Economics and Philosophy BA

This is an introductory module in microeconomics and macroeconomics; there is no assumption of any prior knowledge of economics.

The first semester considers microeconomics. It begins by analysing how the economic choices of households and firms can be understood using consumer and producer theory. It then looks at how these individual choices are aggregated into market demand and supply to be mediated through the price mechanism. A variety of market settings are considered, ranging from the paradigm of perfect competition to the analysis of monopolistic firms. The module continues by providing an introduction to the normative evaluation of economic outcomes and market failures.

The second semester considers macroeconomics - the study of the aggregate economy. This part will focus on the determinants of aggregate output, both in the short run - addressing cyclical movements of booms and busts - and in the long run - providing an introduction to economic growth. A running theme will be debated over the role of the government in macroeconomic management, covering fiscal and monetary policy. The module will introduce a series of basic models used in modern macroeconomics.

The first half of the module provides an introduction to the mathematical methods required for economic modelling, focusing on:

• mathematical finance
• analysis of functions
• supply and demand
• matrix algebra
• differentiation
• elasticities
• maximisation/minimisation
• optimisation subject to constraints
• Lagrange multipliers
• integration

The second half introduces the statistical methods and concepts most applicable in economics. The analysis of economic data necessarily proceeds in an environment where there is uncertainty about the processes that generated the data. Statistical methods provide a framework for understanding and characterising this uncertainty.

These concepts are most conveniently introduced through the analysis of single-variable problems. However, economists are most often concerned about relationships among variables. The module builds towards the study of regression analysis, which is often applied by economists in studying such relationships.

The first half of the module provides an introduction to the mathematical methods required for economic modelling, focusing on:

• mathematical finance
• analysis of functions
• supply and demand
• matrix algebra
• differentiation
• elasticities, maximisation/minimisation
• optimisation subject to constraints

The second half introduces the statistical methods and concepts most applicable in economics. The analysis of economic data necessarily proceeds in an environment where there is uncertainty about the processes that generated the data. Statistical methods provide a framework for understanding and characterising this uncertainty.

These concepts are most conveniently introduced through the analysis of single-variable problems. However, economists are most often concerned about relationships among variables. The module builds towards the study of regression analysis, which is often applied by economists in studying such relationships.

This module focuses on a range of current issues facing the world economy, seeks to illustrate how economists model such issues, and examines potential policy responses. Example topics to be covered are:

• globalisation
• economic growth
• the global financial crisis
• the world economy
• emerging economic superpowers
• consequences of rising economic nationalism

This module is intended as a foundation for the understanding of modern economic theories and policies. It is concerned with the:

• different characters and workings of economies of the past
• changing ways in which economic questions have been interpreted and answered over time

As will be discovered, the 21st century Western views of everyday economic concepts such as ownership, money, exchange, work, poverty, industrialisation, economic growth and government are quite different from those expressed at other times and in other places.

In this module we will explore the long-run, historical determinants of the wealth of nations. We will begin by taking a long-run view on modern economic growth, showing how this has led to dramatic changes in the relative wealth of nations over the last 500 years.

We will then ask two key questions: why has modern economic growth started in some places rather than others? And why have some countries been able to catch up, while others have not? These investigations will improve our understanding of why some countries are much richer than others, and will give us some important insights on how to promote sustained growth in developing countries.

The module draws on a vibrant new literature in economics that looks at comparative development as the outcome of a long historical process, and uses techniques originally developed in economics to improve our understanding of history. Without going into the technical details, the module reviews the main findings of this literature, discusses their implications for modern development experiences, and lays out the main challenges for future research.

By providing an historical perspective on growth and development, the module will endow you with a better understanding of contemporary economic issues. It will also give you some exciting examples of how the economic techniques you will learn in later modules can be used to understand the world better.

This module involves an examination of some of the central themes in philosophy that are found at the intersection of metaphysics, epistemology and the philosophy of science. Topics covered include induction, time-travel, knowledge and justification, constitution and identity, and the laws of nature.

In the process of exploring these topics we will explore a range of foundational topics in metaphysics, epistemology and the philosophy of science.

The module introduces you to several central issues in the philosophy of self, mind and body. These issues are of great importance in the history of philosophy, and they continue to attract significant contemporary philosophical attention.

We will examine Descartes' foundational contributions in his Meditations, with particular attention to his discussions of dualism and mind-body interaction. We will also study several related topics, including contemporary theories of mind.

Ideas are at the heart of philosophy. Creating them, arguing your case and defending your thinking is a core skill. Equally, being able to interrogate other people's arguments is essential.

