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.
Next, the course 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.
In addition to these courses, you can choose two elective courses from the following list:
- 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.
- In the course Econometrics you learn to specify, analyse and quantify relationships between economic variables. You examine questions such as, 'Do economic conditions affect election outcomes?', 'What is the monetary return to education?' and 'Do better-looking workers earn higher wages?' . 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.
