Economics BA

Core modules:

Microeconomic Analysis and Policy

This module introduces you to the fundamental principles of microeconomic theory, focusing on the behaviour and decision-making processes of individuals, households, and firms. You will gain a solid understanding of key microeconomic concepts, such as choice theory, market structures, consumer behavior, and firm decision-making. The module explores the practical application of microeconomic analysis to contemporary policy issues. This module provides you with the foundations in microeconomics required for advanced study.

20 credits

Macroeconomic Analysis and Policy

This module introduces you to the foundations of macroeconomic theory and analysis. You will explore how economies operate at the aggregate level and develop the analytical tools needed to understand key economic indicators such as interest rates, national output, inflation, unemployment, and exchange rates. A central focus will be on understanding how these variables interact and influence one another over the short and long run. Through real-world examples and policy applications, you will learn how macroeconomic analysis informs and shapes economic decision-making and policy evaluation in both national and global contexts. Topics covered will include the determination of output and employment and the role of fiscal and monetary policy. By the end of this module, you will be equipped to evaluate the effectiveness of monetary and fiscal policies and understand the complex dynamics shaping economic outcomes in national and global contexts.

20 credits

Statistical Methods for Economics

In this module you will begin learning how to analyse and interpret economic data. You will first learn how to describe data using a range of statistics, including measures of the average, and the distribution around the average. You will then learn about the principles of probability, and from there about probability distributions. Knowing the probability distribution of a random variable means we can say something about the values it is expected to take, which then allows us to test whether the data we have is consistent with hypotheses that we want to test, for example based on the predictions of economic theory. You will also begin exploring relationships between variables through correlation and regression analysis, providing a direct foundation for your future econometric training.

20 credits

Applied Data Analysis in Economics

Economic questions require careful use of data. In this module, you will develop the foundations of economic data analysis and visualisation. You will learn how different types of economic data are collected and how to assess the strengths and limitations of alternative data sources.

Using real-world datasets in interactive sessions, you will gain hands-on experience in data management, summary statistics, visualisation, and basic statistical inference. You will construct tables and charts, interpret statistical measures, and evaluate empirical evidence in applied economic contexts.

By working with appropriate statistical software, you will develop practical skills in analysing and communicating data. The module strengthens your Sheffield Graduate Attributes (SGA), particularly data literacy, critical thinking and professional communication, and equips you with skills valued across research, policy and business.

20 credits

Plus one of the following (module one for those without A Level Maths and module two for those with A Level Maths or equivalent):

Mathematical Methods for Economics 1

This core module is designed for students who do not have an A Level in Mathematics (or an equivalent qualification) and provides supportive, step-by-step training in key mathematical concepts. The main focus is on practical application, helping you use maths as a tool to solve real economic problems. You will build confidence while learning essential topics such as basic algebra, functions and graphs, sequences and series, introductory calculus (including differentiation), elasticity, integration, constrained optimisation, and matrix algebra, all taught in an applied context. The skills you develop will support your studies throughout the rest of your degree.

20 credits

Mathematical Methods for Economics 2

This module is designed for students with A Level Mathematics (or an equivalent qualification). You will revisit key mathematical tools covered in A Level Mathematics (such as differential calculus) and learn to use them to formulate and solve problems in economics and finance. You will also be introduced to other techniques that are essential for problem solving in economics. These tools will be used throughout the rest of your degree. The topics covered include: sequences/series and the economics of finance, functions, univariate optimisation, elasticity, integration, multivariate optimisation, constrained optimisation and matrix algebra.

20 credits

Optional modules:

Introductory Finance for Economics

In this module, you will be introduced to the financing and investment decisions that financial managers make, and the financial market context in which those decisions are made. You will explore how financial managers evaluate investment opportunities and manage risk to maximise shareholder value. You will develop an understanding of key financial theories and tools, including financial statement analysis, the time value of money, and risk-return relationships. Through a combination of theoretical analysis, problem-solving exercises, and practical applications, you will build the quantitative and critical skills required to interpret financial information, evaluate investment projects, and understand the pricing of financial assets within competitive markets.

