Economics

Economics

Economics

Training in Economics will produce graduates equipped with critical skills and ability to: abstract using simplified models that identify the essence of a problem, analyze and reason – both deductively and inductively; marshal evidence, assimilate structure and analyze qualitative and quantitative data; communicate concisely the results to a wide audience, including those with no training in Economics; think critically about the limits of one’s analysis in a broader socio-economic context; and draw economic policy inferences and to recognize the potential constraints in their implementation.    

The programme is designed to

  • Provide training in the principles of economics and their application appropriate to the type of degree concerned: single, joint and combined studies;  
  • Stimulate students intellectually through the study of economics and to lead them to appreciate its application to a range of problems and its relevance in a variety of contexts;  
  • Provide a firm foundation of knowledge about the workings of an economy and to develop the relevant skills for the constructive use of that knowledge in a range of settings;  
  • Develop in students the ability to apply the analytical tools, knowledge and skills acquired to the solution of societies’ economic problems;  
  • Equip students with appropriate tools of analysis to tackle issues and problems of economic policy;  
  • Provide students with analytical skills and the ability to develop simplified frameworks for studying the real world;  
  • Provide students with the knowledge and skill base, from which they can proceed to further studies in Economics, related areas or in inter-disciplinary areas that involve Economics; and  
  • Generate in students an appreciation of the economic dimensions of wider social and political issues.  

Admission Requirement

Candidates for admission into the four – year degree in Economics should possess a Senior Secondary school Certificate of Education, NECO or their equivalents with at least five credit passes, at not more than two sittings including Mathematics, English Language and Economics.  In addition, candidates must have acceptable passes in UTME.  

Graduation Requirement 

To graduate, a student must pass a minimum of 120 units including all compulsory courses.   

Learning Outcomes  

a) Subject Knowledge and Understanding

to achieve the above aims, any single honours degree in Economics should normally comprise the following elements:

    • A coherent core of economic principles whose understanding might be verbal, graphical and mathematical.  These principles should cover the micro-economic issues of decision and choice, the production and exchange of goods, the interdependency of markers and economic welfare.  They should also include macroeconomic issues, such as employment, national income, balance of payments and the distribution of income, inflation, growth and business cycles, money and finance as well as trade policy issues.  
    • Relevant quantitative methods and computing techniques.  These are likely to cover mathematical and statistical methods, including econometrics and computer application skills.  Students should have some exposure to the use of such techniques on actual economic, financial and social data.  
    • A knowledge and appreciation of economic data, both quantitative and qualitative, students should also have both appropriate skills needed to structure and analyse such data.  
    • The application of economics: Students should have the ability to apply a core of economic principles and reasoning to a veriety of applied topics.

b) Competencies and Skills

The following is an indicative list of what the attainments (learning outcomes) of students might be

  • Understanding of relevant mathematical and statistical techniques;
  • Understanding of analytical methods both theory and model-based;
  • Appreciation of the history and development of economic ideas and the differing methods of analysis that have been and are used by economists;
  • Ability to relate differences in economic policy recommendations to differences in the theoretical and empirical features of the economic analysis, which underlie such recommendations;
  • Ability to discuss and analyse government policy and to assess the performance of national and other economies;
  • Understanding the verbal, graphical, mathematical and econometric representation of economic ideas and analysis, including the relationship between them.

Generic Skills

Some of the attributes that a graduate in Economics possesses are generic and not specific to the study of the subject.  Their enhancement would be part of any degree programme.  These would include general intellectual skills and competencies such as:

  • Literary and information – processing skills;  
  • Interpersonal skills such as communication;
  • Conceptual framework skills that guide good decision-making;  
  • Competence in the use of information technology;  
  • Time – management and organizational skills;  
  • Subject- specific and higLHy transferable skills such as abstraction, deductive and inductive analysis, quantification and analysis which  allow for the pursuit of wide range of careers after graduation.  

c) Behavioural Attributes

Economists learn that behaviour partly depends on experience and partly on people’s perceptions of what is expected to happen.  The behaviour may change when unanticipated events occur.  Effective decision making requires the skills of reacting in a context where people’s behaviour is based on expectations that may be confounded by subsequent surprises.  Economists are trained to recognize that important decisions often relate to small variations in key variables and parameters.  An action is worth undertaking if the additional benefit that accrues is greater than the additional cost incurred. A student of Economics is expected to be fully aware of the importance of the marginality analyses relative to the use of average.  He should also have the following attributes: high sense of purpose; possess commitment to discipline, handwork, excellence and self-reliance; posses high sense of probity and accountability and high sense of patriotism.  

Attainment Levels  

A graduate in Economics who has attained the threshold level should:

  • Demonstrate knowledge of economic concepts and principles.
  • Demonstrate knowledge of economic theory and modeling approaches.
  • Demonstrate awareness of quantitative methods and computing techniques appropriate to their programmes of study, and show an appreciation of the contexts in which these techniques and methods are relevant.
  • Display knowledge of sources of context of economic data and evidence and appreciate what methods might be appropriately applied to the analyses of such data.
  • Know how to apply economic reasoning to policy issues.
  • Demonstrate knowledge in an appropriate number of specialized areas in Economics.
  • Display awareness of the possibility that many economic problems may admit more than one approach and may have more than one solution.  

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