We welcome applications from the United States of America
We've put together information and resources to guide your application journey as a student from the United States of America.
Overview
Top reasons to study with us
9
9th for graduate prospects: Economics
The Guardian University Guide (2025)
10
10th for Economics
The Times and Sunday Times Good University Guide (2025)
10
10th for satisfaction with teaching: Economics
The Guardian University Guide (2025)
Introduction
What makes some countries richer than others? How can we measure inequality or the impact of climate change, and what should we do about it? What makes a business successful? Are education or healthcare investments like other investments?
As a student who is comfortable and fluent in mathematics, BSc Economics provides you with the analytic skills and intellectual toolbox to help answer these pressing economics questions and many more. You will learn how to interpret data, understand (and quantify) the decisions made by individuals, organisations, and governments and evaluate economic policies.
Course overview
BSc Economics begins by introducing the foundational principles of economic theory. The BSc then provides quantitatively rigorous training in economics. Whether your goal is to use economics in the business world or reshape public policies, this course is flexible enough to allow you to pursue either.
You will cover the fundamentals of economic theory and practice, and as your degree progresses and you discover more about both the subject and yourself, you will have the opportunity to flex this degree in ways that speak to your changing interests and strengths. This might lead you to choose modules in:
Econometrics
Environmental economics and policy
Advanced macroeconomics
Experimental and behavioural economics
Amongst many other specialisations. This leads to a degree unique to you, where you have played a major part in building the degree you want.
Key facts
Your economics module choice can also be combined with modules in
Accounting
Finance
Politics
International relations
and many more, such that you can complement your economics pathway in its own unique way. You do not need an A level in Economics to enrol in any of our degrees, although the BSc Economics does require A level Mathematics.
Throughout your degree, we’ll supply training in CV writing, interview assessment centres and telephone interviews. We are proud of our aspiring economists and aim to nurture the potential in every one of them.
BSc Economics offers a grounding in the fundamentals of economics. The most powerful aspect of economics is that it teaches a way of thinking which can then be applied to a specific field. You need specific knowledge and skills if you want to be a government economist advising on tax or social/welfare costs. The same is true for a career in finance. You need specific finance models – how much to invest here or advise clients to invest there. But the mode of thinking is the same for both: it is the critical, disciplined way of thinking that you will get from an Economics degree at Lancaster University. Economics opens up the world because the critical and analytical thinking skills it inculcates apply to whatever your passion; politics, finance, the trading floor, or working for a Non-governmental organisation; all use the same skills.
Find out what it's like to study BSc Economics at Lancaster University Management School.
Three reasons to study with us
Economics is a flexible, academically rigorous programme of study that prepares you from day one for a fulfilling, challenging career. There is a lot to take in and we would love you to get in touch to find out more, but if you take away anything from your visit today let it be these three things:
We are Inclusive. We understand that our students come to economics from a variety of backgrounds and with a variety of outcomes in mind. We welcome them all and can help them fulfil those ambitions whether they are to work on the trading floor, or shape public policy.
We are Academically rigorous. Economics is a toolkit, a way of thinking that can be applied to many fields. We are academically rigorous and as such, we don’t just react to changes like NFTs or Crypto currencies, we take our students by the hand and show them how things really are.
We are Flexible. Our programmes are tailored to our students’ passions and interests. We offer Economics with other programmes of study and in some circumstances, allow students to change their programme of study at the end of part one.
You can contact our Part I admissions coordinator Dr Jiawen Li with any questions.
Careers
Our degrees are designed to prepare you for a career in industry, business, finance, consultancy or government. Recent Economics graduates have joined banks and financial consultancies such as HSBC and Deloitte, while others have been employed on graduate schemes with major companies, including BAE and the Swire Group.
Many of our Economics students have gained places on postgraduate courses at top institutions and then pursued specialised careers as economists – for example, at the Bank of England, the Institute for Fiscal Studies, and in academia.
Lancaster University is dedicated to ensuring you not only gain a highly reputable degree, you also graduate with the relevant life and work-based skills. We are unique in that every student is eligible to participate in The Lancaster Award which offers you the opportunity to complete key activities such as work experience, employability awareness, career development, campus community and social development. Visit our Employability section for full details.
The Management School has an award-winning careers team to provide a dedicated careers and placement service offering a range of innovative services for management school students. Our high reputation means we attract a wide range of leading global employers to campus offering you the opportunity to interact with graduate recruiters from day one of your degree.