20 credits

Economic History of Britain and the Modern World

In this module, you will explore the economic history of Britain and the global economy, focusing on the forces that shaped economic growth and development. You'll examine modern theories of growth and development in the context of historical events, addressing current debates on poverty, inequality, and North-South relations. The module will help you understand the differences between historical methodologies and abstract economic methods, while also providing you with the tools to assess the effectiveness of policies and institutions in fostering growth and reducing poverty. You will work with both quantitative and qualitative historical sources to develop a deeper understanding of economic development and the factors that drive or hinder growth.

20 credits

Classical and Contemporary Thinkers in Economics

This module explores the ideas that have shaped today's economic landscape.  Studying eight pivotal economists from Adam Smith through to present day economists, you will critically evaluate the relevance of their ideas to contemporary economic issues. Understanding the roots of the discipline will help you become a more rounded economist, better equipped to identify and evaluate the assumptions underpinning contemporary theory, empirical analysis and economic policy.  The module powerfully complements other elements of your economics degree, uncovering the intellectual provenance behind macro-, micro-, development and behavioural economics, finance, and econometrics. It will also help you refine your core transferable skills including your written communication, critical thinking, and independent research skills; all of which are highly valued by employers. 

20 credits

Plus the opportunity to take a module from the Languages for All scheme.

Core modules:

Intermediate Microeconomics

This module builds on Level 1 modules in microeconomics and mathematical economics, using the mathematical training to allow a more rigorous investigation of the principles of microeconomics. It aims to develop an understanding and ability to undertake economic analysis of models of the behaviour and interaction of economic agents (consumers, firms and government) in a market economy, the functioning of different types of industries, decision making under uncertainty and economic welfare.

20 credits

Intermediate Macroeconomics

The aims of this course are to provide firm grounding in the analytical tools of modern macroeconomics; to use these tools to understand critically the conduct of economic policy nationally and internationally. The course builds on level 1 modules in macroeconomics. The main subject areas covered are: Basic macroeconomic models: consumption/leisure choice, closed economy one period-macro models, models of search and unemployment; Savings, investment and government deficits: consumption/savings choice (two-period model), credit market imperfections, real intertemporal model with investment; Money and business cycles: flexible price models, New Keynesian economics (sticky prices), inflation; International macroeconomics: international trade, money in open economy; Economic growth: Malthus and Solow growth models, convergence, endogenous growth model.

20 credits

Econometrics

This module is designed to give you an introduction into the econometric skills you will need for a successful career in applied economic research. Throughout this module, you will build a strong foundation in interpreting econometric outputs, crucial for understanding academic literature and policy reports. You will learn fundamental theoretical knowledge, such as ordinary least squares, supported by economic intuition and mathematical reasoning. You will learn statistical software, gaining an understanding of reproducible coding, in order to develop and apply such skills to answer economic research questions by analysing real-world data using appropriate statistical and econometric techniques. This process will also introduce you to ethical research practices. This module will train you in the core competencies you need to perform rigorous econometric and economic research.

20 credits

Applied Econometrics

This module builds directly upon the econometric foundations established in ECN21004, extending your knowledge into a range of econometric techniques and their practical applications. The module places strong emphasis on applied econometrics through real-world economic problems. You will develop advanced skills in data handling, model specification, and interpretation of results through project-based learning. By the end of the module, you will have gained proficiency in applying appropriate econometric techniques to address complex economic questions and critically evaluating empirical economic research.

The module aims to expand your econometric toolkit beyond ordinary least squares (OLS) regression, by exploring a variety of micro-econometric and time series techniques. It will strengthen your ability to interpret and critically evaluate published empirical research, and provide practical experience working with real-world economic datasets. Additionally, the module will develop your employability by encouraging them to reflect upon and critically assess the skills they are acquiring, in relation to the Sheffield Graduate Attributes (SGAs).

