Economics

• See also: Faculty website
• Selected Internet Resources

Economics at Cambridge

The Economics course, or 'Tripos', at Cambridge offers students the opportunity for in-depth study of economics at both a theoretical and an applied level. However, the Cambridge approach to economics is much broader than that followed at many universities; students deal not only with formal economic analysis and policy prescriptions, but are also required to consider the political and economic context in which policies are implemented. In the tradition of Keynes, Cambridge's most famous economist, the emphasis is firmly on real world problems, with a particular stress on those of the UK economy. Considerable scope exists, however, for studying the problems of other advanced countries and less developed economies.

To broaden their understanding of economic problems students are required to study British economic history and politics in the first year of the course, and take papers on macroeconomic and microeconomics. Later in the course there is opportunity to take development economics and sociology options. Students who are interested in mathematics are also able to take courses in mathematics and its application to economics. There is a strong quantitive element with compulsory statistical papers in the first two years.

The course is divided into three separate years of study, with examinations at the end of each. Part I is taken at the end of the first year; this currently includes microeconomics and macroeconomics courses, concentrating on issues such as consumer demand, labour supply, the theory of the firm, game theoretic applications, employment, wage and price levels, money and credit, the balance of payments and international trade, economic growth and income distribution. Papers are also set in quantitative methods, politics and British economic history. In Part IIA (in the second year), students deal mainly with economic theory, micro and macro; which provides the basis for the final year (Part IIB). In addition, students take an econometric course and one optional paper. In Part IIB the emphasis is on applied problems and policies. Here, there is considerable scope for specialisation, not only in sociology, economic history and mathematics, but also within the main fields of economics; for instance in labour economics, industrial economics, public economics, money and banking, and problems of developing countries. All students submit a dissertation in this year. Students who take a Part I course in another subject can take Part II economics and many with an interest in mathematics take Part IA mathematics to be followed by Part II economics.

A-level qualifications

Students come to read economics from a wide variety of backgrounds, most students now come to Cambridge having done economics A2 level, but those without any previous knowledge of economics are readily accepted and soon catch up. Mathematics A2 level, or equivalent, is generally expected.

Career Prospects

Professional economists are employed not only in universities and government but also in industry, the banking sector, trade unions and international organisations. Many students who decide not to look for a job as an economist, nevertheless find their choice of degree an asset in their chosen employment. Their ability to use and understand statistics and to analyse current economic problems are considered particularly useful by employers. However, no specific vocational training is given in the Cambridge course.

Economics at Murray Edwards College

There are around twelve undergraduates studying Economics at Murray Edwards College. Supervisions are mainly organised by the Director of Studies. Typically, they will be in groups of three and students are expected to prepare work prior to the supervision. Some will be held in College with Murray Edwards College Fellows, others will be arranged with Fellows at other Colleges who are specialists in the relevant area. The Faculty also provides some supervision for Part IIB option papers.

Fellows at Murray Edwards College in Economics

Dr Kumar Aniket is the Director of Studies at Murray Edwards College. His research interests lie in the areas of Applied Microeconomics and Development Economics. He is particularly interested in using contract theory to design institutions that engender the process of development in communities across the world.  A short article about his work with the poor in India may be viewed by clicking on the link.

• The Economist magazine covers current economic news
• HM Treasury Homepage
• The Financial Times

What students do next

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Checked by ER, August 2011