MPhil Economics is a two-year graduate programme designed to provide advance level training in Economics. Student admitted to pursue MPhil Economics would be required to do one course work and one year of thesis writing. The first year course work provides students with advance training in theoretical Microeconomics, Macroeconomics, Mathematical Economics and Econometrics. In addition, students have the option of choosing one elective course in either of the following areas: Financial Economics, Development Economics, Labour Economics, Agricultural Economics, Environmental Economics, etc.
The kind of training received in the first year of this programme is analogous to the first two years of a PhD programme at the best US universities. Thus MPhil Economics provides a solid foundation for progressing to the PhD programme at University of Cape Coast or elsewhere.
Since the Department of Economics is member of the African Economics Research Consortium (AERC), students admitted to read MPhil Economics are sent to Nairobi, Kenya from June to September every year to participate in the AERC’s Joint Facility for Electives (JFE). Students who participate in this programme get the opportunity to take two additional elective courses which tend to broaden their horizon. The participation of students in the JFE programme is fully sponsored by AERC.
To be admitted to this programme, candidates must possess a good first degree( at least a Second Class) in Economics or in a related discipline and pass a selection interview.
Microeconomic Analysis I
Semester. First Semester
The objective of the course is to train students to acquire the concepts and theoretical tools to be able to undertake research.
Microeconomics has evolved very rapidly in the last few decades. Many new fields, which were peripheral a few years ago, have become central to the microeconomics literature. This presents important challenges for the teaching of a Masters level course in microeconomics. The core teaching of traditional Masters level textbooks are no longer sufficient to give an adequate theoretical training for students interested in following the contemporary literature. Moreover, to train students for research or to enable them to engage in policy debates must now involve a sound training in new concepts and theoretical tools such as game theory, the economics of information, property rights, and transaction costs and so on. A lively and relevant microeconomics course must steer a course between the standard material of traditional microeconomics and the new game theoretic and other material, which is now central to the discipline. Microeconomic Analysis I therefore covers the theory of consumer behaviour, the theory of the firm, inter-temporal choice, uncertainty and risk, market structure, general equilibrium and welfare economics
The course aims to provide a sound training in mathematics for economists, which a masters student would be expected to cover, taking into account the prior experience of offering this course within the collaborating universities as well as the prevailing state of the art on the subject and the prevailing trends in reputable universities across the globe.
The curriculum is designed to serve the needs in terms of mathematical skills of Masters Students in general economics. This part of the course puts emphasis on the teaching of mathematical techniques and programming required for standard Masters’ level economic analysis, but not on mathematical economics as a specialized branch of economics. This should not bar a department or the collaborative programme as a whole to offer an elective course in (advanced) mathematical economics, if so desired.
More specifically, the objectives of this course are to equip students to be able to do the following:
- read and understand arguments in textbooks and journal articles using mathematical techniques commonly used in modern economic analysis;
- grasp the relevance and use of modern mathematical techniques in their applications in theoretical and applied economics;
- apply standard quantitative techniques to the analysis of economic phenomena and to conduct empirical research;
- develop models in theoretical or applied work; and
understand the theoretical foundations of quantitative techniques
The main aim of this course is to introduce students to the art of research design
consistent with the existing state of the arts. It will help students to be able to explain the methods of scientific investigations that are consistent, logical and systematic in order that they formulate acceptable research proposals and methodologies for research endeavours and write up research reports. The course also aims to achieve the following:
- Introduce students to basic modeling techniques in the analysis of cross-section data;
- Develop these techniques for an advanced level estimation; and
- Prepare students for a dissertation topic that analyses cross-section data
Students are expected to be able to:
- analyze cross section data taking into consideration some of the downsides of such datasets namely; selection bias and causal effects, the consequences of unobserved heterogeneity, and how they might be addressed, via instrumental variables estimation, “sample selection” techniques, or using panel data;
- replicate journal articles using cross section data;
apply these techniques to real data (Ghana Demographic and Health Survey and Living Standard Measurement Survey datasets) using Excel and/or STATA; and present and interpret STATA output correctly