Undergraduate study
What is Economics?
Economics is the study of the factors that affect income, wealth and well-being [Economics subject benchmark statement 2000]. The core of any Economics programme contains the following elements:
- Economic theories
- Models of human behaviour and markets
- Applied Economics: looking at the nature of businesses, work, policy, trade, finance, environment and society
- Elements of statistics & mathematics used in building economic models
These elements come together in the three broad types of module taught at Loughborough: Micro Economics, Macro Economics and Quantitative Economics.
Is Economics the same as Business Studies?
Economics is different from Business Studies though there are clear linkages from one discipline to the other.
- In Economics the focus is not only on companies, but also on consumers, individuals and society.
- Economics fundamentally analyses the following question: how do people pursue their personal economic objectives in their careers, in society and through markets?
We can illustrate the concerns of Economics by showing you a small selection of the major questions that you can study in the Economics programmes at Loughborough.
Example 1, the FTSE 100 share price index:
- Why do shares offer higher returns? Answer: because they are more risky so people choose trade-offs.
- How do you choose a profitable but low risk portfolio?
- Who are the players in financial markets? Answer: banks, fund managers, Central Banks.
- How do financial markets channel my savings into company investment?
Example 2, policy making:
- What causes inflation and unemployment?
- Can economic policy reduce these undesirable factors?
- Would we be better off in the Euro with a stable exchange rate, or better off outside with our own Central Bank setting our interest rate?
- How can governments improve national productivity and economic growth - through higher education for example?
Example 3, the world of work:
- Why do students choose to pay the fees to go to university?
- How do people plan their careers?
- Are the salaries of men and women converging?
- Is wealth becoming more or less equally distributed between rich and poor?
- What are flexible labour markets?
When you begin to study Economics, you will understand a very basic question: How do economists do Economics? The answer is: they investigate individual human behaviour patterns by:
- using computer-based models of markets and policies;
- constructing assumptions and generating predictions using logic, mathematical models and diagrams and statistical analysis;
- collecting evidence and testing predictions statistically.
- to analyse arguments and evaluate evidence;
- to achieve long-term objectives and meet deadlines;
- to produce written project reports;
- to make oral presentations on controversial issues; and
- to meet the requirements of employers looking for graduates with a broad analytical training, insights into decision-making, and specific skills in Economics, statistics and financial analysis.
What are the Economics degree programmes at Loughborough University and why should I choose them?
The Economics Department's Teaching Quality has been recognised by the Quality Assurance Agency for Higher Education as excellent with a score of 23/24. Loughborough is one of only four UK universities to have received excellent in every department assessed for teaching quality.
Flexibility - Economics degree programmes share a common first year and so you are able to switch between most of them at the end of the first year.
Our committed staff have considerable experience in postgraduate education, consultancy and research which ensures our teaching draws on the latest principles and applications.
A year abroad, between the second and final years of your degree, can be taken at one of our partner European universities (see Optional Year).
Accommodation is available in halls of residence for around 70% of our students including a guaranteed place for all first year students who accept our offer firmly.
Loughborough University is situated on a spacious campus with a medical centre, dentist, students' union, shops and restaurants all on one site.
There is an exceptional range of sports, entertainment and other facilities, which provide an excellent and varied social life to suit all tastes.
Do not just take our word for it, look what a student said about their course.
For more information on applying to Loughborough University or to apply, please visit the UCAS website.
Departmental Brochure Information click here.