functions in an international context, balancing the needs for global integration and local responsiveness respectively.

• Managing the internationalisation process

• Country selection

• Choosing and designing entry modes

• Managing collaborative arrangements

• International marketing

• International human resource management

• International supply chain management

• International finance

• Research and development in an international perspective

• Managing multinationals using electronic commerce

• Managing multinationals responsively

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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 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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This module provides a critical introduction to the main theories and debates in International Business and uses these theoretical lenses to explain core phenomena in international business.

• Explaining international economic transactions (trade theories, national competitiveness)

• Explaining the existence of MNEs (internalisation theory, eclectic theory, monopolistic advantages)

• Explaining the coevolution of environment and MNEs (institutional theory, resource dependence theory, evolutionary theory, investment development path, product life cycle theory)

• Explaining the growth and decline of MNEs (stages model, market entry/expansion modes)

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A synopsis of the curriculum

The curriculum is organised into two parts.

Part I:

Understanding the European Business Environment (Autumn)

The European Business Environment (PESTEL), History and Development of the EU, Political and Institutional Framework of the EU. Impact of EU policies on business operations: from Single Market to Single Currency, EU Competition and Social Policies, Regional Policy and Industrial Policy, EU Trade Policy.

Part II:

Doing Business in the 'New' Europe (Spring)

Formulating a European Business Strategy, Identifying Market Opportunities and Evaluating Modes of Entry. Understanding the impact on business of cultural diversity. Management within a European environment. Finance, Marketing and HRM issues for European Business.

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10. A synopsis of the curriculum

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

• Co-creation as a new form of generating value in an innovation ecosystem.

• Managing innovation entrepreneurially

• Entrepreneurial opportunity

• Entrepreneurial Motivation

• Entrepreneurial Marketing

• Entrepreneurial Finance – Finance fuels entrepreneurship.

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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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This module applies economic theory and statistical methods to the understanding and critical assessment of economic policy. It 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 students to a variety of microeconomic policy issues. Alongside formal lectures, workshops and seminars are designed to develop academic research skills and the ability to communicate ideas both verbally and in writing. This focus provides opportunities to develop a range of highly transferable skills and to develop as autonomous learners.

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The module provides a starting point for understanding financial markets. It attempts to link models of money, banking and finance into one generic, or foundation, view and provides insight into 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 considers how financial and economic innovations have evolved over time, and explores why and how it seems to be that when finance fails, so does the modern market economy.

Important considerations within the module include:

• 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?

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15

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

The module draws on current and past controversies to give students 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. It also lays the foundations to many of the skills required for modules taught at Stage 3.

Four controversies will be covered each drawn from a range of topics pertinent to the discipline and relevant sub-disciplines. Students must study two controversies.

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Development Economics is a sub-field of economics that focuses on the unique problems of poor countries. In the course we will use economic analysis to understand the structure of poor economies and the behaviour of individuals within them. The goal is to better understand why the world looks the way that it does so that one can make more informed opinions and decisions about policies meant to improve global welfare. The topics considered in the module will include:

• The development gap in the world economy and the measurement of poverty

• Characteristics of underdevelopment and structural change

• Models of the growth and development process

• The role of agriculture and surplus labour in the development process

• Industrialisation

• Dualism and vicious circles of poverty

• Trade and Development

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15

This module introduces students to applied econometrics using a general-purpose statistical software package (Stata), which is suitable for those intending to undertake postgraduate training in economics and/or becoming professional economists.

The module assumes a basic knowledge of statistics and quantitative methods and is designed for students who have followed Stage 1 modules in mathematics and statistics and who have taken relevant Stage 2 modules in econometrics.

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

This module presents a systematic and operational approach to the econometric modelling of economic time series, which gives an understanding of the techniques in practical, appropriate, analytical and rigorous manner. Econometric analysis is a core skill in modern economics.

The module links theory to empirical studies of the macroeconomy and includes the following topics:

Univariate Time Series Analysis

• Concepts of stochastic processes;

• Types of linear processes: Autoregressions and moving averages

• Nonstationary linear processes

• Predicting stochastic processes

• Estimation of linear time series models

Dynamic Econometric Models

• Nonsense Regressions;

• The autoregressive distributed lag model;

• Cointegration and equilibrium correction.

Multiple Time Series Models

• Vector autoregressive processes;

• Structural analysis: Causality and impulse-response analysis.

These topics are illustrated with a range of theoretical and applied exercises, which will be discussed in seminars and computer classes. As such, the module emphasises the development of practical skills in the use of software for empirical research, and introduces students to the research methods used by macroeconomists in academia, government departments, think tanks and financial institutions. It also helps students to prepare for the quantitative requirements of a master programme in economics.

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The module provides insight into the basic theories underlying customs union and economic and monetary union, and of the rationale for, and strengths and weaknesses of, policy intervention at the EU level. It introduces the economic rationale for the existence of the EU, the working of some of its main policy areas, and a critique and assessment of developments to date

The emphasis throughout is on the development of appropriate economic theories and their application in the specific context of the regional integration in Europe. The nature of economic integration is such that the module involves a broad coverage of both microeconomics and macroeconomics, often involving applied issues and analysis going beyond that covered in more theory focussed modules.

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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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The module provides an introduction to game theory and its use by economists as a professional tool for understanding and analysing economic decision making under uncertainty. The module introduces students to topical and important research areas of microeconomic analysis, and develops their skills in setting up and solving games that arise in business and economics.