Entry requirements
These are the typical grades that you will need to study this course. You may need to have qualifications in relevant subjects. In some cases we may also ask you to attend an interview or submit a portfolio. You must also meet our English language requirements.
Our typical requirement would be 36 Level 3 credits at Distinction plus 9 Level 3 credits at Merit, but you would need evidence that you had the equivalent of A level Mathematics grade B.
We accept the Advanced Skills Baccalaureate Wales in place of one A level, or equivalent qualification, as long as any subject requirements are met.
DDD accepted alongside A level Mathematics grade B
A level at grade B plus BTEC(s) at DD, or A levels at grade AB plus BTEC at D. This should include A level Mathematics grade B.
35 points overall with 16 points from the best 3 HL subjects, including 6 in Mathematics HL (either analysis and approaches or applications and interpretations)
We are happy to admit applicants on the basis of five Highers, but where we require a specific subject at A level, we will typically require an Advanced Higher in that subject. If you do not meet the grade requirement through Highers alone, we will consider a combination of Highers and Advanced Highers in separate subjects. Please contact the Admissions team for more information.
Only accepted alongside A level Mathematics
Contact Admissions
If you are thinking of applying to Lancaster and you would like to ask us a question, please complete our enquiry form and one of our team will get back to you.
International foundation programmes
Delivered in partnership with INTO Lancaster University, our one-year tailored foundation pathways are designed to improve your subject knowledge and English language skills to the level required by a range of Lancaster University degrees. Visit the INTO Lancaster University website for more details and a list of eligible degrees you can progress onto.
Contextual admissions
Contextual admissions could help you gain a place at university if you have faced additional challenges during your education which might have impacted your results. Visit our contextual admissions page to find out about how this works and whether you could be eligible.
Course structure
Lancaster University offers a range of programmes, some of which follow a structured study programme, and some which offer the chance for you to devise a more flexible programme to complement your main specialism.
Information contained on the website with respect to modules is correct at the time of publication, and the University will make every reasonable effort to offer modules as advertised. In some cases changes may be necessary and may result in some combinations being unavailable, for example as a result of student feedback, timetabling, Professional Statutory and Regulatory Bodies' (PSRB) requirements, staff changes and new research. Not all optional modules are available every year.
Each year, students receive specific training by the Management School Careers Team, to prepare them for the graduate labour market. In the first year, the focus is on growing the student’s awareness of labour market dynamics and his or her professional aspirations and inclinations. The second year focuses on goal setting, action planning, and the development of a personalised career plan. The third year focuses on one-to-one sessions with career advisors. The Career Team is based in the Management School, organises events with employers and alumni, and coaches students on how to best perform in the graduate job market through seminars, surgeries, mock interviews and one-to-one advice.
This full-year module provides the foundation for your future study in Economics. It is divided into three parts. The first part provides a thorough introduction to Microeconomics (including the theory of demand, costs and pricing under various forms of market structure, and welfare economics). The second part provides a thorough introduction to Macroeconomics (including national income analysis, monetary theory, business cycles, inflation, unemployment, and the great macroeconomic debates).
The third part of the module, taught in parallel with the first two parts, shows how the key Micro- and Macroeconomics ideas can help us understand the world around us. In this part, we will use economic experiments to answer various questions, such as whether economists are selfish. We will analyse whether a sugar tax is a good idea, automation and the minimum wage, the structure, conduct and performance of big technology firms, and use the skills we have learned to analyse inequality, Brexit, and Covid-19. We will also discuss the distinction between transitory inflation and stagflation, central banks’ changing objectives, cryptocurrencies and the financial markets, fiscal and monetary policy responses to the pandemic, the Great Depression and the Great Recession, quantitative easing, currency crises, and the Euro debt crisis. Economics A is taught in conjunction with modules (ECON103 or MATH100, depending on the degree) which provide the quantitative foundations for further study in Economics.
This module integrates elementary economic theory, mathematical and statistical methods and the interpretation of data in order to analyse economic issues of current policy importance. You will therefore be introduced to the basic tools of mathematics essential for a proper understanding of economics and business. Teaching on quantitative methods is combined with numerous practical applications to economics, enabling you to practise applying your analytical and quantitative skills to the topics developed and analysed in depth over the course of the module.