The knowledge, skills and tools to do this can be learnt. And that's what we'll do together in this module. We'll help you to:

• understand the nature and structure of arguments
• acquire critical tools for assessing the arguments of others
• improve your ability to present your own reasoning in a clear and rigorous manner, particularly in essays

Philosophy isn't just about opinions and arguments. It's also about clear proof. So we'll also develop some knowledge of logic and its technical vocabulary.

As a core first year module it will help you develop some of the key skills you need to philosophise with confidence.

This module is worth 20 credits.

This module covers intermediate macroeconomics, including simple macro-models of goods; labour and money markets, such as IS-LM and aggregate supply/aggregate demand, including open economy extensions. Dynamic issues incorporating expectations and long run growth will also be considered.

The module will analyse policy questions surrounding exchange rates, monetary and fiscal policy, budget deficits and debt.

This module covers microeconomics including general equilibrium analysis; welfare economics; social choice; elementary game theory; and strategic behaviour of different actors such firms, voters and governments.

We look at some fundamental metaphysical questions about the cosmos. A selection of the following topics will be studied:

• Objects: concrete vs. abstract; existence and nothingness
• Sets and mereology
• Properties, Property bearers, Relations
• States of affairs and non-mereological composition
• Modality (including counterfactuals) and possible worlds
• Time, persistence, change, and the non-present

Are there moral facts? What is moral truth? Do psychopaths really understand moral language? These are just some of the questions we'll be asking on this module.

Metaethics isn't anything like normative or applied ethics; rather it is about asking how ethics works. This means we'll be thinking about, amongst other things, moral ontology, moral language, moral psychology and moral reasons. 

• Are you obliged to obey the law even when you disagree with it?
• What features must a state have in order to be legitimate?

In this module we will approach these classic questions of political philosophy by examining the work of a number of important past political philosophers. This might include Thomas Hobbes, John Locke, and Jean-Jacques Rousseau but this isn't a fixed list - it may vary according to particular issues and student input.

We will look at both:

• why the thinkers' works have been open to different interpretations
• evaluate their arguments under these different interpretations

This module is worth 20 credits.

This module explores contemporary treatments of issues pertaining to knowledge and the justification of belief. It addresses issues such as the following:

• The structure of justification and its relation to one's mental states and evidence (foundationalism vs. coherentism; internalism vs.externalism; evidentialism)
• The justification of induction; the notion of a priori justification
• The relation between your evidence and what you know
• The natures of perceptual experience and perceptual knowledge
• Safety and contextualist theories of knowledge
• Moore's response to scepticism
• Testimonial knowledge, "virtue" epistemology and its relation to "reliabilist" epistemology

Where does the mind meet the world? In sensory perception.

By perceiving, we become conscious of a reality beyond our minds. Or do we?

Mind and Consciousness explores perception and perceptual consciousness.

It asks question such as:

• Do we really perceive a world beyond our minds?
• What are the theories of perception and perceptual consciousness?
• How do we distinguish different senses – what makes seeing different from hearing?
• Can our perceptions be biased? Do our prejudices change the way we see things?
• Is dreaming perceiving, or does it belong to another category of mind like imagining?

By the end of this module, you'll be able to:

• understand the main positions in the philosophy of perception
• analyse and evaluate rival views on these topics

This module is worth 20 credits.

The module begins with an exploration of various theories of reference and meaning, paying particular attention to the classic theories of singular terms (including Frege, Russell, and Kripke). We then turn our attention to pragmatics, and we cover Grice's theory of implicature and Searle's theory of speech acts.

In the final part of this module, we assess various problems in philosophy of language and logic, primarily having to do with the interactions between semantics and pragmatics and with the roles of context in the theory of communication.

We all have opinions about moral matters. But for most of us, our moral opinions are not very well-organised. Indeed, upon reflection we may discover that some of our beliefs about morality are inconsistent.

Normative ethics is the branch of moral philosophy that attempts to systematize everyday judgements about the rightness and wrongness of actions.

It's a wide area of study and we'll focus on two traditions within it:

• contractualism - which holds that the rightness and wrongness of acts depends on principles no one could reasonably reject
• character ethics - which emphasises the relationship between right action and good and bad character

By the end you'll have a clear understanding of:

• the aims and methodologies of involved
• some of the main theories, such as consequentialism, deontology, contractualism and virtue ethics (and some of their influential variants)

You'll also be able to:

• reason to a well thought-out position on various topics in ethics
• develop your own views, drawing upon the sources on which the module focuses

This module is worth 20 credits.

