Economics

Department Overview

Economics is one of the social sciences; Economists explore how goods and services which are produced should be distributed among its population and aim to develop theories of human behaviour and test them against facts.  Many of the problems which dominate our newspaper headlines are economic problems. Why are some countries poor with very low growth rates while a small number of countries enjoy high living standards and high growth rates? What is the role of international trade, and the movement of capital from one country to another, in explaining these global inequalities? Why are some countries so much more successful at creating employment or reducing unemployment than other countries? Within countries, why do some people earn so much more than others, and what are the best ways to tackle and reduce poverty? Is it possible to pursue economic growth and still protect our natural and physical environments? How should governments try to raise the finance needed to pay for health and education services and income support programmes? What is the proper role for government in the economy? Would we be better off with much lower taxes but also poorer social services than we presently enjoy?  Economics is, therefore, both positive (explains behaviour) and normative (evaluates outcomes and presents policies to improve the situation).

Facilities

Our students are fortunate that they have access to the latest economic and business data during lessons not just through the interactive whiteboard facility but our room opens into a purpose built IT facility. The department is the first in the school to be fitted with a video conferencing facility. Daily papers and periodicals support an extensive departmental library to support students in their studies.

 

In the Classroom

We have chosen the AQA syllabus for economics, where the subject is divided into microeconomics and macroeconomics. The former looks at how markets work and also how they often fail. It focuses on issues such as how the price mechanism works, the housing market, the environment including negative externalities such as pollution, the labour market, demographics, the pensions crisis, etc. Macroeconomics looks at the big issues facing governments (and all of us), including inflation, unemployment, economic growth, trade and balance of payments, as well as problems relating to the UK, the EU and the wider international community.  Economics is highly valued as an academic discipline by both employers and also by Oxbridge and other top universities, particularly as a critical approach rather than rote learning of abstract theoretical concepts is encouraged.  Indeed many students have found that economics is a useful, if not an essential, pre-requisite for undergraduate degrees and careers in accountancy, banking, business, the Civil Service, economics, insurance, management, management consultancy, marketing and law; more and more of our students are now, also, finding that economics is highly valued for pursuing further studies and employment in medicine and engineering. 

 

Beyond the Classroom

As with our Business students the theoretical content of the programme does not prevent our students making full use of the opportunities that exist outside the classroom.  An Enterprise activity also allows our students to form their own company; hopefully profitably whilst honing their organisational and decision making skills. This year “Mirage” has organised and run a number of events; including “Fright Night” and the “Valentines Ball”.  Each year our students, also, enter national business competitions; including student investor and the make your mark challenge.  In addition to these, our budding economists participate in the Bank of England “Target Zero Point Challenge”; the challenge involves students getting to grips with the economy and learning how interest rate decisions affect economic growth, employment and inflation.  Successful analysis may even involve a presentation of your recommendations to the Banks monetary policy committee in the latter stages of the competition.