Bachelor of Arts Honours in Economics

Purpose

This qualification prepares students for research based Postgraduate study. The discrete research component is now included and is worth 30 credits which is (300 notional hours), which students conduct and report research under supervision with a view to developing research capacity in the methodology and techniques most relevant to the field of Economics. In addition, the qualification prepares students for further study in the field, allowing them the opportunity not only to expand their own knowledge and competence base, but also to contribute to the existing body of Economics knowledge. Students will exit the qualification as well rounded citizens capable of gainful economic activity and practice while making rewarding contributions to society, remaining mindful of their socio economic and environmental responsibilities.

Rationale

The qualification serves to expose graduates to Economics theories and familiarise them with advanced contemporary, concepts and practices and moreover the applied competences. Therefore, the widening of the pool of well-trained graduates is to enhance the development of the profession.

The re-organised qualification design lends itself to being intellectually and professionally more credible by improving the alignment with the learning needs of students in the field of Economics and the knowledge base competencies required of contemporary professional economists in finance as well as the public sector.

Recognition of Prior Learning (RPL)

All RPL applications will be considered according to Nelson Mandela University (NMU) RPL policy.

Entry Requirements

The minimum requirement for admission is

• Bachelor's Degree.

Or

• A similar qualification in the same field.

This qualification comprises of compulsory and elective module at Level 8 totalling 120 Credits.

Compulsory Modules, Level 8, 70 Credits

• Macroeconomics, 15 Credits.
• Microeconomics, 15 Credits.
• Research Methods, 10 Credits.
• Treatise, 30 Credits.

Elective Modules

• Managerial Economics, 14 Credits.
• Public Sector Economics, 14 Credits.
• Environmental Economics, 14 Credits.
• Development Economics, 14 Credits.
• Econometrics, 14 Credits.
• International Economics, 14 Credits.
• Financial Economics, 14 Credits.

1. Apply microeconomic analysis to various topics in Economics.
2. Analyse and interpret macroeconomic events in terms of theories and schools of thought that underlie contemporary macroeconomic thinking.
3. Plan, design, organise, conduct and report on empirical research in economics and related subfields.
4. Demonstrate knowledge of general mathematical methods and techniques and the competence to build, evaluate and apply structural models for the purpose of analysing published and surveyed economic data, measure economic behaviour, economic outcomes and the impact of economic policies on economic activities.
5. Integrate micro-and macroeconomic theories, policies, principles, concepts, operations, relationships, methods and techniques, and extend and apply them to any four of the specialised, elective fields.

Associated Assessment Criteria for Exit Level Outcome 1

• Apply optimisation techniques and algorithms to resolve economic problems.
• Apply Game theory analysis to economic situations where strategic actions determine outcomes.
• Described and point out differences between normative and positive economic principles and their impact on underlying economic theory analysed and discussed.
• Analyse different forms of economic consequentialism and the ethical dilemmas posed by such forms and critiqued.
• Apply Industrial organisational models as tools to analyse competition policy and regulation.

Associated Assessment Criteria for Exit Level Outcome 2

• Compare and critiqued various schools of thought that make up contemporary macro-economic theory.
• Analyse discussed and debated local macro-economic fiscal, monetary and stabilisation policies and challenges that shape economic goals and practices.
• Derive, analyse and resolve phase diagrams, linear and expectation difference equations by means of the method of undetermined coefficients.

Associated Assessment Criteria for Exit Level Outcome 3

• Submit a valid research proposal for a research project, including a preliminary literature review framing the research problem or question together with an appropriate research design.
• Developed a relevant measuring instrument(s), a target area and/or population to collect the data demarcated and data related to the research problem or question collected by following established research protocols, using relevant statistical tools and procedures to analyse and interpret research data.
• Table research data appropriately, the findings and conclusions prepared.
• Present final research report in the form of an academic treatise, meeting academic and scientific discourse and style conventions.
• Maintained throughout ethical standards related to the research protocols including the reliability and validity of the research.

Associated Assessment Criteria for Exit Level Outcome 4

• Outlined and discuss the process of forecasting with structural models, including static and dynamic single equation models and simultaneous equation models.
• Use a particular framework to build, and test statistically to evaluate structural models and apply them to practical problems of economic forecasting and analysis, paying particular attention to describing different sources of unobservable in structural models.
• Detect and resolve Heteroscedastic disturbances and auto-correlated errors.
• Compare trended, stationary and non-stationary series and their applications.
• Estimate and apply time series models for forecasting.
• Inferred and explain the way in which economic behaviour and institutions affect relationships between a set of economic conditions x and outcomes.
• Draw a distinction between various economic and statistical assumptions.
• Demonstrate knowledge of data sources and data analysis through the critique of selected editions of current published domestic and international economic data.

Associated Assessment Criteria for Exit Level Outcome 5

Core micro- and macroeconomic theories, principles, concepts, operations, relationships as well as quantitative methods and techniques inherent to the broader field of Economics will be integrated and applied to four of the specialised, elective fields as indicated:

• Financial Economics.
• International Economics.
• Financial Econometrics.
• Econometrics.
• Development Economics.
• Environmental Economics.

Integrated Assessment

The research project is designed to be used for integrated assessment as knowledge from all aspects of the qualification is utilised.

Assessment methods will include a combination of diagnostic and formative assessment tasks, assignments and progress checks that will inform teaching and learning. Case studies of complex economic situations and simulations will play a major part in the assessment process. Analysis of a relevant case or simulation represents closely the typical situations faced by economists, who often have to sift through an excessive amount of data to glean the facts needed to make a decision, or, they may not have enough information and have to fill in the gaps through calculated forecasting and educated guesses. In this process students learn how to function effectively in that type of decision-making environment. Formal assessment, some of which may also be based on case studies and/or simulations, will consist of scheduled formal tests and written assignments to encourage students to work consistently throughout the year. The formal tests and assignments will contribute 40% towards the final semester mark and the final examination a further 60%, the exception being the Treatise (ECN410) which will be examined by an internal and external examiner and account for 100% of the final mark.