This module addresses issues in social metaphysics and social epistemology. We will examine the metaphysics of social kinds and explore different accounts of social kinds that have been offered. We will also examine how the fact that we are situated in a social world can affect what we can or cannot know or understand about ourselves, each other, and the social world itself. We will also address ethical and/or political issues that arise once we take account of social metaphysics and social epistemology.

In particular, we might consider whether there are special kinds of injustices that arise due to our social reality. What is epistemic injustice and how does it relate to social injustice? How do certain privileged groups structure the social world that create and maintain privilege and patterns of ignorance that perpetuate that privilege? What are some obligations that we have, given metaphysical and epistemological concerns we have explored? 

Philosophers have often contributed to huge advances in science and technology, while at the same time witnessing, and sometimes causing, political and social upheaval on a grand scale. In this module, we shall track the philosophical thoughts and motivations behind some of these advances and upheavals.

The module will proceed via a close reading of primary texts, drawing on additional material by scholars, background material and influential responses. Possible subjects are some of the writings of, for example, Aristotle, Descartes, Margaret Cavendish, Isaac Newton, Thomas Reid, Emilie Du Chatelet, David Hume, Jean Le Rond D'Alembert and Mary Shepherd.

Please note: the module is not a survey of the history of philosophy, and it may focus on the writings of only one philosopher in any given year that it runs.

This module is a general introduction to the economic problems of developing countries. The module will cover such topics as:

• the implications of history and expectation
• poverty, income distribution and growth
• fertility and population
• employment, migration and urbanisation
• markets in agriculture
• agricultural household models
• risk and insurance
• famines

This module will look at:

• market failure and the need for environmental policy - the Coase theorem
• instruments of environmental policy - efficiency advantages of market instruments
• applications of market instruments, especially the EU Emission Trading Scheme
• fisheries - the open access problem and rights-based policies
• valuation of the benefits of environmental policy
• biodiversity and its benefits
• international trade in polluting goods
• mobile capital: race to the bottom?

This module provides a foundation in behavioural economics and the role of experimental methods in economics. The traditional approach in economics is to explain market outcomes and economic decision-making using simple theoretical models based on perfectly rational, self-interested agents who maximise their wellbeing by carefully weighing up the costs and benefits of different alternatives. Behavioural economics, on the other hand, aspires to relax these stringent assumptions and develop an understanding of how real people actually make decisions.

The module will introduce you to behavioural and experimental economics, discuss these fields from a methodological perspective and examine several areas of economic analysis in which they are applied. This will include individual choice under risk and uncertainty, decision-making in strategic situations and competition in markets.

This module will offer an introduction to some theoretical concepts related to the allocation of risk by financial institutions. Then it will apply these concepts to the analysis of financial and banking crises.

This module provides an advanced economic analysis of the theory of organisation of firms and industries. It will analyse a variety of market structures related to the degree of market competition with a special emphasis on imperfectly competitive markets. It will also analyse issues related to the internal organisation of firms.

This module is an introduction to international trade theory and policy. It covers the core trade theories under perfect and imperfect competition and applies them to understanding the pattern of trade, gains from trade and modern topics like foreign outsourcing. On the policy side, it examines the effects of different government trade policy instruments and the role of international trade agreements.

This module covers: 

• Foundations:
  • The rational political individual?
  • Voter participation
  • Collective action and the role of the state
• Core Political Economy:
  • The economic approach to politics
  • Political aspects of economics: rights and the limits of the state
  • Political aspects of economics: inequality and the duties of the state
• Political Economy in Action:
  • Political economy in action: some current issues in political economy

This module provides an introduction to the economics of the labour market. We will look at some basic theories of how labour markets work and examine evidence to see how well these theories explain the facts.

Particular attention will be given to the relationship between the theory, empirical evidence and government policy. The module will refer especially to the UK labour market, but reference will also be made to other developed economies.

This module will provide a foundation for the monetary economics modules in the third year and is a complement to financial economics for the second and third years. It will cover topics such as the definitions and role of money, portfolio choice, financial markets and banks, central banks and monetary policy, and the monetary transmission mechanism. 

Under these headings the module will address issues of theory, policy and practice relating to recent experience in the UK and other countries. The module will feature some current debates and controversies based on recent events.

This module looks at:

• public finances in the UK
• market failures
• fundamental theorems of welfare economics
• social welfare functions
• externalities
• public goods
• natural monopolies
• public choice
• social insurance: social security, taxation and equity
• excess burden of taxation and tax incidence

This module adopts a broad focus on factors influencing growth and development, concentrating on core economic policy areas and the role of international organisations.

Topics covered include macroeconomic policies, in particular exchange rates and the role of the IMF; aid policy and the World Bank, effects of aid on growth, macroeconomic and fiscal policy, and poverty; trade policy and performance and the WTO; economic reforms and growth experiences in East Asia, China and Africa; human development and the UN Sustainable Development Goals.

