Economics

Goal

Economics can rightly be seen as the most influential social science in our modern society, as economic forces are dominant in our daily life and in our society at large. As modern citizen it seems almost a requisite to understand economics. This minor provides the opportunity to meet this need. It consist of a thorough introduction plus an exposition of one of its applications of economics by experts in the field and it adds 30 EC for your Bachelor diploma. Choose a minor in Economics in your optional course profile.

You can even continue with a master at U.S.E. after your bachelor if you choose the right elective courses.

Content

What can you expect in this minor? You follow two required courses introducing you in the principles of micro- and macroeconomics. The course Principles of Microeconomics provides you with the basic concepts and theories of economics as far as the decisions of individual persons and firms are concerned.

Principles of Macroeconomics analyses the development of welfare, employment and inflation. We will present a typical macroeconomic model that enables us to analyse the coherence between macroeconomic variables and the mechanisms that describe the relations between these variables. The model will enable you to gain better insights in the macroeconomic events in the word and to develop a view on potential policies to solve macroeconomic problems. 

Subsequently you can choose two out of seven elective courses:

Introduction to the Economics of European Integration is founded on the merging of markets and the harmonisation of interventions in and regulation of markets by public agents. The course provides the student with an economic analysis of the effects of integration of markets for goods and services, the creation of common policies and harmonisation of the regulation of markets.

The course Trade and Multinationals covers the theory and practice of globalisation, including international trade, the multinational enterprise and foreign direct investment (fragmentation, outsourcing). The main theories with respect to international trade will be analysed at length. Special attention will be given to the implications of trade for the distribution of income.

Corporate Finance and Behaviour focuses on the fundamental financial theories and applications that describe how corporate financial managers value investments, make financing decisions, and manage financial risks. The course covers several major aspects of financial analysis and decision making seen in modern corporations, including the valuation of projects and securities, capital structure choice, working capital management, and the management of international risks.

The course Principles of Corporate Finance focuses on the production, presentation and analysis of corporate financial information for internal and external purposes. This includes making financial statements like balance sheet and income and cash flow statement to make sound judgments about the firm’s financial situation.

Do economic conditions affect election outcomes? What is the monetary return to education? Do better-looking workers earn higher wages? In the course Econometrics you learn to specify, analyse and quantify relationships between economic variables. The course Econometrics is a follow-up on the first-year course Statistics and introduces econometric (estimation) techniques that are useful for understanding both scientific articles and policy documents.

The learning objective of Industrial Organisation and Competition Policy is to develop a profound understanding of real-world markets. While conventional economic theory assumes markets to be either dominated by a single firm or in a situation of perfect competition, we move beyond these stylized cases. In oligopolistic markets there are a small number of large firms with the liberty to determine prices, product qualities, advertising and R&D expenditures, and many other strategy dimensions. At the end of the course, you are able to reflect on central questions of competition policy.

In the course Economics of the Public Sector you learn to analyse the economics of public governance at different levels (taxation, government spending, tasks of governments and so on).

In the course Market Failures, Institutions and Economic Policy you will discuss the general micro-economic theory of market failures and of the institutions to cope with these failures. Examples of coping mechanisms are contract law, property rights, competition policy, trade-marks, credit rating agencies, state monopoly of violence, property rights, democracy, and the constitution.

Courses

The minor economics consists of four courses. Principles of Microeconomics and Principles of Macroeconomics are required. Of the elective courses you choose two, see the options in the table below.

Required courses

Elective courses

Continue with a master at U.S.E.

If you want to continue with a master at U.S.E. after your bachelor, you should choose the elective courses you need to be admitted to your master of interest.

Depending on the Master’s programme, you will need to do the following 4 courses:

• Principles of Micro-economics
• Principles of Macro-economics (not applicable for Strategy, Competition and Regulation) 
• Econometrics

Combined with either

• Economics of the Public Sector – if you want to do Economic Policy, or
• Corporate Finance and Behaviour – if you want to do Banking and Finance, Financial Management, Sustainable Finance and Investments, International Management, Business Development and Entrepreneurship, Business and Social Impact or Strategy, Competition and Regulation*.

* This programme was called Law and Economics (MSc) up to and including 2021-2022.

For Strategy, Competition and Regulation you will also have to follow Industrial Organisation.

Sufficient knowledge of Mathematics at university bachelor level is also important for the USE masters Banking and Finance, Financial Management, Sustainable Finance and Investments, International Management, Economic Policy and Strategy, Competition and Regulation.
If you did not acquire (sufficient) knowledge of Mathematics in your bachelor, we strongly advise you to study the following Mathematics textbook before the start of your Master’s programme: Pemberton, M., Rau, N. (2015). Mathematics for Economists. An Introductory Textbook, 4th edition. Manchester University Press. ISBN: 978-1-7849-9148-7

Additional requirements

The additional requirements for this minor are the entrance requirements of the chosen courses. Expected is knowledge of Mathematics at the level of the Dutch VWO-education (A of A1,2).

Application and registration

More Information

If you have any questions and/or comments, please contact the Study Advisors.