EC1P1      Half Unit
Economic Reasoning

This information is for the 2024/25 session.

Teacher responsible

Prof Ricardo Reis SAL.1.27

Availability

This course is compulsory on the BSc in Econometrics and Mathematical Economics and BSc in Economics. This course is not available as an outside option nor to General Course students.

Course content

In this course, we discuss fundamental economic concepts and apply them to current events. The goal is to learn to think like economists by using economic theory to produce compelling arguments and economic data to distinguish and quantify them. Some examples are the measurement of economic well-being and inequality, the impact of immigration, the strengths and weaknesses of market economies, how to rationally make sense of irrational behaviour, policies to promote innovation, and the meaning of risk and role of financial markets. Students will learn how to characterize the relevant aspects (measurement), how to use economic analysis to shed light on any social phenomenon (models), how to use data to measure the causes of these phenomena (empirics) and how to estimate the impact of policies that improve human wellbeing.

Teaching

20 hours of lectures and 10 hours of classes in the AT.



This course is delivered through a combination of classes and lectures totalling a minimum of 30 hours across Autumn Term.  

Formative coursework

There are weekly assignments and feedback will be given on two.

Indicative reading

There is no set textbook for this course. Students are expected to engage with supplementary reading that will be provided for each topic as the course unfolds.

Students can complement their study of the course material by consulting, among others, the following books (though this is not a requirement and students need not purchase any books).

  • Economics for the Common Good, Jean Tirole.
  • The Armchair Economist, Steven E. Landsburg.
  • Poor Economics, Abhijit V. Banerjee and Esther Duflo.

Assessment

Exam (85%, duration: 2 hours, reading time: 15 minutes) in the January exam period.
Group project (15%) in the AT.

The group coursework consists of a project, presented as a short video or poster on an economics topic, and of weekly assignments.

Key facts

Department: Economics

Total students 2023/24: 181

Average class size 2023/24: 15

Capped 2023/24: No

Value: Half Unit

Guidelines for interpreting course guide information

Course selection videos

Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.

Personal development skills

  • Self-management
  • Team working
  • Problem solving
  • Communication
  • Application of numeracy skills
  • Commercial awareness