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The module introduces students to the field of Industrial Economics and studies why and how firms and industries behave and interact with each other. 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.

The module is designed for students who have taken intermediate microeconomics and addresses issues that are present in everyday news: anti-competitive practices, the effect of market power on consumer welfare, incentives for product innovation, and the private and public effects of mergers.

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The module introduces students to the theoretical underpinnings that constitute international finance and the nature and extent of monetary and financial relations between countries.

The module introduces basic concepts of international macroeconomics such as the balance of payments and exchange rates, and arbitrage conditions. It then proceeds to analyse the impact of opening up the economy on the alternative macroeconomic policies available. The main factors that determine exchange rates between currencies, and the power of different models are also considered. Finally, the module explores 'hot topics' in international finance including the benefits and drawbacks of fixed and floating exchange rates, the concept of a speculative attack, 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 apply 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.

The topics covered in the module include:

1. Open economy macroeconomics and policy.

2. Exchange rates determination theory and empirics.

3. Microfounded models of the current account.

4. International financial flows.

5. International indebtedness.

6. International financial crises

7. International monetary arrangements.

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15

This module provides students with an in-depth understanding of current issues and theoretical debates in international trade, together with their policy implications. It also provides the knowledge and skills necessary for interpreting related studies of countries at different levels of development.

International trade is a key issue on the world agenda and has considerable effects on countries' economies. The effects occur at the micro level of firms and households as well as at the macro level, where they are the subjects of government policy debates. International Trade takes advantage of the tools of economic analysis, which are common to other areas in economics, to study the issues raised by the economic interaction between sovereign states.

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This module introduces students to monetary and macroeconomic issues from a theoretical perspective. The following topics are considered:

• Structural macro and monetary modelling

• Reduced form macro and monetary modelling

• Short-run analysis of the aggregate economy

• Long-run analysis of the aggregate economy

• Policy interventions

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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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The module develops skills in asset pricing and an understanding of the theoretical basis of the theory behind it. The module requires knowledge of some mathematical techniques but stresses practical training in asset pricing with a focus on the intuitions and heuristics behind theorems and formulae, rather than their rigorous derivations and semantic definitions.

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.

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 1).

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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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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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This course examines the economic relevance of human capital. It begins by defining and categorizing different types of human capital, and then considers the economic importance of human capital both to individuals and to society. The course then proceeds to explore the connections between human capital and the labour market, as well as social outcomes such as crime. Finally, it will discuss the challenges faced in identifying a causal effect of human capital on individual and social outcomes. Specific consideration will be given to how econometric techniques can be used to obtain causal effects.

The course will also study how human capital is formed and how it can be influenced by policy intervention. It will consider the effects of specific policy interventions on human capital development, drawing on examples from developing and developed countries.

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The module will introduce students to the topic of political economy using microeconomic analytical tools. In particular, the module will provide students with an overview of microeconomic theories and empirical methods that have been used to bring new insights to issues related to political economy. The module will also explore how these issues relate to themes in development, public and environmental economics. The following topics will be covered in the module.

1. Electoral rules, voting and their economic implications:

2. Political Reforms and their Economic Impacts:

3. Institutions and Development:

4. Ethnic and Civil Conflict:

5. Climate Agreements:

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The module will introduce students to a range of mathematical techniques, which are useful in economic analysis. The aim is to deepen and extend the mathematical preparation of undergraduate students considering technical modules at Stage 3. Emphasis will be placed on a clear and rigorous presentation of the various technical concepts and their applications. The module will cover a range of relevant mathematical tools and techniques that are typically required for postgraduate study in economics.

Topics include:

• Matrix Algebra and Multiple Equation Systems

• Optimisation Theory

• Duality

• Dynamic Models

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The aim of the module is to introduce the students to the evolution of the financial crises from a historical perspective. Since financial crises are infrequent (though often occurring) events, a long-run perspective is necessary to understand their causes and consequences. This module will look at financial crises from the Tulip mania in 1636 to the financial crisis of 2008, and combine theoretical approaches to understanding financial crises with critical discussion of historical episodes.

The module will cover the following topics:

1. Financial crises in historical perspective: long-run facts

2. Theories of financial crises

3. The severity of financial crises in historical perspective

4. Financial crises in the 17th and 18th Centuries

5. Early 19th century financial crises

6. The 1890s

7. The banking panic of 1907 and the emergence of Fed

8. The Great Depression I – Florida housing bubble, FED and 1931 banking crises

9. The Great Depression II – US banking crisis

10. The Great Depression III – Germany, Eastern European crisis, sterling crisis

11. Financial crises in the 1990s

12. The Great Recessions – housing bubble, contagion, banking crisis

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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

For programme aims and learning outcomes, please see the programme specification for each subject below. Please note that outcomes depend on your specific module selection:

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.

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, reduced to BBB if A Level Maths included

GCSE

Mathematics grade B (or grade 6). However, those who hold GCSE Mathematics at grade 5 will be considered on a case-by-case basis. 

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)

The University will consider applicants holding BTEC National Diploma and National Extended Diploma qualifications (QCF; NQF; OCR) on a case by case basis. Applicants must also have one or more accompanying A levels.

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 programmes. Our international recruitment team can guide you on entry requirements. See our International Student website for further information about entry requirements for your country. 

However, please note that international fee-paying students cannot undertake a part-time programme due to visa restrictions.

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 2019/20 annual tuition fees for this programme are:

UK/EU Overseas
Full-time £9250 £15700

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 2019/20 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 2019/20 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. 

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.