20 credits

Optional modules:

Industrial Organisation

Industrial Organisation is a major branch of microeconomics that explores the structure, operation, and performance of industries and firms. In this module, you will analyse these core elements using both economic theory and empirical work. You will examine the strategic decisions firms make and how they compete within various market environments. Throughout this module, you will develop the analytical skills and theoretical knowledge required to evaluate real-world industrial behaviour and the effectiveness of regulatory frameworks.

20 credits

International Economics

In this module, you will explore fundamental questions in International Economics, focusing on the phenomenon of 'global imbalances.' Many countries, including the world's largest economies, have accumulated significant external debt or asset positions over recent decades, raising concerns about global economic stability. You will learn to use modern, microfounded tools based on the latest economic research to analyse these imbalances and their implications.Throughout the module, you will engage with key topics such as the determinants of global capital flows and current account balances, the role of exchange rates, and major policy challenges. By the end, you will be able to critically assess policy debates and apply advanced economic models to real-world scenarios, preparing you for careers in international finance, policy analysis, or further academic research.

20 credits

Labour Economics

Labour Economics provides the analytical tools needed to understand wage determination, employment, inequality, and the role of policy in shaping labour market outcomes. This module develops your ability to apply economic theory and empirical evidence to contemporary labour market issues.

You will develop a rigorous understanding of how labour markets operate, starting with the competitive model and the analysis of labour supply and demand. You will explore how wages, employment, and inequality are shaped by institutions, market imperfections, and policy interventions. Alongside theory, you will engage critically with empirical evidence to assess how well models explain real-world labour market outcomes. By the end of the module, you will be able to apply theoretical tools to analyse contemporary labour market issues and interpret empirical findings with confidence.

20 credits

Public Economics

Public Economics uses the tools of microeconomics and empirical analysis to study the impact of government policies on economic outcomes and the distribution of resources in the economy. In this module, you will explore how the government intervenes in the market to address issues such as inequality, environmental externalities, and the provision of public goods. You will analyse real-world policy design, such as: how taxation affects work incentives, and how the implementation of public services can bridge the gap between social necessity and market failure. By participating in this module, you will gain the analytical skills necessary to evaluate the efficiency and equity of public policies. These tools will equip you with the up-to-date knowledge and skills needed to pursue careers in policy analysis, government, and economic consultancy.

20 credits

Macroeconomic Policy

This module offers a rigorous exploration of the frameworks used by modern central banks and governments to manage the economy. The first half of the course focuses on monetary policy, where you will master a contemporary three-equation model to analyze how central banks respond to demand, supply, and inflation shocks. A critical component of this study involves evaluating the Rational Expectations Hypothesis against adaptive models to understand how the public's forecasts influence policy effectiveness.

You will also explore fiscal policy, examining the mechanics of government intervention through the lens of the fiscal multiplier and the challenges of managing sovereign debt. You will analyze the factors that determine the effectiveness of tax and spending changes while exploring the vital interactions between fiscal and monetary authorities.

20 credits

Economics of Financial Institutions

In this module, you will explore the core mechanisms of financial intermediation and the role of financial institutions in the modern economy. You will examine the flow of funds and the determinants of interest rates in bond and money markets, alongside the function of equity markets in capital allocation and valuation.

The module also analyses how banks manage liquidity and credit risk. Furthermore, it investigates how asymmetric information shapes financial structures and market outcomes. Drawing on theoretical models and real-world examples, you will evaluate the causes of financial instability and the role of regulation in promoting stability and efficiency in the global financial system.

20 credits

Economic Decision-making

In life we are constantly making economic decisions: whether to go to university; whether to leave a tip in a restaurant; whether to buy a house or rent; whether to declare all our income to the tax authority; whether to play the lottery; whether and how much to invest in the stock market. In this module we study economic theory and evidence related to decision-making in these different contexts with a view to understanding human decision-making, how it deviates from standard notions of economic rationality.

