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COURSE DESCRIPTIONS Level I Courses | Level II Courses | Level III Courses | Foundation Courses (FD)
EC10A
Elements of Microeconomics
- Semester I
EC10B Elements of Macroeconomics - Semester II
EC14A Introductory Mathematics - Semester I Basic algebraic techniques: Sets; Matrices; Matrix solutions to systems of linear equations; Relations; Functions; Graphs; Co-ordinate Geometry; Limits; Differentiation; Integration; Maxima and minima curve tracing; Linear programming and the calculus of two variables. The application of the foregoing to the Social Sciences. This course in not for students
with 'A' Level Mathematics. EC16B Introductory Statistics - Semester II The collection, compilation and tabulation of statistics, and their representation by charts, diagrams, averages, measures of dispersion and association, and index numbers. Elementary aspects of distribution theory, estimation theory; and hypothesis testing. The use of mechanical aids to calculation and tabulation. the analysis of variance technique. Elementary decision making theory. No prerequisite.
EC20A Intermediate Microeconomics I - Semester I Prerequisites:
Elements of Microeconomics The methodology of Microeconomics: The Scientific Method. Scientific Validity. The Methodological Controversy. Consumer Theory and Analysis: The Cardinal Theory. The Ordinal Theory. Revealed Preference. The law of Demand, Engel's Law, Elasticity. External Effects on Consumption. The Price Index. The "Characteristic" Approach. Risk Analysis. Empirical Demand Functions. Production Theory and
Analysis: The Production Function, Profit Maximization. Homogeneity. The
Multi-Product Firm. Cost Functions. X-Efficiency. Linear
Programming. market Equilibrium: Supply and Demand in the market.
Existence, Uniqueness and Stability of market Equilibrium. Walrasian and marshallian
Conditions for Static Stability. Dynamic Stability - The Cobweb. Model and
Relationship to Agriculture Production. EC20B Intermediate Microeconomics II - Semester II Prerequisites:
Elements of Microeconomics The Product Market: Profit Maximization Models - Perfect Competition, Monopoly, Monopolists Competition, Oligopoly. Alternative Models - Sales Maximization, Growth Maximization, Administrative or Cost-Plus Pricing. Game Theory. The Labour Market and Distribution: The demand for labour under different market structures. monopsony. Rent and Quasi rent. Distribution of the product among productive inputs. Product exhaustion Theorems (Euler, Clark-Wicksteed). General Equilibrium and Welfare Theory: Pareto Optimality. The Marginal Condition for Optimal Resource Allocation. The Social Welfare Function and the Second Order Condition for Welfare maximization. Arrow Possibility Theorem. Theory of the Second Best. Introductory Project
Analysis: Discounted Cash Flow Analysts. social vs Private Cost-Benefit
Analysis. Investment Criteria - Net Present Value. Internal Rate of Return.
EC21A Intermediate Macroeconomics I - Semester II Prerequisites:
Elements of Microeconomics Scoped of Macroeconomic
Analysis. Alternative Macroeconomic Paradigms. Theoretical Elaboration of
select Macroeconomic Paradigms. Formulation and Analysis of Macroeconomic
Models. Macroeconomic Stabilisation Policy. EC21B Intermediate Macroeconomics II - Semester II Prerequisites:
Elements of Microeconomics The Consumption Function.
The Investment Function. The Demand of Money. Labour Supply and Demand.
Expectations Formation and Policy Effectiveness. The Government Budget Constraint
and the Consistency of Macroeconomic Models. Capital and the Growth of the Economy.
Prerequisites:
Elements of Microeconomics This is an intermediate economics course designed to provide non-specialist economics students with the principles involved in the analysis of public policies such as government intervention in the market, regulation, subsidisation, privitisation etc. The course examines both the microeconomic and macroeconomic principles governing the formulation of public policies. The outline syllabus is as follows:
EC23E Social and Economic Accounting Prerequisite: Introductory Statistics The outline syllabus is as
follows:
EC23J Economic Statistics - Semester I Prerequisite: Introductory Statistics 1. The objective of the course is to produce students who, given the appropriate raw materials, could:
(i) produce data themselves 2. The course is as follows:
EC23L Statistical Methods I - Semester I Prerequisite: Introductory Statistics Probability Theory. Distribution Theory. Inferential Statistics. Goodness of Fit. Analysis of Variance. EC24D Mathematics for Economists II - Semester II Prerequisite: Mathematics for Economics I Mathematical analysis;
elementary properties of sets of points; limiting processes and convergence; the
derivative and the integral; partial differential; constrained and unconstrained extremum
problems; simple systems of differential and difference equations. EC25F The Caribbean Economy - Semester II Prerequisites:
Elements of Microeconomics The development of Caribbean
Economies. Introduction to Development Theory. Contemporary Characteristics of
Caribbean Economies. EC26C International Business Environment Prerequisites:
Elements of Microeconomics Elementary theory of international trade in
goods and services; the structure of world and regional trade and the main factors
influencing the flow of goods and services; the relationship between trade, growth and
development, commercial policy (tariff and non-tariff barriers to trade, contertrade);
regional economic co-operation; the role and functions of international trading agreements
and institutions (GATT, LOME, CBI, CARIBCAN, UNCTAD); the international monetary system
(IMF, The World Bank, the Euro-currency market); the theory and problems of balance of
payments. EC30C Managerial Economics - Prerequisites:
Intermediate Microeconomics I and II The Business Environment.