Optional
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This module aims to train first-year students how to access, analyse and visualise data and how to effectively communicate the results. This year-long module will teach you how to understand and present data to discover patterns in the real world. Throughout the course, you will learn the necessary techniques to present data in an engaging and accessible way. We will endeavour to keep the concepts as intuitive as possible and keep formal notation to a minimum.
Throughout the year, you will go through topics focusing on how to tell stories using economic data, how to present data using graphs and maps and how to use data to discover relationships that characterise the economic world.
The lectures are complemented by a series of seminars and labs which aim to introduce you to the techniques of data visualisation, as well as the use of specialised software for data analysis.
Upon completion of the module, you will be able to recognise and avoid common statistical manipulation, use the appropriate data to approach the problem at hand, and express your interpretation of the data in a concise and persuasive way.
This module is taught across the whole of the academic year and is designed to extend and deepen your understanding of the past, simultaneously equipping you with the cognitive, analytical, and digital skills needed to study history. The module will provide both a survey of the last two thousand years of history, and an introduction to the issues and challenges involved in attempting to know and understand the past.
The module is organised to provide a rounded and multi-dimensional introduction to the discipline of history. We will help you to understand humanity through its past, but also to understand which elements of human life resonate with you: people’s conflict or their co-operation; their sense of self or their altruism; their hierarchies or their destructiveness; their peculiarity or how recognisable the past can be.
This module includes three components:
The first introduces you to broad patterns of continuity and change within the standard chronological division of history: Ancient, Medieval, Early Modern and Modern.
The second, ‘Disputed Histories’, introduces new perspectives and methodologies to the study of themes encountered earlier in the course.
The final component explores the skills that you will derive from this module as well as the numerous careers that you can pursue with a history degree.
Each week’s lecture is usually taught by a different faculty member, and so you will be introduced to the historians in the department and the subjects they research.
What our students say:
‘The teaching was very good and the lecturers were consistently engaging.’ (Anonymous student evaluation)
‘The seminars were very helpful on gaining new perspectives on different topics and the group discussions were engaging.’ (Anonymous student evaluation)
We will introduce you to some of the central aspects of the discipline of International Relations, providing a firm grounding in the major concepts and debates necessary to understand the modern world of international politics. You will have the opportunity to learn about: the dominant features and power relations of the contemporary global system; the nature of sovereignty and security, their expression and limitations; the real-world problems confronting the international community today.
Areas of study typically include:
+ International Relations Theory: the study of how relations between states can and should be viewed and theorised, Realism, Liberalism, Constructivism and Feminism.
+ Regional Studies: the study of some of the key regions of the world, and the politics of their interactions.
+ International Institutions and Law: the international organisations, customs, and rules that govern inter-state relationships.
+ Global Politics and Belief: the study of how religious and ideological belief can shape international politics and the relation of states.
+ International Crises: the study of pressing issues confronting the international community, such as environmental collapse, technological advance, the rise of non-state actors, and terrorism.
+ International Relations and the Domestic: the study of how the domestic agendas can shape and influence international politics.
Because of the increasing interdependence of the national and global, domestic politics and international relations can no longer be properly understood in isolation from one another. To ensure the best possible foundation for a degree in International Relations, in first year, we strongly recommend you also take Politics in the Modern World.
This course provides a comprehensive introduction to the basic concepts and techniques of Accounting and Finance, which include financial accounting, managerial finance, and financial statement analysis.
An important element of this course is that it provides exposure to the business and financial environment within which the discipline of Accounting and Finance operates, using real-world financial data for actual companies.
The course covers concepts, techniques and interpretive skills that relate to the external financial reporting of companies and their relationship to the stock market, and to the use of accounting information for internal management purposes.
This module is designed to give you a broad and critical introduction to the subject of marketing through a series of lectures and seminars. A comprehensive range of topics is taught at foundational level which you will then explore further in your second and final years. Subject areas that you will study include Understanding Markets, which examines how markets are created and sustained, Consumer Behaviour, Marketing Communications, Marketing Research and Innovation.
Throughout the year, you will be asked to consider how theory works in practice, by examining your own experience of marketing as well as current stories from the press and marketing media. Assessment consists of coursework including an individual essay and a group-based business report, and a summer exam which is largely essay-based. As part of your studies on this module, we will help you to develop all of the necessary academic skills to succeed in your first year at university and throughout your degree.