20 credits

Core modules:

Economic Policy and Practice

This module provides an opportunity for you to apply your skills and knowledge to contemporary economic policy challenges. You will develop new skills in economic policy evaluation, and in the communication of economics to both specialists and non-specialists. You will develop a range of subject-specific and generic skills relevant to applied economists working in a variety of jobs (e.g. Government Economic Service, policy-orientated 'think-tanks', third-sector organisations, economic consultancy, etc). This will help you to understand and appreciate the breadth of work undertaken by economists in practice. Finally, you will have an opportunity to reflect on the skills you have developedThe module has a strong emphasis on employability, and the skills you acquire will help you develop various examples of the Sheffield Graduate Attributes (SGA). In particular, key SGAs you will develop are:a) Applying and translating knowledge - you will take the theories and techniques learned in your earlier core modules, and apply them to contemporary economic issues, problems andchallenges.b) Research skills and critical thinking - you will need to critically appraise, analyse and interpret theevidence that you research on the economic policy issues you are considering in order to be able to offer conclusions and recommendations.c) Communication - you will need to communicate your ideas, findings and conclusions using avariety of communication tools and methods that could be appropriate for different circumstances, for example a formal report, a blog or podcast for non-specialists, a datavisualisation or infographic, a video or oral presentation, a policy briefing for a government minister etc.d) Working with others - you will need to work effectively with others, collaborating andcontributing as part of a team.

20 credits

Economics Research Project

This module introduces you to the process of conducting an independent empirical research project in economics, within a set of prescribed subject areas. With structured support from lectures and workshops, you will immerse yourself in each stage of the research process—developing a clear question, selecting and applying appropriate econometric techniques, and critically analysing your findings. Through this, you will strengthen your academic scholarship and enhance your critical thinking skills. You will communicate your research through a written report, data visualisations, and an oral presentation. As a capstone to your degree, this module brings together the analytical, empirical, and communication skills you have developed throughout your studies.

20 credits

Optional modules:

International Trade

In this module you will initially explore neoclassical theories of comparative advantage before moving on to modern trade models rooted in economies of scale and imperfect competition. These frameworks will help explain contemporary patterns observed in global data. Beyond theoretical models, you will examine the complexities of trade policy and the political economy influences that shape it. By engaging with this module, you will develop the analytical skills necessary to evaluate the impact of trade on diverse economies.

20 credits

Monetary Economics

This module covers monetary theory and monetary policy. It presents several economic models and discusses what monetary policy can and cannot do, as well as an introduction to the New Keynesian model. The module aims to enable students to apply the skills of economic analysis to the conduct of central banks and to the mechanisms underlying the monetary transmission mechanism.

20 credits

Urban Economics

Urban economics is concerned with understanding the spatial form of cities and the spatial distribution of economic activities within a country, making use of theoretical models and empirical evidence. Three fundamental questions are: (1) Why are economic activities within a country so unequally distributed across space? (2) Why do cities, and more broadly agglomerations of firms and workers, emerge and in what locations? (3) What are the consequences of unequal distribution of activities for productivity, innovation and wages? This module covers topics such as:- Why do cities exist and why do firms cluster?- What determines equilibrium city size and features of the urban system?- City growth, spatial transformation and the implications for productivity, knowledge and wages.- Real Estate economics and the housing market.- Diseconomies in cities: Urban location, land rents and land use patterns.- Unequal distribution of economic activities and levelling-up.- Transportation economics.- Urbanisation in developing countries.

20 credits

Health Economics

Economics is the study of how society allocates its scarce resources across competing alternatives. This notion of scarcity is as relevant in the health care sector as it is elsewhere and, thus, it is important that the resources available to health and health care are used in the best possible ways. This course will: look at how best should be defined in the context of health care; consider the roles that market forces and governments might play in achieving the sector's objectives; and discuss what information is needed so that resources can be deployed where they will do the most good. The aims of the module are: 1. To enable students to develop a critical understanding of the basis of health economics.
2. To introduce students to the health economists' toolkit, the ways in which it can be used in to inform health care resource allocation, and its limitations.

20 credits

Economic Analysis of Inequality and Poverty

This module will cover the economic theories used for the analysis of inequality and poverty.
The theories will be backed by evidence from both the developed and the developing countries. The module starts off by a discussion of issues around measurement of inequality and poverty; the different measures that are used and the inherent assumptions behind these measures. We then move on to explain the existing global trends in inequality and poverty. Different theories are used to explain these trends; for example: role of human capital, poverty traps etc. Finally we discuss the policy response of different countries to address the issues of inequality and poverty, drawing on the specific examples of welfare programmes in the developed countries and the conditional cash transfers in the developing countries.

