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LOUGHBOROUGH UNIVERSITY
Programme Specification
B.Sc. INTERNATIONAL ECONOMICS
Please note: This specification provides a concise summary of the main
features of the programme and the learning outcomes that a typical student
might reasonably be expected to achieve and demonstrate if full advantage is
taken of the learning opportunities that are provided. More detailed
information on the learning outcomes, content and teaching, learning and
assessment methods of each module can be found in Module Specifications
and other programme documentation and online at http://www.lboro.ac.uk/
The accuracy of the information in this document is reviewed by the University
and may be checked by the Quality Assurance Agency for Higher Education.
Awarding body/institution;
Loughborough University
Teaching institution (if
different);
Details of accreditation by a
professional/statutory body;
Name of the final award;
B.Sc. (Honours) International Economics
Programme title;
International Economics. ECUB03
UCAS code;
L115
Date at which the programme
specification was written or
revised.
October 2008
1. Aims of the programme:
 To provide specialised training in the aspects of economics relevant to the
international economy including trade, finance and development.
 To provide training in the principles of economics and their application.
 To stimulate students intellectually through the study of economics and to
lead them to appreciate its application to a range of problems and its
relevance in a variety of contexts.
 To provide a firm foundation of knowledge about the workings of the
economy and to develop the relevant skills for the constructive use of that
knowledge in a range of settings.
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 To develop in students the ability to apply the knowledge and skills they
have acquired to the solution of theoretical and applied problems in
economics.
 To equip students with appropriate tools of analysis to tackle issues and
problems of economic policy.
 To develop in students, through the study of economics, a range of
transferable skills that will be of value in employment and self-employment.
 To provide students with analytical skills and an ability to develop simplifying
frameworks for studying the real world.
 To develop in students the ability to appreciate what would be an
appropriate level of abstraction for a range of economic issues.
 To provide students with the knowledge and skill base, from which they can
proceed to further studies in economics, related areas or in multi-disciplinary
areas that involve economics.
 To generate in students an appreciation of the economic dimension of wider
social and political issues.
2. Relevant subject benchmark statements and other external and
internal reference points used to inform programme outcomes:
 QAA Subject Benchmark Statements: Economics.
http://www.qaa.ac.uk/academicinfrastructure/default.asp
 Framework for Higher Education Qualifications.
 International links with a network of eleven European Universities within the
Socrates exchange programme.
 University Learning and Teaching Strategy.
http://www.lboro.ac.uk/admin/ar/learning_and_teaching/index.htm
 Departmental learning and teaching policies.
 Links, both formal and informal, with external examiners.
 Staff research specialisms and professional involvement in the discipline.
3. Intended Learning Outcomes
3.1 Knowledge and Understanding:
On successful completion of this programme, students should be able to
demonstrate knowledge and understanding of:
 A coherent core of economic principles. The understanding of these might
be verbal, graphical or mathematical.
These principles will cover the microeconomic issues of decision and choice,
the production and exchange of goods, the interdependency of markets, and
economic welfare. They also include macroeconomic issues, such as
employment, national income, the balance of payments and the distribution of
income, inflation, growth and business cycles, money and finance. The
understanding should extend to economic policy at both the microeconomic
and macroeconomic levels. In all these, students should show an
understanding of analytical methods and model-based argument and should
appreciate the existence of different methodological approaches.
 Relevant quantitative methods and computing techniques. These are likely
to cover mathematical and statistical methods, including econometrics.
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Students will have exposure to the use of such techniques on actual
economic, financial or social data. A knowledge and appreciation of economic
data, both quantitative and qualitative. Students should also have some
knowledge of the appropriate methods that the economist might use to
structure and analyse such data.
 The applications of economics. Students should have the ability to apply a
core of economic principles and reasoning to a variety of applied topics. They
should also be aware of the economic principles that can be used to design,
guide and interpret commercial, economic and social policy. As part of this,
they should have the ability to discuss and analyse government policy and to
assess the performance of the UK and other economies.
The above implies that the attainments of students should be:
 Ability to apply core economic theory and economic reasoning to applied
topics.
 Ability to relate differences in economic policy recommendations to
differences in the theoretical and empirical features of the economic analysis,
which underlie such recommendations.
 Ability to discuss and analyse government policy and to assess the
performance of the UK and other economies.
 Understanding of verbal, graphical, mathematical and econometric
representation of economic ideas and analysis, including the relationship
between them.
 Understanding of relevant mathematical and statistical techniques.
 Understanding of analytical methods, both theory- and model-based.
 Appreciation of the history and development of economic ideas and the
differing methods of analysis that have been and are used by economists.
 The appropriate techniques to enable manipulation, treatment and
interpretation of the relevant statistical data.
Teaching, learning and assessment strategies to enable outcomes to be
achieved and demonstrated:
 Learning and teaching is provided through lectures, tutorials, seminars,
computer-based laboratory workshops, group work, web-based guided study,
presentations, and guided independent study.
 Contact and feedback is typically provided through projects, coursework
assessment (essays, short answer and multiple choice), lectures, tutorials,
presentations, seminars, computer-based laboratory workshops, group work,
web-based guided study/self tests, guided independent study, and one to one
contact with staff within the personal tutoring system and office hours with
lecturers and subject tutors.
 Students receive a departmental handbook detailing procedures, how to
contact staff, how to get help, assessment criteria, programme outlines,
module specifications, essay writing and presentation of coursework note
taking and potential prizes awarded for academic achievement. This
information is also available to students on the University intranet.
 All programmes taught within the Economics Department contain a common
core of modules. As students progress through each part of the programme
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they will develop more programme specific skills, knowledge and
understanding with greater contact with staff in that specialism.
 In the final year students are given the option of a 20 credit weighted project.
3.2 Skills and other attributes:
a. Subject-specific cognitive skills
 On successful completion of this programme, students should be able
to:
 Know and understand the core of economic theory and applied
economics, with a particular application to the world of business and
finance.
 Know and understand the behaviour of agents in financial markets,
and the behaviour of firms and consumers in the national and
international economy
 Discuss in an informed manner the major policy directions and
regulations to implement economic policy
 Know and understand the nature of incentives in economic decision
making by agents in the economy
 Evaluate the outcomes of market and policy changes in all spheres of
the economy, with special emphasis on business and finance
Teaching, learning and assessment strategies to enable outcomes to be
achieved and demonstrated:
The skills listed above are developed heterogeneously throughout the
modules of the degree programme. For example, in Parts A, B and C,
Macroeconomics and Microeconomics modules develop ideas of incentives,
economic behaviour and static and dynamic equilibrium, and they emphasize
the key ideas of optimization subject to constraints.
Part A of the programme builds these foundations through modules in
Quantitative Economics, Microeconomic Principles and Macroeconomic
Principles. In further years the key skills are enhanced by the Part B
modules in core economic theory, and the Part C modules that bring
together different applications of economics and finance.
Examinations indicate how well the student can demonstrate their mastery of
an area by selecting appropriate material from memory and applying it using
their key and transferable skills, outlined above, to a typically unseen question
in a limited period of time.
Coursework may take many forms, for example presentations, multiple choice
tests, short answer tests through to timed essays, short projects, and group
work. In all cases learning is encouraged, enhanced and feedback given in
order to help the student assess and review their subject specific cognitive
skills.
b. Subject-specific practical skills
On successful completion of this programme, students should be able to:
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


Construct economic models using verbal, diagrammatic, mathematical,
statistical and econometric techniques and reasoning.
Access, search for and evaluate relevant data sources for validation of
economic models
Apply and use specialised software including spreadsheets for the
analysis of economic models and financial calculations.
Teaching, learning and assessment strategies to enable outcomes to be
achieved and demonstrated:
The skills listed above are developed heterogeneously throughout the
modules of the degree programme. For example, Data analysis and
Information Technology module focuses on numeracy and computational
skills, quantification, IT, information handling and retrieval skills, whereas
Quantitative Economics, Macroeconomics and Microeconomics modules
emphasise model building through verbal, diagrammatic and algebraic
techniques.
Part A of the programme focuses especially on subject areas rich in rigorous
transferable and key skills, Information Technology, Data Analysis,
Quantitative Economics, Microeconomic Principles and Macroeconomic
Principles. In Part B, theoretical economic modelling techniques and
econometric methods together with an introduction to finance are
developed; these practical skills are enhanced by the Part C modules that
emphasise the application of financial and economic models.
Examinations indicate how well the student can demonstrate their mastery of
an area by selecting appropriate material from memory and applying it using
their key and transferable skills, outlined above, to a typically unseen question
in a limited period of time.
Coursework may take many forms, for example presentations, multiple choice
tests, short answer tests through to timed essays, short projects, and group
work. In all cases learning is encouraged, enhanced and feedback given in
order to help the student assess and review their subject specific practical
skills.
c. Key/transferable skills
On successful completion of this programme, students should be able to
demonstrate the key skills of,
 Analysis and decision making.
 Communication.
 Numeracy and computation.
 IT, information handling and retrieval, including library skills.
 Independent study and group work.
 Time management.
More specifically students should be able to demonstrate the following
rigorous transferable skills:
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 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 typical student will have been
exposed to some or all of these and be able to use some of them. Such skills
also enhance their problem-solving and decision-making ability.
 Quantification and design. Data, and their effective organization,
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 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.
Teaching, learning and assessment strategies to enable outcomes to be
achieved and demonstrated:
The skills listed above are developed heterogeneously throughout the
modules of the degree programme. For example, Data analysis and
Information Technology module focuses on numeracy and computational
skills, quantification, IT, information handling and retrieval skills, whereas
Macroeconomics and Microeconomics courses develop communication skills,
abstraction, analysis and decision making skills, numeracy, independent
study, group work skills and time management skills.
Part A of the programme focuses especially on subject areas rich in rigorous
transferable and key skills, Information Technology, Data Analysis,
Quantitative Economics, Microeconomic Principles and Macroeconomic
Principles. In further years the key skills are enhanced by the Part C
modules that bring together all of the skills referred to above.
Examinations indicate how well the student can demonstrate their mastery of
an area by selecting appropriate material from memory and applying it using
their key and transferable skills, outlined above, to a typically unseen question
in a limited period of time.
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Coursework may take many forms, for example presentations, multiple choice
tests, short answer tests through to timed essays, short projects, and group
work. In all cases learning is encouraged, enhanced and feedback given in
order to help the student assess and review their transferable and key skills.
4. Programme structures and requirements, levels, modules, credits and
awards:
Full details can be found in the Programme Regulations at:
http://www.lboro.ac.uk/admin/ar/lps/progreg/year/0809/docs/International%20
Economics%20BSc.doc
5. Criteria for admission to the programme:
A Level qualifications: 320 points from: two subjects at A Level plus
a third subject at A Level
or two subjects at AS Level
(not including general studies) with no subject below grade C
Other qualifications: Vocational A Level (VAL): 320 points from a minimum of
18 units (any combination of VAL units/AS Level units/A Level units).
Additional requirements: GCSE Mathematics grade C.
Admissions tutor: Professor T.Weyman-Jones, Tel 01509 222710 Fax 01509
223910
Email: [email protected]
6. Information about assessment:
Most modules are assessed by a mixture of written exam and coursework,
although there are exceptions in Year 1 (Part A) where some modules are
assessed purely by coursework. Typically, though, coursework counts 20-30
percent and examinations 70-80 percent to the final module mark.
First year assessment is for progression to the second year. Second and third
year results are weighted 30 and 70 percent respectively for calculation of the
final degree classification.
Students follow 120 credits of modules each year (60 credits per semester). In
order to gain credit for a module, students must achieve a pass mark of 40%.
In the first and second year students must accumulate 100 credits and obtain
a minimum of 30% in the remaining modules in order to progress to the
second/third year (Part B/C). Part C students who entered the University from
2004-5 onwards must pass 100 weight and obtain a minimum mark of 20% in
remaining modules. In addition, to progress from the second year (Part B) to
the final year (Part C) candidates must accumulate 200 credits (where 100
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credits must be from modules taken in Part B). The Degree of Bachelor
(Honours) is awarded if 300 credits are accumulated with no less than 100
from Part C in not less than 6 semesters. Reassessment is permitted, only if a
student has achieved at least 40 credits in that year, during the Special
Assessment Period (SAP).
Full details of these arrangements are contained in the official programme
regulations.
7. What makes the programme Distinctive:
The International Economics degree allows students to study modules in
economic theory, econometrics and applied economics that together provide
a programme that is directly relevant to the real world and to the evolution of
the national and international economy, while offering particular focus on the
issues of international finance and economic development. Loughborough’s
internationally-recognised expertise means that we are able to offer a broad
range of modules in nearly all areas of applied economics. Students also
acquire the skills necessary to appraise alternative market and social
investment opportunities, evaluate economic policy and economic forecasts
and understand the implications of current and future changes in the domestic
and international economic environment.
Part A comprises four common core double weighted modules in economic
principles (macro and micro) data analysis (i.e. statistics) and quantitative
economics (i.e. mathematics for economists). In Part B, the student takes
double weighted core modules in Macroeconomics, Microeconomics,
Econometrics and International Economic Relations combined with optional
modules taken from the following list ( where (2) denotes a double module):
Economics of Criminology, Economics of the Financial System, Economics of
the Welfare State, Energy and the Environment, Introduction to Finance (2),
Financial Markets, Economics of Leisure and Tourism, Transport Economics
Part C has a core ( where (2) denotes a double module) that consists of a
project (2), and International Money and Finance (2) plus a choice of options
from the list: Developments in Microeconomics, Developments in
Macroeconomics, International Trade, Economics of Developing Countries
(2), The Economics of Industry and the Firm (2), Financial Economics and
Corporate Finance (2), Monetary Theory and Policy, Comparative Banking,
Econometric Modelling, Economic Forecasting, Public Finance, Economics of
Risk and Uncertainty, Economics of Monetary Integration, Energy Economics,
Game Theory, Economics of Transition
The Department of Economics scored a near perfect 23 out of a possible 24
points in the recent (2001/2002) External Subject Review (ESR) for
Economics.
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8. Particular support for learning:
Up-to-date information can be found at:
http://www.lboro.ac.uk/admin/ar/templateshop/notes/lps/index.htm
9. Methods for evaluating and improving the quality and standards of
learning:
The University’s formal quality management and reporting procedures are laid
out in its Academic Quality Procedures Handbook, available online at:
http://www.lboro.ac.uk/admin/ar/policy/aqp/index.htm
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