You’ll be introduced to some of the key themes in the study of modern politics, and will have the chance to gain critical insight into the nature and use of political power in the contemporary world. You will learn about: the foundations of the modern nation-state, and the ways in which our institutions can reflect or fail to meet the ideals of liberal democracy; the behaviour of individuals and groups in political contexts; the workings of national constitutions and international organisations; the interaction of global events and domestic agendas.
Areas of study typically include:
+ Political Theory: the study of the scope, nature, and justification of state authority, and the history of political thought.
+ British Politics: the study of the theory, and political reality, of British governance in the twenty-first century.
+ Comparative Politics: the study of the various institutions of the nation-state, in a comparative context.
+ Ideologies: the study of political ideologies such as (neo-)liberalism, (neo-)conservatism, socialism, and fascism, their cohesiveness and social/political function.
+ Political Behaviour: the study of the ways in which agents and groups engage with politics in the age of mass and social-media.
+ Politics and Religion: the study of the relevance of religion to politics in contemporary society.
+ Politics in a Global World: the influence of global movements and events on domestic and international politics.
Because of the increasing interdependence of the national and global, domestic politics and international relations can no longer be properly understood in isolation from one another. To ensure the best possible foundation for a degree in Politics, in first year, we strongly recommend you also take International Relations: Theory and Practice.
What does it mean to ‘think sociologically’? When there are so many academic disciplines and non-academic areas of professional expertise, what is unique and important about starting with the social? This module begins with fundamental questions about the value of sociology in understanding the contemporary world and goes on to explore how the significance of our questions and everyday experiences are transformed when investigating all kinds of contemporary social problems, from inequality to globalisation, sociologically.
This full-year module is organised into different ‘blocks’ that connect themes in sociology – such as the relationship between self and society or between self and power – to both long-standing and newly emerging research. Whether or not you have studied sociology before, this module will introduce you to new areas of sociology, as well as demonstrating how key themes such as consumption, identity, social justice, or culture and media intersect with different sociological questions and sites of enquiry. Lecturers draw upon the ongoing research undertaken at Lancaster, giving you access to current insights that are inspiring change in policy and professional organisations.
The benefit of having multiple topics and themes addressed within one year-long module is that the assessments are carefully designed to slowly build up your research and study skills over your first year of study, whilst still giving you the flexibility to write major essays on the topics that are most interesting to you. The module provides you with a fantastic opportunity to explore new ideas and find new inspiration for understanding how we lead our lives today, and what possibilities there are for change tomorrow.
Core
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Each year, students receive specific training by the Management School Careers Team, to prepare them for the graduate labour market. In the first year the focus is on growing the student’s awareness of labour market dynamics and his or her professional aspirations and inclinations. The second year focuses on goal setting, action planning, and developing a personalised career plan. The third year focuses on one-to-one sessions with career advisors. The Career Team is based in the Management School, organises events with employers and alumni, and coaches students on how to best perform in the graduate job market through seminars, surgeries, mock interviews and one-to-one advice.
This module uses the tools of economics to study various macroeconomic variables (inflation, consumption, output, unemployment) and particularly their short-run and long-run dynamics. It covers topics related to fiscal policy and the sustainability of public debt in the intermediate run. In addition, students will study unemployment and labour market dynamics and more in general economic stability in the short run.
The module requires algebra, elementary calculus, logical thinking and general problem-solving ability.
This module first explores some of the key insights of New Keynesian economics, particularly that the monetary policy effectively influences output in the short-run but not in the long run. We will examine the crucial role of how the public formulates expectations for the economy’s stability, e.g. expectations about inflation and the importance of credible monetary policy. The second part of the module will cover topics explaining the “mysteries” of long-run economic growth. For example, how did we arrive at the vast degree of disparity between countries we observe today? This module covers topics like exogenous and endogenous growth, optimal growth, and dualism.
Note that this module is available only to students majoring in Economics.
Markets consist of individual buyers and sellers, each facing choices. A buyer must decide what, and how much, to purchase. A seller must decide how much to produce, how to produce it, and what price to charge. But how are these choices made? In this course, we will explore this question formally, with the aid of economic models. The topics include consumer choice, profit maximization and cost minimization. The module requires a basic knowledge of algebra and calculus.
By the end of the course, you will improve your logical thinking and problem-solving abilities.
This module builds on learning gained in Intermediate Microeconomics 1 (ECON220), developing on the theories and concepts covered as well as focusing on a range of new topics.
Topics include:
analysis of monopoly behaviour and regulation
price and quantity setting in duopoly markets
introduction to game theory and strategic behaviour by firms
auctions (including a study of eBay)
general equilibrium and welfare economics
The module is normally taken in conjunction with ECON220.
This module provides an introduction to the theoretical concepts and applications of econometrics. Econometric techniques taught include bivariate regression, multiple regression, and two-stage least squares. The importance and relevance of statistical and diagnostic testing are emphasised in the context of econometrics applications.
You will also learn how to use STATA, a statistical package that is used by many academic, governmental, and non-governmental institutions to conduct research and consulting.
This module provides the tools necessary to produce the rigorous economic analyses that form the core of both microeconomics and macroeconomics.
During the first part of the course, the attention is on the dynamic analysis of systems, which is key to understanding how economic variables change over time, especially in response to shifts in government economic policy.
The second part of the course studies constrained optimization which is central to understanding how households and firms make their consumption and production decisions when faced with limited budgets. Throughout the whole course, we focus our analysis on concrete examples and intuition, with an emphasis on how to frame economic problems using the mathematical tools you will acquire in the course.
We will require you to apply the concepts learned in class, and to translate informal problems into formal language.
Optional
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This module focuses on the role of governments within the economy, looking at the extent to which they can intervene in markets and in other areas such as climate change. It builds your skills in evaluating the effectiveness of economic policies, and provides insights into the difficulties of decision-making in collective-choice environments.
This module helps you improve your strategic thinking. Over the course of this module, you will learn how to use ‘games’ to model strategic situations in the real world, and how to analyse and find out solutions to these games in situations in which players are intelligent and rational. Games including “normal form games”, “extensive form games”, “Bayesian games”, “repetitive games”, and “games with correlation device” will be introduced. Opportunities for playing games with the lecturer and other students will also be provided. The module requires a basic knowledge of algebra, calculus, and economics.
This module examines some theoretical issues involved in gaining knowledge about human societies. We will look at the role of theories and models in economics and political science, the special nature of "social institutions," and whether economic and political knowledge can be separated from value-judgments:
Rational choice theory and models based on it
Social norms and cooperation
John Searle’s theory of “institutional facts”
The nature of money and different accounts of power
Whether values can or should be kept out of economics and political science
Some ways in which states and markets are related
This module covers project evaluation methods, risk, return and the cost of capital (including the capital asset pricing model), corporate financing (including dividend policy and capital structure) and an introduction to options.
In this module we look at the changing role and position of management and managers in organisations and society. Much of modern analysis of management emphasises a change in forms of management control from traditional authority through vertical hierarchical forms to ones which are more horizontal and look to incorporate employees into the organisation and its goals in ever closer ways. This happens for example through attempts to align employees identities, emotions and interests with commitment to the organisation: the much discussed capturing of hearts and minds. Another aspect of this is the manipulation of meaning in order to facilitate this identification of employee and organisation, usually discussed as the corporate culture movement. Together these can be taken as two significant aspects of modern management the management of meaning and the management of identity - which feature little in traditional management texts that emphasise management as the co-ordination of tasks and the control and deployment of resources.
However, it is important to see management and managers within the light of organisation analysis. Managers are not the autonomous agents they are often portrayed, first because they are also employees themselves (albeit in the position of formally representing the interests of capital), and second, they are also subject to organisational structures, cultures and power relations. Perhaps especially in the light of managerial control designed around commitment, integration and identification with the organisation, managers are tied in by the very control strategies that they themselves are promoting. However, as we shall see, there are also important tensions between the changing context of management and these forms of control which can lead to unintended consequences such as impression management and various forms of resistance.
Thus this module focuses on how management is a social process, and what this means for the lived experience of doing management. In exploring this we look at topics which are relevant for the day-to-day experience of managers, although rarely are these addressed in conventional management textbooks: issues such as humour, diversity, impression management and emotional management.
Core
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Each year, students receive specific training by the Management School Careers Team, to prepare them for the graduate labour market. In the first year the focus is on growing the student’s awareness of labour market dynamics and his or her professional aspirations and inclinations. The second year focuses on goal setting, action planning, and developing a personalised career plan. The third year focuses on one-to-one sessions with career advisors. The Career Team is based in the Management School, organises events with employers and alumni, and coaches students on how to best perform in the graduate job market through seminars, surgeries, mock interviews and one-to-one advice.
Optional
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The course introduces state-of-the-art methods used in current macroeconomics research to understand short-run business cycle and inflation dynamics, as well as economic stabilisation policies.
We will develop a broad and deep knowledge of modern Dynamic Stochastic General Equilibrium (DSGE) macroeconomic models that employ microeconomic foundations and rational expectations. These models will be solved using advanced analytical and numerical-computational approaches. More specifically, we will use the DSGE neoclassical Real Business Cycle and New Keynesian frameworks to understand the different sources of aggregate economic fluctuations, and to examine the positive and normative roles of fiscal and monetary policies.
Finally, the course examines contemporary issues such as inflationary shocks, government debt financing through distortionary taxation, optimal (un)conventional monetary and fiscal policies in a zero interest rate-liquidity trap environment, and financial frictions.
This module explores how the theoretical and mathematical tools of advanced microeconomic theory can be used to understand and model individual and strategic decision making. Topics it covers include advanced concepts of decision making of the main economic agents (consumers and firms), as well as specialised topics on game theory. The module requires algebra and calculus, along with logical thinking and problem-solving ability.
Behavioural Economics is the interface between economics and psychology. It is one of the fastest-growing fields in economics, and since the past decade, it is regarded as a standard tool for policymaking. The course will survey the empirical tools used by behavioural economists and in particular lab and field experiments. We will explore behavioural biases affecting economic and financial decision making, and the role of trust and cooperation in teamwork. We will discuss models and experimental results explaining how we make decisions in various contexts such as choice under uncertainty, intertemporal choice or decision making in a social framework.
Current Issues in Economics is a course which is designed to familiarise you with contemporary policy issues. The broad curriculum and the range of issues that will be discussed include the crisis in social care, job retention schemes, the Great Resignation following Covid-19, Brexit, interest rate policy, government debt and the returns to education. During this course, you will prepare a number of reports on a selection of these topics. These will include contemporary data and analyses and will be accessible to policymakers and industry leaders. For one of these reports, you will also deliver a podcast or video log to enhance your verbal presentation skills. There is no formal examination for this module; assessment is via the reports and the video log/podcast.
This module introduces up-to-date knowledge and understanding of the quantitative analysis of economic data based on machine learning and big data methods. We will overview statistical learning and how to use statistical software R for adequate use of data visualisation and manipulation techniques.
Key topics include linear regression, classification, resampling methods (cross-validation and the Bootstrap), Ridge Regression and The Lasso, Tree-Based Methods (Decision Tree, Bootstrap Aggregation (Bagging) and Random Forests), Support Vector Machines, Deep Learning and Neural Networks.
This course focuses on the economics of growth and development, both from a theoretical and empirical perspective. Using examples from developing countries, it explores wide-ranging, policy-relevant topics such as investments in health, education and infrastructure, microeconomics of credit markets, corruption and other determinants of economic development.
This module introduces up-to-date quantitative econometric methods used in applied research/empirical work. We will discuss various economic applications, including “returns to schooling” and “the effect of minimum wages on employment”. The module will also provide students with the data analytical skills necessary to conduct applied research in economics/policy analysis using popular statistical software, STATA. Key topics include linear regression, instrumental variables, causal inferences, binary choice models, panel data, time series modelling, and forecasting.
This module allows students the freedom to explore a research topic of their choice. It combines all of the previous skills acquired throughout the course of study. Students will be expected to write an original work of approximately 7,500 words. While the research topic will vary from student to student, each student will be assigned a supervisor to help guide them through the process of their first large scale research project in economics.
This module is essential for any student wishing to engage in graduate study in economics or for students wishing to work as a professional economist.
The objective of this module is to offer a practical introduction to the workings of today’s financial markets and institutions built on a theoretical base. Moving beyond the descriptions and definitions provided by other textbooks and UK university courses in the field, this module encourages students to understand the connection between the theoretical concepts and their real-world applications.
Topics include foreign exchange, stock markets, bond markets, derivatives, central banks' monetary policy and financial crises. We also look at how trading in financial markets takes place. This module prepares students for successful careers in the financial services industry or successful interactions with financial institutions, whatever their future careers.