This module generalises and builds upon the material covered in the Econometric Theory I and II. In the first part of the module, we study large sample, or asymptotic, theory. This is needed in order to obtain tractable results about the behaviour of estimators and tests when the standard modelling assumptions - which frequently cannot be verified in practice - are relaxed.

The second part of the module continues the time series analysis taken in Econometric Theory II, with the emphasis on the behaviour of typical economic time series, and the implications of that behaviour in practical analysis, such as the construction of models linking economic time series. The key issues addressed will be the identification of non-stationarity through the construction of formal tests and the implications for modelling with non-stationary data.

Particular attention will be paid to the contributions of Sir Clive Granger to the spurious regression problem and to cointegration analysis, for which he was ultimately awarded the Nobel Prize.

This module discusses aspects of some of the main sub-areas of experimental and behavioural economics. This includes applications related to individual decision-making, strategic behaviour and market behaviour.

The module encourages reflection on both the role of experiments in economics and the assumptions that economics does (and should) make about people’s motivations. Both experimental economics and behavioural economics are still comparatively new fields within the wider discipline.

The module considers their potential and main achievements, relative to more traditional economic techniques. It encourages development of critical skills and reflection on specific research contributions in experimental and behavioural economics.

This module covers:

• saving, focusing on how agents make intertemporal decisions about their savings and wealth accumulation
• saving puzzles and household portfolios, focusing on credit markets and credit markets' imperfections, and why do households hold different kinds of assets
• asset allocation and asset pricing, focusing on intertemporal portfolio selection, asset pricing and the equity premium puzzle
• bond markets and fixed income securities
• the term structure of interest rates
• the role of behavioural finance in explaining stock market puzzles

This module looks at:

• trade policy
• economic policy for trade and international factor mobility
• theory and evidence
• trade policy and imperfect competition
• trade and distortions
• the political economy of protection
• trade policy reform

This module covers an economic analysis of the labour market, with an emphasis on policy implications and institutional arrangements.

This module covers:

• dynamic general equilibrium models, focusing on how the time path of consumption, and saving, is determined by optimising agents and firms that interact on competitive markets
• growth in dynamic general equilibrium, focusing on the Solow model and the data, and the role played by accumulation of knowledge (endogenous innovation) in explaining long run growth
• Real Business Cycles (RBC), focusing on how the RBC approach accounts for business cycle fluctuations, and what links short run fluctuations and growth processes

This module is intended to provide an introduction to mathematical techniques used in economics. In particular, examples of economic issues that can be analysed using mathematical models will be discussed in detail.

Particular attention will be given to providing an intuitive understanding of the logic behind the formal results presented.

This module will cover topics in advanced microeconomics and decision theory. The precise content may vary from year to year, but the module will start from the basis established by the Microeconomic Theory module.

This module provides a rigorous introduction to formal models of money in the macroeconomy. Following this, applications for areas of central banking, finance and international macroeconomics will be explored.

The module will introduce some major themes of the economic analysis of government. Using the tools of modern microeconomic theory, it will explore how government institutions are designed, how they could be designed better, and how they shape economic policy.

This module is a continuation of the module on time series analysis. While the earlier module was devoted to basic time series model building methodology, this module concentrates on those developments which can be applied in the subject of economics. 

In particular, the emphasis will be on aspects of the behaviour of typical economic time series, and the implications of that behaviour in practical analysis, such as the construction of models linking economic time series.

The key issues addressed will be the identification of non-stationarity through the construction of formal tests and the implications for modelling with non-stationary data. Particular attention will be paid to the contributions of Sir Clive Granger to the spurious regression problem and to cointegration analysis, for which he was ultimately awarded the Nobel Prize.

This module provides an advanced economic analysis of the theory of organisation of firms and industries. It will analyse a variety of market structures related to the degree of market competition with a special emphasis on imperfectly competitive markets. It will also analyse issues related to the internal organisation of firms.

This module will provide an introduction to international monetary issues, including the determination of exchange rates and international spill-over effects. 