Value Creation and Profit. Optimization Techniques. Consumer Analysis.
Decision Making Under Risk and Uncertainty. Regression Analysis and Empirical
Estimation of Demand Functions. The Production Process. Economic versus
Accounting Concepts of Cost and Profits. Pricing Analysis and Decisions.
Advertising and Promotional Decisions. Capital Budgeting and Investment Decisions.
Prerequisites:
Intermediate Microeconomics I and II The Industrial Organization
framework. Market Structure and Performance. Market Concentration.
Pricing Theory and Strategy. Game Theory, Innovation and Market Structure. The
Managerial Firm. Firm Size and Diversification. The Multinational Firm and
Transfer Pricing. International Organization. Vertical Integration.
Technology Choice. Industrial Policy. The Structure and Performance of
Industry in the Caribbean. Case Studies of Selected Industries.
Prerequisites:
Intermediate Microeconomics I and II This course is concerned with
recent development in economic theory - both micro and macro. Although the topics
will vary from year to year, depending on the research interests of staff members, it is
expected that such topics as the economics of information, risk and uncertainty,
unemployment theory, credibility and reputation, expectations and the overlapping
generations model which forms the basis for the modern micro-foundations of
macro-economics. EC30M Monetary Economics - Semester II Prerequisites:
Intermediate Microeconomics I and II Meaning and Function of Money
EC30N International Trade Theory and Policy - Semester I Prerequisites: Intermediate
Microeconomics I and II Elementary Theory of International Trade
including alternative theories of trade. The Structure of the World Trade and
the Main Factors Influencing Trade: including trade in services. The Relationship
Between Trade, Growth and Development. International Trade Policy. Regional
Economic Integration: including South-South Co-operation. International
Investments: The Multinational Firm. Institutions and Agreements which
influence International Trade: GATT, LOME, etc. EC30P International Finance - Semester II Prerequisites Intermediate
Microeconomics I and II The Balance of Payments. The Foreign
Exchange Market: including the Euro-Currency Market and Analysis of the Efficient Market
Hypothesis. International Adjustment and Stabilization. The
International Monetary System: History Problems and Proposals for Reform.
International Capital Markets and Movement of Capital. The International Debt
Problem. EC30Q History of Economic Thought Prerequisites:
Intermediate Microeconomics I and II The course would consist of an examination of major currents and traditions of economic analysis, focussing on the issues and problems that are posed in each, the internal structure of the analysis, the main propositions and prescriptions that it yields, and the relation of the whole to its socio-political environment and to other traditions. Beginning with the work of the Physiocrats, the development of economic analysis would be traced through Classical Political Economy, Marxist Political Economy, neo-classical Economics and Keynesian analysis. EC31F Finance and Development Prerequisites:
Intermediate Microeconomics I and II Theory of Financial Intermediation. Caribbean Financial Environment. Portfolio Behaviour of Financial Institutions, i.e. Central Banks, Development Banks, Insurance Companies, Other Non-Banks, Stock Exchange. EC31G Economics of Financial Institutions - Semester I Prerequisites:
Monetary Theory and Policy The nature of economic significance of the Financial System. Theory of Financial Intermediation. Caribbean Financial Environment. Flow of Funds Analysis. Management of Financial Intermediaries. Interest Rates and Security Prices. Borrowing and Lending in Money and Capital Market Theory. Regulation of Financial Institutions. EC32F Economic Integration Aspects of Economic Integration.
Approaches to Economic Integration. Integrative Mechanisms and Obstacles to the
Integration Process. Gains from Economic Integration. Integration
Dynamics. Select Problems on Planning within an Integration Region. Cast
Studies of Select Integration Experiences. EC33C Human Resources Policy and Planning - Semester II Prerequisites: Intermediate
Microeconomics I and II Human Capital Theory - investment in training and education. Labour and Economic Development - models of development and employment generation, internal and external migration. Theories of Employment and Employment Policy. Poverty and income Distribution. Manpower Planning Theory and Policy in Development Countries.
