Module ASB-3316:
Applied Economics

Module Facts

Run by Bangor Business School

20 Credits or 10 ECTS Credits

Semester 2

Organiser:

Overall aims and purpose

This module will develop students’ ability and confidence in working with data and applying their understanding of economic theory to real world problems.

The main aims of this module are:

  • To help students understand the underlying theory for a range of topics in applied economics
  • To equip students with practical empirical skills in analysing economic data
  • To provide students with the confidence to find and consult with relevant academic journal articles

Course content

Economic theory lectures covering (may be subject to change dependent upon real-world events): - Education - Unemployment and wages - Market failures and externalities - Economic growth and institutions

Practical econometric workshops covering: - Introduction to econometric software. - Sourcing data. - Organisation and manipulation of data. - Programming of software. - Applied skills in analysis of data including summarising and visualisation, and a variety of regression techniques. - Analysis of outputs through a range of regression techniques (linear, limited dependent variables, panel data, multi-stage regression). - Application to economic problems through analysing economic relationships and testing economic theories

Assessment Criteria

threshold

Satisfactory standard: 40-49: No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work’s objectives.

excellent

Excellent standard: 70+: An outstanding performance, exceptionally able. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

good

Average Standard: 50-59: Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.

High Standard: 60-69: Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

Learning outcomes

  1. Analyse the outputs of econometric software packages.

  2. Select and apply appropriate quantitative techniques, based on the characteristics of the data and the nature of the research question under scrutiny.

  3. Understand and interpret the statistical significance of econometric results from literature, and understand their real-world significance.

  4. Demonstrate the ability to source, organise and appropriately manipulate economic data.

  5. Understand appropriate theory for analysing a range of applied economic topics.

Assessment Methods

Type Name Description Weight
Applied Project 1 25
Applied Project 2 25
Applied Project 3 25
Applied Project 4 25

Teaching and Learning Strategy

Hours
Workshop

Workshops focus on practical and applied skills in econometrics. Students will have the opportunity to use datasets to practice methodologies, and test theory and ideas which have been learned in lectures.

20
 

4 hours of classes each week. Classes will be a combination of economic and econometric theory, and practical workshop sessions focussed on the practical elements of the learning outcomes

 
Lecture

Lectures focus on core economic theory econometric methodology.

20
Private study

Individual study of issues of econometric theory and methodology, reading academic papers and texts. Students will also be expected to practice statistical software techniques between classes.

160

Transferable skills

  • Literacy - Proficiency in reading and writing through a variety of media
  • Numeracy - Proficiency in using numbers at appropriate levels of accuracy
  • Computer Literacy - Proficiency in using a varied range of computer software
  • Self-Management - Able to work unsupervised in an efficient, punctual and structured manner. To examine the outcomes of tasks and events, and judge levels of quality and importance
  • Exploring - Able to investigate, research and consider alternatives
  • Information retrieval - Able to access different and multiple sources of information
  • Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.

Subject specific skills

  • Abstraction. From the study of economic principles and models, students see how one can abstract the essential features of complex systems and provide a useable framework for evaluation and assessment of the effects of policy or other exogenous events. Through this, the typical student will acquire proficiency in how to simplify while still retaining relevance. This is an approach that they can then apply in other contexts, thereby becoming more effective problem-solvers and decision-makers.
  • Analysis, deduction and induction. Economic reasoning is highly deductive, and logical analysis is applied to assumption-based models. However, inductive reasoning is also important. The development of such analytical skills enhances students' problem-solving and decision-making ability.
  • Quantification and design. Data, and their effective organisation, presentation and analysis, are important in economics. The typical student will have some familiarity with the principal sources of economic information and data relevant to industry, commerce, society and government, and have had practice in organising it and presenting it informatively. This skill is important at all stages in the decision-making process.
  • Framing. Through the study of economics, a student should learn how to decide what should be taken as given or fixed for the purposes of setting up and solving a problem, i.e. what the important 'parameters' are in constraining the solution to the problem. Learning to think about how and why these parameters might change encourages a student to place the economic problem in its broader social and political context. This 'framing' skill is important in determining the decision-maker's ability to implement the solutions to problems.
  • Problem solving and critical analysis: analysing facts and circumstances to determine the cause of a problem and identifying and selecting appropriate solutions.
  • Research: the ability to analyse and evaluate a range of business data, sources of information and appropriate methodologies, which includes the need for strong digital literacy, and to use that research for evidence-based decision-making.
  • Numeracy: the use of quantitative skills to manipulate data, evaluate, estimate and model business problems, functions and phenomena.
  • Articulating and effectively explaining information.

Pre- and Co-requisite Modules

Courses including this module

Compulsory in courses:

Optional in courses: