The core modules in Economics are:
Principles of Economics
In this module you will develop an understanding of the theories of macroeconomics, that of the economy as a whole, and of microeconomics, the behaviour of individuals, firms and governments. You will look at how the goods and assests markets underpin growth, inflation and unemployment, and the role that fiscal and monetary policy play in macroeconomic managemenet. You will examine the theoretical basis to supply and demand and the role of government intervention in individual markets. You will consider how to solve economic problems by manipulating a variety of simple diagrammatic and algebraic models in macro- and microeconomics, critically evaluating the models and their limitations.
Quanitative Methods of Economics
In this module you will develop an understanding of the basic mathematical, quantitative, computing and statistical tools for the study of economics. You will look at techniques such as algebraic manipulation, functions, simultaneous equations, optimisation, descriptive statistics, probability theory and regressions, and learn how to apply these to economic problems.
In this module you will develop an understanding of how economists think about current world problems, such as generational inequality or the 'other' side of Adam Smith. You will look at how economic growth and wealth is created, and how it is influenced by technological change and institutions. You will examine how this wealth is distributed most efficiently, including situations such as who gets a kidney from a donor or which firm gets a licence to offer mobile phone services. You will also considerintergenerational inequality, including how economists think about tuition fees and university funding in general.
The core module in Political Studies is:
Introduction to Politics and Government
This module will introduce you to the academic study of politics and to the ‘real world’ of contemporary politics. As a foundational course, it will give you all the essential tools to understand the nature of politics and analyse the way different political systems work. You will be introduced to key concepts such as politics, power, rights, ideologies, democracy and representation, and will learn about the different actors, institutions and processes that make up politics today.
The core modules in Economics are:
In thid module you will develop an understanding of the models of individual optimisation and their applications. You will look at the key determinants of an individual’s behaviour in a variety of circumstances and the behaviour of firms in different market environments, such as perfect competition, monopoly and oligopoly. You will consider how changing circumstances and new information influences the actions of the economic agents concerned, and examine the properties of competitive markets and the need for government intervention to correct market failures.
In this module you will develop an understanding of macroeconomics and macroeconomic policy-making. You will look at a variety of contemporary and historical macroeconomic events, and the differences between the short, medium and long run. You will consider why some countries are rich and some are poor, why different economies grow at different rates, and what determines economic growth and prosperity. You will examine the role of monetary and fiscal policy, its impact on the economy and its limitations. You will also analyse how taxation, budget deficits, and public debt affect the economy.
Quantitative Methods in Economics 2
In this module you will develop an understanding and practical experience of the essentials of empirical research techniques used by applied economists. You will learn how to use and distinguish between standard econometric techniques, and carry out formal statistical tests of economic hypotheses. You will manipulate and analyse data sets and conduct your own econometric investigations, both written and using computer software.
This year will be spent on a work placement. You will be supported by the Placements Office and the Royal Holloway Careers and Employability Service to find a suitable placement. However, Royal Holloway cannot guarantee that all students who are accepted onto this degree programme will secure a placement, and the ultimate responsibility lies with yourself. This year forms an integral part of the degree programme and you will be asked to complete assessed work. The mark for this work will count towards your final degree classification.
All modules are optional
In addition to these mandatory course units there are a number of optional course units available during your degree studies. The following is a selection of optional course units that are likely to be available. Please note that although the College will keep changes to a minimum, new units may be offered or existing units may be withdrawn, for example, in response to a change in staff. Applicants will be informed if any significant changes need to be made.
Only core modules are taken
Optional modules in Political Studies include:
European Union - Politics and Theory
Comparative Foreign Policy
International Relations Theory
Democracy in Britain
Contemporary Political Theory
International Political Economy
Politics of Migration
Empire and Decolonisation
War and Security in World Politics
Modern Political Thought
Cold War International Relations
The Politics of Human Rights
Introduction to Political Communication
Optional modules in Economics include:
Industrial Economics 1
In this module you will develop an understanding of the methods and models applied by economists in the analysis of firms and industries. You will learn how to manipulate these models and analytically solve problems relating to industrial economics. You will consider the applications of the models to important policy areas, exploring topics such as collusion, mergers, product differentiation and asymmetric information. You will also also examine the limitations of the theory.
Industrial Economics 2
In this module you will devlop an understanding of advanced topics in industrial organisation, with a special focus on the role that information plays in markets. You will explore topics such as collusion, mergers, product differentiation, and asymmetric information, and become familiar with a broad range of methods and models applied by economists in the analysis of firms and industries.
Financial Economics 1
In this module you will develop an understanding of the financial market, institutions, participants and traded assets that constitute a modern financial system. You will look at the theories of risk-factor pricing, such as the Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Theory (APT). You will consider the theory of, and empirical evidence on, efficient, markets and examine the process of price formation. You will also analyse the derivation and construction of efficient portfolios.
Financial Economics 2
In this module you will develop an understanding of the wide range of fixed income securities and derivatives available to investors in the financial markets. You will look at the basic institutional features of derivatives markets, as well as the pricing of bonds and of derivative instruments and using them for hedging purposes. You will consider investment and trading strategies that use bonds and derivatives, and evaluate the use of bonds in immunising portfolios based on the bond's duration. You will also explore the features and uses of the most popular types of derivatives available today, including options, futures, forwards, and swaps.
In this module you will develop an understanding of the theoretical properties of different econometric estimation and testing procedures under various modelling assumptions. You will learn to formulate, estimate, test and interpret suitable models for the empirical study of economic phenomena. You will consider how to apply regression techniques and evaluate the appropriateness of each econometric estimation method under different data limitations.
In this module you will develop an understanding of the theoretical properties of different econometric estimation and testing procedures under various modelling assumptions. You will look at regression techniquies and learn how to apply relevant econometric and statistical methods to your own research. You will also evaluate the appropriateness of each of the economic estimation methods and the impact of consider data limirations.
Understanding Financial Crises
In this module you will develop an understanding of the fragility of the financial system and its relevance to the current financial crisis. You will learn the economic meaning of the terms liquidity and solvency in the context of financial intermediaries. You will look at the models of equilibrium bank runs and consider the implications of imposing capital structure controls and liquidity control on financial intermediaries. You will also critically evaluate the links between financial crises and the macroeconomy.
In this module you will develop an understanding of how economic methods can be applied to environmental issues facing society. You will consider the difficulties arising in using economic analysis in environmental policy design and learn how to solve and manipulate a variety of diagrammatic and algebraic models in environmental economics. You will evaluate a number of real world environmental policy problems and see how economic analysis has been applied in their solution.
In this module you will develop an understanding of the use of experiments to test economic theories. You will look at how individuals make decisions in markets, how individuals decide to spend money today or save it for future spendng, the assumption of self-regarding preferences commonly made in standard economic models, and the ability to act rationally in a strategic environments. You will consider the issues raised by experimental design and critically evaluate the advantages and disadvantages of experimental methods.
In this module you will develop an understanding of the role of money in the economy. You will look at models where inflation show persistence, the theory of monetary policy, monetary policy operating procedures and the central banking machanisms. You will consider why inflation is persistent in the data and how the political forces affecting monetary policy making may affect inflation.
Topics in Game Theory
Advanced Economic Theory
Topics in Public Economics
International Economic History
In this module you will develop your understanding of important topics from economic history, covering periods of economic growth and wellbeing, agricultural and urban development, globalisation and migration, banking and monetary systems, and the Great Depression and recovery.
Topics in Developmental Economics
Advanced Topics in Game Theory
Economics of Inequality
Optional modules in Political Studies include:
India and Pakistan
Politics of the Internet
The Politics of Modern Germany
Radical Political Theory
Nietzsche and Foucault
The British in India
The Politics of Toleration
Social Justice - Theory to Practice
Great Powers and Debates
Contemporary Middle East Politics
Comparative Democracry and Elections
US Foreign Policy
Issues in Democratic Theory
Thinking Green - Global Governance
Making of Modern South Asia
The Politics of Africa
Thinking Security - The Theory
War and its Aftermath
Chinese Foreign and Security Policy
An Economics with Political Studies degree at Royal Holloway will equip you with an enviable range of practical skills and can lead into a variety of career paths. The knowledge and skills developed in an economics degree will make you highly employable.
We will help students to recognise their own strengths, skills and abilities so that they can make strong applications for their chosen job or further study.
- Our graduates are highly employable; 93% of Politics graduates and 85% of Economics graduates achieved either full time employment or further study within six months of graduation (Unistats 2015).
- In recent years, graduates have launched careers with a wide-range of organisations and government departments, in roles including financial analyst, finance broker, government economist and chartered accountant as well as management, journalism, broadcasting, computing, higher education, teaching, and politics.
Our outstanding record of success for work and further study puts Royal Holloway in the top 10 for graduate career prospects (Complete University Guide, 2015). It goes to show that our degree programmes not only promote academic achievement but also the means to hone the life-skills necessary to excel, post-graduation.
Including politics into your studies at Royal Holloway provides you with a wide range of important transferable skills, enabling you to approach problems in a rigorous, analytical and critical way and to communicate clearly and concisely in both speech and writing. Our graduates leave us with skills and knowledge that not only makes them attractive to employers in a broad spectrum of careers, but prepares them for further advanced study and research.
Many of our graduates also go on to further study, entering postgraduate programmes both at Royal Holloway and at other prestigious institutions around the world. In fact, six-months after graduation, 90% of our most recent graduates are enhancing their skills with further study or forging careers in companies and institutions such as:
- The Church of England
- The Commonwealth Human Rights Initiative
- The Conservative Party
- Ernst & Young
- The European Commission
- Global Capital
- HM Treasury
- The Henry Jackson Society
- House of Commons
- Ipsos MORI
- The Labour Party
- NATO Headquarters
- Oxford Business Group
- Proctor & Gamble
- Save the Children
Home and EU students tuition fee per year*: £9,250
International students tuition fee per year**: £16,500
The fee for the Year in Industry will be 20% of the tuition fee for that academic year.
Other essential costs***: Costs incurred by students while on their Year in Industry will vary depending on the nature and location of the placement. For further information please contact the Department of Economics.
How do I pay for it? Find out more about funding options, including loans, grants, scholarships and bursaries.
*Tuition fees for UK and EU nationals starting a degree in the academic year 2017/18 will be £9,250 for that year, and is shown for reference purposes only. The tuition fee for UK and EU undergraduates starting their degrees in 2018 is controlled by Government regulations, and details are not yet known. The UK Government has also announced that EU students starting an undergraduate degree in 2018/19 will pay the same level of fee as a UK student for the duration of their degree.
**Fees for international students may increase year-on-year in line with the rate of inflation. Royal Holloway's policy is that any increases in fees will not exceed 5% for continuing students. For further information see fees and funding and our terms & conditions.
***These estimated costs relate to studying this particular degree programme at Royal Holloway. Costs, such as accommodation, food, books and other learning materials and printing etc., have not been included.