20 credits

Education Economics

The amount of education possessed by individuals will influence their decisions in future. Education relates to issues such as health and labour market decisions. This module examines the demand for and provision of education, incorporating a mixture of economic theory such as human capital; rates of return to further and higher education and course type all of which directly relate to the labour market. The graduate labour market is analysed, incorporating changes in the provision of higher education and an understanding of the rationale for the introduction of top-up fees. A final section considers schools, analysing and evaluating issues such as class size reduction, competition and selection, the performance of teachers, and the importance of pupils' family backgrounds, all in terms of their effect on pupil performance.

20 credits

Political Economy

Economic outcomes are shaped not only by markets, but also by the political environment in which they operate. In this module, you will examine how political institutions, governments' political motivations and contemporary global challenges influence public policy and economic performance. You will connect economics with politics, gaining valuable interdisciplinary insight that strengthens your degree and broadens your career prospects. By engaging with theoretical and applied political economy research, you will develop the tools to analyse real-world policy issues. A research-focused assignment will help you build critical thinking, analytical and independent research skills valued by employers and postgraduate programmes.

20 credits

Environmental Economics

Economic choices shape nature just as nature can shape our choices. This module provides you with the opportunity to apply economic concepts and methods to issues related to the use and management of the environment and natural resources. You will explore issues, arguments, and analysis of market failure in the protection of the environment. You will learn how environmental economics tries to answer questions such as determining optimal pollution levels and designing effective environmental policies. You will also look at public policy responses to issues of sustainability and climate change.

20 credits

Behavioural Economics

Standard economic models often rely on strict assumptions about human rationality, which can in some occasions lead to systematic mispredictions. Behavioural economics addresses these gaps by adopting assumptions inspired by other disciplines.

In this module, you will explore how behavioural models are developed and tested using lab and field experiments, as well as surveys. We cover key topics including transaction utility, mental accounting, loss aversion, time inconsistency (such as procrastination and addiction), social comparisons, and systematic errors in probabilistic reasoning.

Throughout, you will apply these behavioural insights to real-world challenges, exploring how they inform public policy (such as nudging), corporate strategy, and your own everyday decision-making.

20 credits

Contemporary Issues in Labour Economics

Understanding inequality is central to economics. In this module, you will examine how gender and race are associated with differences in economic outcomes across labour markets and other economic contexts. You will analyse variations in pay, employment, occupational attainment and participation, and consider the economic, social and institutional mechanisms that may contribute to these disparities.

You will engage with economic theories of discrimination and study the empirical strategies economists use to identify and measure discriminatory behaviour using real-world data. By critically assessing economic research, you will strengthen your analytical and quantitative skills and develop the ability to evaluate competing explanations and policy responses. This module will prepare you for further study or careers in economics, public policy and related fields.

20 credits

The Economics of Innovation

The aim of this module is to provide an overview of the economics of innovation. You will study firms' incentives to invest in innovation and the resulting policy implications. In this module you will expand your knowledge of microeconomics, and learn the relationship between market structure and innovation, the role of firm cooperation and the effects of mergers on innovative activities. You will also look at the role of intellectual property rights / patent systems and policy interventions. As many innovations in recent years are in the areas of digitalization, artificial intelligence, and big data, you will also investigate those topics.

20 credits

Development Economics

Why are some countries rich while others remain poor? The gaps are enormous: it takes the average worker in the United Kingdom just a few weeks to produce the same amount of output as the average worker in the Democratic Republic of the Congo produces over the course of an entire year. In this module you will use economic theory and real-world evidence to explain these differences and what they imply for policy. You will study theories of economic growth and poverty traps, including how history and expectations can shape long-run outcomes. You will examine deep determinants such as geography and institutions, critically read landmark research papers, and develop your ability to evaluate empirical evidence to assess competing explanations.

20 credits