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Economic Policy and Analysis MSc
| Program start date | Application deadline |
| 2024-09-01 | - |
Program Overview
Course summary
Economics is more relevant than ever to understand contemporary events in the global economy and provide the tools and techniques for business and governments to analyse and interpret the issues and problems they face. Reflecting the needs of both private and public sector employers, our highly practical MSc prepares you to assess business problems, interpret public policy and effectively communicate the insights that economic analysis can provide.
Aimed at those with a genuine interest in the application of economics to real-world situations, this course aims to provide you with an in-depth knowledge of the latest theories, practices and key concepts in economics that underpin public sector policy and business decision making. This includes the various scenarios where we explore opportunity cost, equilibrium and disequilibrium, strategic interaction, market failure and the related concept of externalities.
The focus is very much on developing the practical skills needed by a working economist – the ability to apply economic techniques to complex, multi-faceted business problems and provide specialist advice. You’ll gain hands-on experience of the industry-standard computing and econometrics software used to analyse and manipulate data.
You’ll be taught by staff who share their experience working and consulting for the UK Government Economic Service, HM Treasury, HM Revenue and Customs, the Department of Work and Pensions, House of Lords, Federation of Small Businesses, European Commission, International Labour Office, and many other major international financial firms.
There is an increasing demand worldwide for economic analysis in international development, local and central government, non-governmental organisations, charity, urban and regional development policy, education or research. Past graduates have become Fast Stream economists in the UK Government Economic Service, others have gained employment as economists or economic analysts in charities and the private sector.
The course has been designed with input from colleagues at the Society of Professional Economists and previous students now working in the UK Government Economic Service.
Top reasons to study with us
- Taught by highly experienced staff who have worked with the UK Government Economic Service, HM Treasury, HM Revenue and Customs, Federation of Small Businesses, European Commission and many other major international financial firms
- Guest lectures from industry practitioners, with past topics including the role of the Office of Budget Responsibility and careers in the UK Government Economic Service
- Free access and experience using Office for National Statistics datasets and EViews
- Free online subscription to Financial Times and part of the material on the course reading list includes free textbooks for the majority of core and option modules
In the REF 2021, 75% of our business school impact case studies in the Business and Management Unit of Assessment scored 4* whilst 25% scored 3*. Read how our research is shaping the world
Course structure
As well as enhancing your ability to apply relevant economic principles in the support of policy and strategy development, the course aims to develop your ability to communicate complex issues to wide audiences, your awareness of significant sources of economic and financial data, the problems faced when carrying out policy evaluation and your capability for self-awareness and group working.
Through optional module selection, should you wish, you can choose to learn more about global financial markets, international economics and/or development economics and policy.
The modules below are indicative of what you will study on this course. You may choose two option modules in addition to the core modules.
Semester 1
The first semester is designed to build a strong foundation of knowledge of the fundamental concepts and ideas in economics (and their microeconomic and macroeconomic foundations). We’ll look at how a working economist develops policy advice in relation to production and supply decisions. Drawing on real-life economic scenarios from a variety of sector contexts, we’ll also examine sources of market failure, the economic choices available and competition policy in different countries. You’ll be introduced to the software used to analyse quantitative data, including Excel and EViews.
Semester 2
The second semester builds on your understanding and use of fundamental economic, statistical and econometric techniques and provides opportunities to study international and development economics and policy. Your studies culminate with the final project, an intensive piece of research of between 8,000 and 10,000 words where you will provide an evaluation of real-life economic policy. As a guide, previous students have considered topics as diverse as the impact of free childcare for working parents and the effectiveness of government subsidies on productivity in UK SMEs.
Core modules
Data Analysis
Through this module you will cover a range of data analysis methods and concepts.
Economic Appraisal and Evaluation
This module will give you the opportunity to apply the core principles and theories of economics in environments and scenarios that you could expect when working as a professional economist. The aim is to draw on scenarios from both the public and private sectors, so that whichever sector of the economy you enter, you have an enhanced understanding of the other. The module will take you through various examples of appraisal and evaluation in public sector policy and private sector strategy, with a focus on applying and communicating economic analysis, in face-to-face (viva voce) discussions with specialists and non-specialists. The module will enable you to show how economic techniques of investigation can support the development of effective policy in government and successful competitive strategy in business.
Economic Evaluation Project
This module provides you with the framework within which to develop your full project dissertation from the proposal submitted as part of the Research Methods module. The majority of projects undertaken would be expected to involve an empirical component and appropriate quantitative analysis.
Macroeconomic Analysis and Policy
This module reviews the historical evolution of macroeconomic policy and, through a review of the theoretical and empirical literature, develops the analytical framework of macroeconomics underpinning contemporary macroeconomic policy.
Microeconomic Analysis and Policy
You will review theoretical and empirical microeconomic approaches in order to shed light on business decision making and microeconomic policy in mixed economies.
Research Methods
This module aims to enhance your knowledge and competence of the research process, and the application of research methods in the area of applied economics.
Sustainable Energy Policy
The focus of this module is on energy economics and, in particular, on the role of markets in driving energy policy and strategy in both the short and long term. It covers a variety of theoretical and empirical topics related to energy demand, energy supply and energy prices, the influence of fiscal instruments on market operation and the importance of banks and financial institutions for the funding of energy projects. The first half of the module will explore a number of key themes and conceptual issues. These will include: an analysis of the structure and operation of oil, gas, coal, electricity and renewables markets and issues of price discovery, carbon trading, green taxes and subsidies; the role of banks and alternative sources of financing for oil and gas projects; an exploration of approaches to modelling and forecasting the supply, demand and price of energy and energy derivatives. The second half of the module will have a practical focus, with sessions led by guest speakers drawn from a range of energy companies, renewables firms or from policy ‘think-tanks’. These will take the form of short participative workshops exploring case studies on energy strategy and sustainability.
Option modules
International Economics
This module is concerned with both practice and theories of international trade and finance. It is related to issues such as classical and neo-classical trade theories, intra-industry trade, factor input mobility, strategic trade policies, economic integration, multinational corporations and foreign investments, balance of payments, exchange rate regimes and their implications.
Development economics and policy
This module focuses on issues of human development, poverty, inequality, structural change, industrialization, balance of payments crises, structural adjustment programs, and gender and development. Case studies on successful and unsuccessful policy initiatives in developing countries will shed light on the economic policy debate.
Global financial markets
This module is concerned with both practical and theoretical issues related to international financial markets. It is designed to provide an in-depth understanding of the structure and operation of foreign exchange markets, financial instruments used in global financial markets; and the operation of financial institutions such as banks and insurance companies whose operations expand across a number of financial markets and financial centres. The module comprehensively addresses the nature of economic exposure and foreign exchange risks that agents might face when operating across various countries.
