Bachelor of Commerce Honours in Economics

Purpose

The purpose of this particular degree qualification is to expose graduates to and familiarise them with advanced contemporary Economics theories, concepts and practices and the applied competence. In addition, the learning programme prepares Honours students for research-based Postgraduate study.

Rationale

This qualification is the first Postgraduate specialisation qualification. There it serves to strengthen the pool of specialised entrepreneurs, managers, decision makers, advisors, professionals and researchers active in the economic life of South Africa in order to ensure that the local leadership base of innovative and value-adding economic and scholarly activity is widened.

Recognition of Prior Learning (RPL)

RPL will be done according to Nelson Mandela University (NMU) RPL policy.

Entry Requirements

The minimum admission requirement is

• Bachelor of Commerce Degree.

Or

• Similar qualification.

This qualification comprises of compulsory and elective modules at Level 8 totalling 126 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.
• Financial 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 behavior, economic outcomes and the impact of economic policies on economic activity.
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 Outcomes 1

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

Associated Assessment Criteria for Exit Level Outcomes 2

• Compare and critique various schools of thought that make up contemporary macroeconomic theory.
• Analyse, discuss and debate local macroeconomic 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 Outcomes 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.
• Develop a relevant measuring instrument(s), a target area and/or population in which 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 and findings and conclusions prepared.
• A final research report will be presented in the form of an academic treatise, meeting academic and scientific discourse and style conventions.
• Ethical standards related to the research protocols including the reliability and validity of the research will be maintained throughout.

Associated Assessment Criteria for Exit Level Outcomes 4

• Outlined and discuss the process of forecasting with structural models, including static and dynamic single equation models and simultaneous equation models.
• Use to build a particular framework, test statistically and 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.
• The way in which economic behaviour and institutions affect relationships between a set of economic conditions x and outcomes y will be inferred and explained.
• 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 Outcomes 5

1. Integrate and apply core micro-and macroeconomic theories, principles, concepts, operations, relationships as well as quantitative methods and techniques inherent to the broader field of Economics to four of the specialised, elective fields as indicated:

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

Integrated Assessment

The evaluation of the thesis is formative and summative in character and synoptically evaluates all outcomes. The thesis is assessed by the research supervisor and examined by an internal and external examiner.