This module helps you improve your strategic thinking. Over the course of this module, you will learn how to use ‘games’ to model strategic situations in the real world, and how to analyse and find out solutions to these games in situations in which players are intelligent and rational. Games including “normal form games”, “extensive form games”, “Bayesian games”, “repetitive games”, and “games with correlation device” will be introduced. Opportunities for playing games with the lecturer and other students will also be provided. The module requires a basic knowledge of algebra, calculus, and economics.
This applied module is an introduction to the economics of health and health care and will develop your awareness of the main policy issues in this field. It provides a comprehensive set of economic tools for critically appraising fundamental issues in the economics of health while offering a broad overview of the UK’s National Health Service and other health care systems around the world. The emphasis is on the use and interpretation of microeconomic models and the latest empirical evidence.
This module builds on basic microeconomics concepts to explore competition between firms and the evolution of market structure. It focuses on understanding the way firms make decisions and the effects of those decisions on market outcomes like prices, quantities, the type of products offered, and social welfare. The module first introduces basic concepts in Industrial Organisation to study imperfect competition and the determinants of market power. It then proceeds to analyse important topics in competition policy, such as cartels and merger policy.
The module requires an understanding of intermediate microeconomics (especially production/cost theory), basic concepts of game theory, and basic calculus.
This course provides an introduction to the economics of International Business and their key role in the global economy, incorporating the analysis of internationalising firms and multinational enterprises (MNE). Its conceptual foundations derive from the critical application of relevant economic theories and addresses policy issues highlighting the economic, strategic and financial challenges facing businesses that operate across international borders in a multiple exchange rate environment.
The course covers a range of important topics that facilitate a deeper understanding of the determinants and implications of the activities of international firms in the global economy. These topics include: global trends in research and development (R&D) and implications; the Global Factory, global value chains and the decline of the global firm; the growth and employment effects of international business; and exchange rates, risk and international financial management.
This module develops your understanding of concepts and theories of international trade and factor flows, with particular reference to the way in which such material can inform policymaking. Topics covered include the Ricardian model, the Heckscher-Ohlin model, international trade under imperfect competition, outsourcing and offshoring, trade models based on heterogeneous firms and multinational firms, and trade policy under perfect and imperfect competition. Throughout the module we emphasise the applicability of the models learned, and their relevance to real-world events. Examples include the relationship between labour productivity and wages, opinions toward free trade, and the impact of immigration.
Focusing on the microeconomics of labour and personnel, this module covers topics such as the economics of migration, wage determination, job search and labour market discrimination.
There is a particular emphasis on principal agent problems in human resources and the design of incentives within firms.
Economics theory is used to analyse the operation of labour markers and assess the empirical evidence. Areas covered include:
the firm's demand for labour
labour supply at an individual and aggregate level
causes of wage rigidity
the economic impact of trade unions
inflation and unemployment
Policymakers at Central Banks lie in a unique position to influence economic activity. This module examines the role of monetary policy in influencing the expectations and behaviour of agents in the economy and the implications this has for outcomes such as inflation, GDP and household welfare. Students will focus on applications of monetary theory to central banks problems and the recent objectives of the Bank of England Monetary Policy Committee. Topics include Central Bank independence, inflation targeting and the zero lower bound on interest rates, money creation and quantitative easing, and the macroeconomics of pandemics.
This module presents an overview of the interactions between the government, firms, and citizens, using a mix of theory and empirical work. Sometimes, markets are not efficient, and government intervention is necessary. Sometimes, markets are efficient, but equity concerns create the need for government. There is often a tension between the socially optimal policy and the outcome of the democratic process.
Some questions we study in this module:
What is the role of government in the economy?
Is it fair to redistribute money through taxation?
Are some taxes better than others?
How to deal with pollution, discriminations, and other inefficiencies of the market?
How to make multinational companies pay taxes?
Is there such a thing as an ideal voting system?
This module looks at how theoretical and empirical methods can be applied to the growing field of sports economics.
It helps you to understand the particular characteristics of labour and product markets in professional sports, and what implications these have for economic analysis. You will also learn more about how theoretical and empirical work in the economics of sport can be used to inform policy issues, including competitive structures in sports leagues, free agency and player mobility, and the financing of professional sport. You will also gain insights into how betting markets function and why people gamble on sports.
Fees and funding
Our annual tuition fee is set for a 12-month session, starting in the October of your year of study.
There may be extra costs related to your course for items such as books, stationery, printing, photocopying, binding and general subsistence on trips and visits. Following graduation, you may need to pay a subscription to a professional body for some chosen careers.