This module looks at:

• trade policy - theory and evidence
• trade policy and imperfect competition
• trade and distortions
• the political economy of protection
• trade policy reform

This module covers the following:

Static numerical methods

• Numerical solution methods
• Numerical static optimisation methods
• Applications: resource allocation, computable general equilibrium

Dynamic numerical optimisation

• Discrete dynamic programming
• Implementation of the methods
• Applications: optimal growth, rational expectations, asset management

Agent-based economic modelling

• Foundations of agent-based modelling
• Basics of computer programming
• Applications: evolutionary games, markets   

The module will cover the following:

Foundations

• The rational political individual?
• Voter participation
• Collective action and the role of the state

Core political economy

• The economic approach to politics
• Political aspects of economics: rights and the limits of the state
• Political aspects of economics: inequality and the duties of the state

Political economy in action

• Political economy in action: some current issues in applied political economy

This module focuses on a range of econometric methods used in policy evaluation and in the identification and estimation of causal effects. Topics to be covered include:

• potential outcomes framework
• regression analysis and matching
• instrumental variables
• difference-in-differences
• regression discontinuity

This module investigates different kinds of contemporary logic, as well as their uses in philosophy. We will investigate the syntax and semantics of various logics, including first order logic, modal logics, and three-valued logics, as well as ways to apply formal techniques from these logics to philosophical topics such as possibility and necessity, vagueness, and the Liar paradox.

We’ll cover ways to reason and construct proofs using the logics we study, and also ways to reason about them. We’ll look at proofs regarding the limits of formal logic, including proofs of soundness, completeness, and decidability.

This module will focus on a critical examination of core aspects of Buddhist thinking, with emphasis on some of its basic psychological, spiritual, and metaphysical conceptions.

These include, in particular: the origin and nature of suffering; the no-self thesis; enlightenment; consciousness; experiential knowing; and the doctrine of Emptiness (the lack of inherent nature in all things and impermanence).

This module will teach you how to communicate philosophy through a variety of different mediums, assessing them in each. We will look at how philosophy can be communicated through legal documentation, press releases, handouts, lesson plans, webpages, funding bids and posters (with optional presentations).

A number of the sessions will be delivered by professionals from outside the university, with support from the module convener. Seminars will be used to develop each of the items for assessment. You will be invited to draw upon your prior philosophical learning to generate your assessments, except in the case of handout where you will be set a specific philosophical task and asked to complete some (very basic) independent research.

An independent research project, involving the application of techniques of economic analysis to a self-chosen research topic and the presentation of a written report. There will be lectures to provide general guidance on economic research methods and writing an undergraduate dissertation in economics.

Topics include:

• introduction to the dissertation
• types of dissertation
• literature reviews
• sources of data
• writing up your dissertation
• data entry and data management
• an introduction to STATA
• descriptive statistics
• practical issues in regression analysis
• model selection
• endogeneity bias

Karl Marx's thoughts and words have had an enormous impact on history. Revolutions have been fought, economic policies pursued and artistic movements established by followers (and opponents) of Marxism.

Together we'll examine some of Mark's original writing and explore his thinking. Specific themes we'll cover include:

• alienation
• the materialist conception of history
• ideology
• the labour theory of value

By the end of the module you should have a good overview of Marx's attempt to synthesise German philosophy, French political theory, and British economics.

This module is worth 20 credits.

There is perhaps no more vivid example of the exercise of state power over individuals than through the institution of criminal law. This power relationship raises a host of important philosophical questions, such as:

• Is there a general obligation to obey the law? If so, what is the basis for this obligation?
• What sorts of acts should be criminalised, and why?
• What does it mean for someone to be responsible for a crime, or for the state to hold someone responsible?
• Is criminal punishment justified? If so, why?
• What is the proper role for the presumption of innocence: Who must presume whom to be innocent of what? 
• Is the state ever justified in imposing legal restrictions on offenders even after they have completed their punishment?
• How should the criminal law function in the international context?

We'll look at thinking from across history, from seminal figures such as Plato, Bentham, and Kant, to more contemporary philosophers such as Hart, Hampton, Duff, and others.

No experience of criminal law necessary. Ideal for both philosophers and practitioners.

This module is worth 20 credits.

What is science? Is there a scientific method, and if so, what is it? Can science tell us what the world is really like? Is it the only way to know what the world is really like? Does science progress? What is a "paradigm" and when/how does it "shift"? Is science "socially constructed"? Can a sociological study of the practice of science tell us anything about the nature of science? Is science "value-neutral"? Should we "save society from science"? What are "the science wars" and who won?

These are some of the questions we will explore in this module. We will start with the positivism-empiricism of the early 20th century and culminate with the postmodernism-relativism of the late 20th century and its aftermath. Readings will include seminal works by Ayer, Hempel, Popper, Kuhn, Lakatos, Feyeraband, Bloor, and Laudan.

This module is an extended discussion of utilitarian approaches to moral and political philosophy, including utilitarian accounts of:

• the nature of wellbeing
• reasons and rightness
• rights and justice
• democracy
• individual decision-making
• praise and blame