Prerequisites: Intermediate
Microeconomics I and II Role of Government. Theory of Public
Goods. Public Enterprise. Budgeting Public Expenditure. Cost-Benefit
Analysis. Income Distribution. Stabilization Policy. EC33F Economics of Taxation Prerequisites: Intermediate
Microeconomics I and II Efficiency Analysis. Tax Incidence. Taxation and labour Supply. Taxation and Investment. Tax Effort and Elasticity Analysis
Prerequisites: Intermediate
Microeconomics I and II The ideology of planning. Levels of planning. Planning Strategy. Planning models. Input-output analysis. Accounting prices. Decision formulae. EC33J Economic Development - Semester I Prerequisites: Intermediate
Microeconomics I and II A critique of methodological approaches. Static and dynamic analysis. Stage theories of development. Stucturalist models. The international economy. Models of small dependent economies. Structural adjustment and development. Strategies. ED34D Resource and Environmental Economics - Semester II Prerequisites: Intermediate
Microeconomics I and II Microeconomic and Macroeconomic issues relating to the pricing and taxation of renewable and renewal natural resources. Depletion Theory and Policy. Economic issues relating to the exploitation of natural resources. The Valuation of Environmental Resources. Problems with natural resource exploitation in the Caribbean. Impact of Industrial/Tourism Development on Natural Resources.
Prerequisites: Introductory
Mathematics The aim is to acquaint students with the full range of forecasting techniques, describing their essential characteristics and showing how they can be applied in practice. Basic concepts of forecasting: Need and uses of forecasting, type of forecasting, introduction to some of the terminology. Trend-line fitting and forecasting. Introducing trends, estimating a curve, forecasting using trend curves. Time series methods. White noise, moving averages and autoregressive models, exponential smoothing and smoothing methods in general. Decomposition methods, ARMA methods, Box-Jenkins methods. Regression methods and Econometric models. Simple regression, multiple regression, use of Economic models in forecasting. Qualitative and subjective forecasting. Evaluation forecasts. Mean square error and other criteria. Forecasting and planning in organizations. EC34J Operations Research I - Semester I Prerequisites: Introductory
Mathematics Non-Linear Programming - Constrained and
unconstrained models. Dynamic optimization - Calculus of variations and optimal
control. Dynamic Programming. Linear Programming. Special Cases in
Linear programming. Integer Programming and Combinatorial Models. EC35M Operations Research II Prerequisites: Introductory
Mathematics Theory of Games. Markov Decision
processes. Inventory Models. Waiting Line Models. Probalistic Dynamic
Programming Models. Simulation. Project Scheduling. EC35C Economics of Tourism Prerequisites: Intermediate
Microeconomics I and II Tourism planning and development. Market
and resource analysis. Tourism and infrastructural development. Tourism
Management. Tourism projects analysis and appraisal. Caribbean tourism and
economic growth. Tourism policy. EC35J Labour Economics - Semester I Prerequisites: Intermediate
Microeconomics I and II Nature and Labour Economics. The Structure
of Labour Markets. The Supply of Labour. The Demand for Labour. Labour
Market Interaction - wage and employment determination under different market structures
and institutional arrangements. The Economies of Trade Union Behaviour and
Collective Bargaining. The Structure of Labour Compensation. EC35G Economics of Education Prerequisites: Intermediate
Microeconomics I and II The Nature of Human Capital Investment. The Economic Returns to Education and Training. The Contribution of Education and Economic Growth and Development. The Principles and Techniques of Educational Planning. Financing Education - Principles of Costing and Expenditure Analysis. Productivity, Efficiency and Equity of Education. EC36C Econometrics I - Semester I Prerequisites: Mathematics
for Economists I General Linear Model Generalized Least
Squares. Breakdown of Assumption on GLM. Simultaneous Equations. EC36D Econometrics II - Semester II Prerequisites: Mathematics
for Econonomists I Lagged variable, dummy variables, and their use in Econometrics. Single equation methods in demand analysis. Consumption theory etc. Uses of large scale macroeconomic models. Model simulation. Forecasting. EC37C Economics of Agricultural Production - Semester I Prerequisites: Intermediate
Microeconomics I and II The Role of Agricultural Production Economics: An overview. Technical Properties of Production: A positive analysis. Economic Properties of Production: A nominative analysis. The Theory of Cost and Supply: Imperfect Competition - Agricultural supply functions. The Theory of Derived Demand: Food demand functions. Firm-Household Interrelationships: theoretical issues. Uncertainty and Risk. EC37B Agricultural Development and Policy - Semester II Prerequisites: Intermediate
Microeconomics I and II Agriculture and the Economy:
Importance of agriculture (static and dynamic). Special problems of
agriculture. Agriculture and public policy. Theories of Agriculture in
Economic Development. Institutional Aspects of Agricultural Development:
Marketing Tenure and Credit. Strategies of Development. Systems of
Agricultural Organization: The Plantation Case. The Peasant Case. Mixed
Patterns. Techniques of Project Analysis. Case Studies of Selected
Agricultural Problems in the Caribbean. PLEASE NOTE - Courses with the following code prefixes are not administered by the Faculty of Social Sciences. Please follow the link to the Faculty/Department indicated for information on these courses:
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Level I Courses