Specific additional costs for studying at Lancaster are listed below.
College fees
Lancaster is proud to be one of only a handful of UK universities to have a collegiate system. Every student belongs to a college, and all students pay a small college membership fee which supports the running of college events and activities. Students on some distance-learning courses are not liable to pay a college fee.
For students starting in 2025, the fee is £40 for undergraduates and research students and £15 for students on one-year courses.
Computer equipment and internet access
To support your studies, you will also require access to a computer, along with reliable internet access. You will be able to access a range of software and services from a Windows, Mac, Chromebook or Linux device. For certain degree programmes, you may need a specific device, or we may provide you with a laptop and appropriate software - details of which will be available on relevant programme pages. A dedicated IT support helpdesk is available in the event of any problems.
The University provides limited financial support to assist students who do not have the required IT equipment or broadband support in place.
Study abroad courses
In addition to travel and accommodation costs, while you are studying abroad, you will need to have a passport and, depending on the country, there may be other costs such as travel documents (e.g. VISA or work permit) and any tests and vaccines that are required at the time of travel. Some countries may require proof of funds.
Placement and industry year courses
In addition to possible commuting costs during your placement, you may need to buy clothing that is suitable for your workplace and you may have accommodation costs. Depending on the employer and your job, you may have other costs such as copies of personal documents required by your employer for example.
The fee that you pay will depend on whether you are considered to be a home or international student. Read more about how we assign your fee status.
Home fees are subject to annual review, and may be liable to rise each year in line with UK government policy. International fees (including EU) are reviewed annually and are not fixed for the duration of your studies. Read more about fees in subsequent years.
We will charge tuition fees to Home undergraduate students on full-year study abroad/work placements in line with the maximum amounts permitted by the Department for Education. The current maximum levels are:
Students studying abroad for a year: 15% of the standard tuition fee
Students taking a work placement for a year: 20% of the standard tuition fee
International students on full-year study abroad/work placements will be charged the same percentages as the standard International fee.
Please note that the maximum levels chargeable in future years may be subject to changes in Government policy.
Scholarships and bursaries
You will be automatically considered for our main scholarships and bursaries when you apply, so there's nothing extra that you need to do.
You may be eligible for the following funding opportunities, depending on your fee status:
The Becketts Scholarship supports widening participation students from the Fylde Coast studying programmes in Accounting and Finance, Business Management, and Economics at LUMS.
Becketts Scholarships accordion
Study level: Undergraduate students studying Accounting and Finance, Business Management, and Economics.
Fee status: Home students
Year of entry: 2025
Eligibility: Based on postcode, subject, widening participation status and application
Amount: £3,000 in the first year and then £1,000 each year for each subsequent year of on-campus study (Years 1, 2 and 4 for Industry or Study Abroad programmes).
"I have realised how lucky I am to be studying at this institution. I’ve met industry leaders in the world of banking and finance, successful entrepreneurs, top graduate recruiters and so on. You can learn a lot by listening to someone’s experience and career journey, it grows you as a person and makes you aware of the world out there."
I appreciate how the course overall helped me to develop key skills such as data analysis, communicating complex ideas, essay writing, and more. These skills are vital for the work I do today as a government economist.
The leading research that LUMS was involved in was a huge factor that inspired me most.
Important information
The information on this site relates primarily to 2025/2026 entry to the University and every effort has been taken to ensure the information is correct at the time of publication.
The University will use all reasonable effort to deliver the courses as described, but the University reserves the right to make changes to advertised courses. In exceptional circumstances that are beyond the University’s reasonable control (Force Majeure Events), we may need to amend the programmes and provision advertised. In this event, the University will take reasonable steps to minimise the disruption to your studies. If a course is withdrawn or if there are any fundamental changes to your course, we will give you reasonable notice and you will be entitled to request that you are considered for an alternative course or withdraw your application. You are advised to revisit our website for up-to-date course information before you submit your application.
More information on limits to the University’s liability can be found in our legal information.
Our Students’ Charter
We believe in the importance of a strong and productive partnership between our students and staff. In order to ensure your time at Lancaster is a positive experience we have worked with the Students’ Union to articulate this relationship and the standards to which the University and its students aspire. View our Charter and other policies.
Our historic city is student-friendly and home to a diverse and welcoming community. Beyond the city you'll find a stunning coastline and the picturesque Lake District.